Even before the launch of Pix, the Brazilian financial system was already recognized worldwide for its technological efficiency. As TEDs, transactions carried out in approximately 20 minutes, have been a reference since the beginning of the 2000. Keeping up with innovations in technology, Leandro Vilein, president of the Brazilian Banks Association (ABBC), analyzed the sector’s prospects, of the challenges of digitalization and impacts of Drex and tokenization.
In an interview for the Exam, the representative stated that the current efficiency of the financial system is due to the behavior of Brazilians. In addition to ongoing investments, technology is very present in the daily lives of consumers. “The Brazilian consumer is very technological. everyone uses, regardless of income range, your cell phones for everything”, he stated.
The Pix phenomenon
Nonetheless, precisely because of this “immersion in technology”, Vilein pointed out that Brazilians do not always understand how advanced the national system is compared to other countries. Like this, the president reinforced the Pix phenomenon, released in November 2020. The adoption of the instant payment method, during a pandemic, demonstrated agility in both implementation and population adherence.
Trends and challenges
Regarding the future of the financial system, the president believes that technological advancement will directly contribute to information management. Like this, some business areas will benefit, like the PJ market (small businesses), which currently suffers from a lack of organized data. Technology applied to systems could optimize management, making processes and solutions faster and safer for this audience.
But Vilein recalled that, on the other hand, Combating fraud and strengthening digital security continue to be challenges faced by the Brazilian system. As an example, the president cited bank applications that still use many resources to ensure the protection of their customers' data, sometimes, complicating the final experience.
Tokenization and Drex
In the area of tokenization and Drex, the president states that ABBC has already carried out tests that prove how efficient these solutions are and a trend for the national market. Although, highlights that regulation and legal issues can be obstacles, especially when it comes to tokenization. “The technology appears to be viable, but we have to see how it will work under the legislation. I think it will be a process. No one is going to jump into something that could bring legal uncertainty.”.
Updating professionals and AI
When talking about updating professionals to work in an increasingly technological market, Vilein emphasized that professionals in the field need to be prepared for a language that changes all the time. With advances in AI, the tendency is for it to change even faster.
“It’s an updating process that will never end. Even more so as AI is another technology, which will advance much further. Today [a IA] there are already many initiatives to support human interaction. But, There will come a time when she will interact directly [with people]”, states.
