Despite these efforts, the financial health of Brazilians remains a concern. A Febraban survey showed that 23.3% of respondents are "completely" or "very" strapped financially, and 42.6% "never" or "rarely" see money left over at the end of the month. Another survey, by CNDL/SPC Brasil, reveals that 47% of Generation Z young people don't manage their finances, and 37% have already had their credit ratings blacklisted. Only 17.8% of Brazilians are able to cover their expenses and still save. The situation is exacerbated by a combination of factors, including high unemployment rates, inflation, and a lack of financial planning and education.
As a remedy for this situation, companies have adopted Open Finance as an educational tool for their customers. The main idea behind this concept is to promote greater competition and innovation in the financial sector, allowing consumers and businesses access to a wider range of personalized financial products and services through data sharing. With Open Finance and the recognition that users retain the rights to their information, it's possible to create a platform for simplified monitoring and understanding of their own financial situation.
Initiatives like this have raised awareness about the importance of saving and financial planning. By providing convenient and personalized tools and information, users can make better decisions about their money. This is the example of Oinc , a company that developed its solution to support the entire Open Finance process in partnership with the startup klavi , which helps companies make decisions based primarily on data and analytics through the innovation enabled by the model.
In practice, the services developed with Oinc are intrinsically linked to Open Finance. In this regard, klavi acts as a partner that enables access to this ecosystem, enabling Oinc to provide users with Regulated Open Finance banking connections. Thus, if a user purchases something for R$4.50, Oinc, using klavi's technology, can round up the purchase to R$5.00 and automatically save the excess R$0.50, helping the user save money by better managing their expenses, thus beginning their financial education in practice.
"We were able to demonstrate with these tools that small, recurring actions generate big results, and that understanding the reasons for financial problems and proposing customized solutions is much more efficient than making the individual responsible for managing personal financial control alone with generic guidelines," explains Bruno Moura, business director at klavi.
With technology, it's possible to save over R$1,000.00 automatically in one year, considering an average income profile, just by rounding up to the nearest cent. Combined with other automated savings methods and the return on each contribution, the results can be significantly higher.
"Open Finance opens the door to accessible and personalized solutions. The simplicity of Oinc's solution, which works automatically, fits into the busy lives of those who don't always have time to manage their money. We want to show that there is a hassle-free way to regain financial control," comments Oinc CEO Gabriel Duarte.
Thanks to the partnership between klavi and Oinc, users have already saved over R$500,000 in cents alone since July 2022. For Bruno Moura, a klavi spokesperson, this shows that while the individual impact of saving a few cents from each purchase may be small, its value cannot be underestimated when done regularly. "Once a person understands the impact of better financial education, applied to their own context, that's where the potential for growth lies. What used to be tedious and laborious now has a new meaning," comments Moura.
Today, the two companies have over 10,000 people positively impacted by technology, simply by putting their finances on "autopilot" and improving their relationship with money.
"For us, one of the most rewarding moments is when we receive feedback from one of our users who had never even managed to save money before, and is now buying something they've always wanted or taking an important step in their life. With Open Finance, we've gained access to an environment where users have the security and convenience to share their data and search for services that make sense for them," concludes Moura.
