The first day of Febraban Tech 2023, the largest technology event for the financial sector in Latin America, was packed with engaging discussions about the future of finance, covering exciting topics like bioeconomy, FinOps, and Open Finance.

As sponsors alongside Amazon Web Services (AWS), we are thrilled to be part of the event and showcase our solutions that accelerate future-ready businesses.

Beyond offering an excellent opportunity to connect with key players in the technology sector, Febraban Tech facilitates high-level discussions with industry leaders that share insights and experiences from organizations leading the way in the financial sector’s transformation.

Here are the main highlights from the first day at Febraban Tech:

Open Finance: anticipating what comes next

Open Finance and its ongoing developments took center stage as a prevailing theme during the panels on the first day of Febraban Tech, capturing the financial sector’s highest expectations. As the movement progresses towards open investment and open insurance phases by year-end, many opportunities are expected to unfold for traditional institutions and fintech companies.

While traditional institutions will be able to instill confidence in consumers who adhere to data sharing, fintechs will be able to foster greater agility and innovation in solutions that creatively leverage the immense volume of data collected within the new system.

Helen Child, CEO of Open Banking Excellence

Helen Child, CEO of Open Banking Excellence, emphasized that Brazil is at the global forefront in speed and adherence to the open finance movement. She stressed that Brazil is currently perceived as a worldwide phenomenon and a model to be followed. “I wonder if you realize how much attention Brazil is receiving worldwide. You are leading the way in open finance on a global scale. The world is watching what you are doing,” she said.

Despite an optimistic scenario painted by the event speakers, some highlighted challenges that institutions need to confront. One such challenge is delivering perceived value to customers, ensuring they are motivated to consent to data sharing. Consumers are increasingly demanding about the benefits they receive in exchange for sharing their information.

Therefore, Cristina Pina, Director of Software Engineering at the financial services company Bradesco, emphasized the escalating significance of offering benefits that are tangible, transparent, immediate, and delivered either through hyper-personalized products and offers or through the seamless evolution of the consumer’s journey, with diminishing friction.

Cristina Pina, Director of Software Engineering at Bradesco

Furthermore, the speakers highlighted the complexity of the data that will be handled in the upcoming phases, as insurance and investment systems encompass intricate offerings that cannot be easily compared. However, as Aldo Barretella from Santander Bank expressed, “the challenges will be as big as the rewards.”