Your bank application can DISAPPEAR in up to 2 years; understand

The president of central bank (BC), Roberto Campos Neto, made a recent prediction that surprised many people. More than that, if it comes to fruition, it will drastically change the lives of millions of individuals.

According to him, with the emergence of Open Finance, banking applications, widely used today, will become unnecessary and should cease to exist.

The forecast, in itself, already attracts attention. The predicted time for this transformation, however, is even more surprising, as it is not something that will take time to occur, on the contrary. It should happen soon.

“In up to a year and a half, or two years, there will be no more Bradesco or Itaú applications. There will be an aggregator application that, through Open Finance, will give access to all accounts”, said Campos Neto.

This statement was made during an event in Chicago, in the United States.

Fast acceptance

Photo: Reproduction

For Campos Neto, an indication of the rapid transformation is the acceptance already achieved by Open Finance.

Today, according to him, between 50 million and 60 million people have already joined the system. And this occurred even before these people had access to the benefits offered by the innovation.

“Open Finance generates portability and comparability in real time. Ours is the broadest and most programmable in the world”, explained the president of the Central Bank.

The project is now to expand Open Finance to different products, including the insurance.

Campos Neto believes that, in the future, competition will not only be for the product itself, but also for the channel.

And Pix, how is it?

At the same event, the BC president also spoke about Pix. In his view, the instant payments and transfers tool would have failed if it had emerged only to replace TED and DOC.

The novelty went further and, with broad capacity for adaptation and use, banks were “super excited”, according to Campos Neto, to join and offer new advantages from the Pix.

He also revealed that the launch of the tool was brought forward to meet the needs of the Covid-19 pandemic period.

“I said I needed it in six months. The first date was for the end of 2024”, recalled the executive.

According to the BC president, the bank’s innovation work is carried out by a team and will continue to be developed even after the end of his term at the head of the institution.