Open Finance

One Way Road 

According to the Brazilian Central Bank, the adoption of Open Finance reached 41,3M active user permissions and 27,2M unique user permissions in October 2023, numbers 95% and 90% higher respectively than in January 2023. The figures reveal the speed financial market has been progressing toward Open Finance since its start in 2022. 

However, when we look at the participation of financial institutions in Open Finance, it seems that players are in different stages of maturity regarding their participation in Open Finance, especially in terms of customer engagement. 


Ranking of Participants – # of APIs Requests (% of total) ¹  

1) Rank of Receivers (participants of phase two² of the Open Finance Project that received data): 

  • 61%:  Digital banks  
  • 37%: Incumbents  
  • 3%: Other  


  1. 2 players (1 incumbent and 1 digital) represent 68% of the total. 
  1. Among digital players (61%), 3 players account for ~100%  
  1. Among incumbents (37%), 2 players account for ~82% 

2) Rank of Sponsors (origin of data, also participants of phase 2): 

  • 41%:  Digital banks 
  • 54%: Incumbents  
  • 5%: Other 


  1. 5 players (3 incumbents and 2 digital) represent 68% of the total. 
  1. Among digital players (41%), 3 players account for ~100% 
  1. Among incumbents (54%), each player account for ~11% 


Source:; Note: ¹register and transactional data; ²customers data sharing participants. Incumbents (CEF, BB, Santander, Itaú and Bradesco) 

No matter the reason behind player’s engagement in Open Finance, either by non-prioritization or strategic alignment, having access to consumer’s data is powerful and was historically a privilege of dominant players.  

Unlocking data access to an expanded competitive arena will potentially benefit customers with more personalized offers, price assertiveness and product and service alternatives. From participant’s perspective, it is an opportunity to test their ability to truly convert data and business insights into value creation. 

The Open Finance agenda is evolving fast in terms of data supply (investments, insurance, among others) and demand (permissions), making the ecosystem even more powerful.  


What is your journey to Open Finance? 

Here are a couple of questions (not exhaustive) to think about Open Finance:  

1 Is the strategic path to Open Finance defined?
2 Is it clear how to convert Open Finance into Value Creation?
3 What are the implications of Open Finance to the existing business?
4 How to stay ahead of the competition?
5 What is the revenue potential with Open Finance?
6 What are the financial goals?
7 Who is the owner of Open Finance initiatives?
8 Is the current product roadmap aligned with the strategy?
9 What are the current limitations and operational/IT bottlenecks?  


Partnering with Compass UOL 

From strategy to technology execution, Compass UOL has a set of capabilities to support your company across the entire Open Finance journey, combining deep business and technology domains to accelerate all aspects of the differentiation to win.  

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