Open Finance: Nubank Allows Clients to Access Balance from Other Institutions via App

January 26, 2023 at 02:00

Nubank (NYSE: NU) has launched a new functionality that allows customers to view, within the Nu application, the balance of all their bank accounts linked to Open Finance.

The tool is still “in the testing phase, and will initially be offered to 300,000 customers that are part of NuCommunity.” It will be gradually “released to the entire user base of the institution in this first quarter.”

Throughout its trajectory, Nubank has “created products and services that offer real solutions for users.” Therefore, in September 2022, it “anticipated and integrated Open Finance even before it became mandatory for the company.”

The new balance aggregation functionality, “offered shortly after the integration of Nubank to Open Finance, is the result of the company’s ongoing work to democratize access to efficient financial products that, above all, restore control of customers’ financial lives.”

Nubank joined Open Finance in September 2022 and, to date, “has already reached more than 3 million user consents for data sharing.” In November, the company also “launched a solution integrated with Open Finance that notifies customers when one of their bank accounts goes into overdraft, allowing the balance of other accounts to be used to replenish the amount and reduce interest charges.”

Personalized recommendations like this “can help customers better manage their finances and avoid unnecessary costs, such as those linked to overdraft interest.”

It is important to remember that, “in order to access the Open Finance functionalities, the user must authorize the sharing of data from the chosen institutions with Nubank.”

Customers can also “determine how long their information will be shared, as well as unsubscribe at any time.”

It is not necessary to be a Nubank customer “to participate: the platform is open to everyone – just register on the community page to be able to leave comments and interact with other members.”

NuCommunity is yet another space “for the community of customers and people interested in Nubank to exchange ideas and have access to first-hand information.”