Blogs > Open finance still timid in Brazil, says Daniela Binatti at BTG Pactual
30 setembro –

Open finance still timid in Brazil, says Daniela Binatti at BTG Pactual

Pismo’s Co-Founder and CTO was a panellist at a BTG Field Trip ABFintech in Brazil and discussed how the data-sharing model could help other areas deal with customers

Fernanda Testa

Daniela Binatti, Co-Founder and CTO at Pismo, was a panellist at BTG Field Trip ABFintech, an event hosted by BTG Pactual bank, Latin America’s largest investment bank and Pismo’s client. 

She joined Marcelo França, CEO of the financial services company Celcoin, and Rodrigo Del Monaco, Executive Director at BTG Pactual, in São Paulo, Brazil. In the panel “Open finance and the future of financial services in Brazil”, they discussed how this data-sharing model is taking place in the country and how it can benefit other sectors and impact their customers.

A timid move

Open finance operations started in February 2021 in Brazil – which means we are still in an early stage of sharing information between users and third parties. The Pismo platform and its APIs provide the infrastructure needed for clients to share their data using open finance.

“It’s exciting to see the possibilities and kinds of interactions that our clients can perform with all the information we provide,” says Daniela. “Financial institutions will start searching for ways to invest in the best use of data to offer different products and services. However, we still don’t see big movements regarding this.”

She explains that although open finance brings possibilities and functionalities, things are moving slowly: “The product offers are still timid compared to what can be done.”

According to Daniela, customers still resist switching banks or using the services of more than one financial institution: “People generally end up stuck with a specific player. There’s a lack of perception regarding the benefits and what the end user can do. This perception needs important marketing and education work.” 

Embedded finance

Many Brazilian non-financial firms use embedded finance to offer financial services. Although we can observe some successful cases, Daniela believes in the consolidation and specialisation of players in each role. She says financial institutions will help other companies to serve their customer better.

“Building a bank is creating a new business. Not all retailers or industries have the expertise to do everything a bank demands. I think companies tend to focus more on their core business and not on creating additional ‘distractions’.”

Daniela adds that specialisation has been something Pismo has sought since the company’s beginning, and the company’s goal is to offer the best infrastructure for financial services. 

“We won’t venture to have a license to issue a financial product or create an anti-fraud system or any other things that are not in our expertise. The spec

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