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Source: digital magazine “Banking Anywhere - The expansion of financial services”, published by Cantarino Brasileiro | By Elias Sfeir, president of the National Association of Credit Bureaus (ANBC).
In the midst of transformations in the financial system, digital accounts demonstrate in an exemplary way how the process of disruption involving the segment has expanded to sectors beyond finance and consolidated concepts such as banking anywhere. Offered by companies from a wide range of backgrounds, they have gained ground in the financial services market in recent years, just as they had in the past.
What happened with the traditional credit cards offered by retailers to their customers, the first form of Banking as a Service (BaaS). The arrival of payment institutions and increasing digitalization have significantly expanded the possibilities for this industry.
Previously, an organization wishing to enter the financial sector would have had to set up the entire technological structure and adapt to the sector's regulatory demands. With the “servitization” of banking activity, this path can be shortened through specialized companies that are responsible for the technological infrastructure and have a regulatory license.
This new scenario was made possible thanks to technological development in recent years and the regulatory incentive for banking competition observed in Brazil over the last decade.
Advancing in innovations such as open finance, Brazil is seen as a promising market for the development of BaaS. Projections for its evolution include investment services, the provision of credit operations and the assessment of payment capacity, in which credit bureaus have a great deal of expertise.
Looking to the future, we can also see the benefits that artificial intelligence is likely to bring to the financial sector, such as process optimization, which generates efficiency gains, as well as allowing institutions to get to know their customers better and offer more personalized solutions. This is a path that will continue to change and evolve constantly, with
AI as an important vector of change.
