Managing personal finances can be a challenge for many bank customers. It's no wonder: according to data from the Central Bank (BC), Brazilians have approximately five accounts open at different banks. In this context, Managing so many apps and digital tools can be tiring, bureaucratic and even complex.
The solution may be to integrate accounts in one place, which would facilitate access, analytics and transactions. This is the proposal for a BC project, scheduled for release at the end of 2024. Nicknamed “Super App” or “Superapplication”, the solution works as a financial aggregator, bringing together scattered information from the same client on the same platform.
“Super App”: features and advantages
The application's purpose is to serve as a practical and optimized tool for users' routine, enabling a macro view of finance. According to the president of the Central Bank, Roberto Campos Neto, These functionalities will benefit legal entities, but, mainly, natural persons. Like this, the financial aggregator will enable:
- Interest rate analysis for credit at different banks;
- Conversions from physical to digital currency in the same bank or in different institutions;
- Carrying out PIX by choosing which bank the resource will be collected from;
- Access to more advantageous offers due to greater visibility of customer assets and resources;
- Making diverse investments with greater competition in return rates;
- Unification of credit and debit flow in a single system.
The BC president detailed some benefits of the aggregator. "Then, today, we pay the credit card and have that ‘two out of three (installments), five out of eight’ and you no longer know how much you owe. You will press a button (in the financial aggregator) and you will have all your cash flow there, how companies do it today. This will be available to individuals”, these.
Stage to Open Finance
The BC financial aggregator is another step planned in the Open Finance project (Open Bank) of the institution. This is a platform that will allow customers to share their banking data and transaction histories with banks and fintechs. Nonetheless, in addition to the practical benefits of the “Super App”, the novelty has other objectives.
One of the main proposals of the project is to increase competition between banking institutions, especially in relation to digital capabilities and new technologies. The institution states that the new application will not require any additional regulation.
“Open Finance boosts this process in favor of the consumer. If the consumer has two, three accounts at different financial institutions, You will be able to aggregate all your information in one place”, detailed the director of Regulation of the BC, Otavio Damaso.
