‘Open finance’: benefits and risks of the policy approved in the PND

The sector of thefintechs’ are waiting for the implementation of the National Development PlanWell, thanks to this, its ‘open finance’ policy would be greatly strengthened.

This is because, after the PND was approved in Congress, the duty to open and exchange account and product information with third parties was also established, with the aim of “facilitate the creation of solutions suitable for the needs of users“.

(‘Fintechs’ from the Pacific Alliance launch an ‘open finance’ proposal).

Despite this, the subject of ‘open finance’ continues to be little known by Colombians, according to what he assured José Abraham Méndez, general manager of Plintron in Colombia.

(‘Fintech’ Avista and Clara were financed by the Impacto fund).

“Although for many Colombians this issue is still unknown, this deals with the fact of including an open data policy, which facilitates innovation in the financial sector and digitizes processes, with the aim of fostering financial inclusion and promoting collaboration between stakeholders. of the financial sector. This is not only a great development opportunity for Colombia, but also allows companies to get to know users in depth to create personalized products and services that meet the needs of communities and also those underserved segments.“, he commented.

(Fintech redoubles its bet in Latin America with a million-dollar investment).

It is worth mentioning that the ‘open finance’ policy is related to ‘open banking’, since it works together in the implementation of risk models, loyalty programs with its users and financial planners, as well as in-depth knowledge of user savings.

(Plurall and dale! unite against the ‘drop by drop’ credit).

“This regulation, apparently, will not only facilitate innovation in financial projects, but will also help in sectors such as telecommunications, where more and more efforts are being made to get to know users better in order to bring them segmented offers for customer loyalty. through mobile plans and personalized services” Mendez added.

(C-Pocket presents a solution for WhatsApp payments).

However, despite the fact that this represents progress for the sector, it still has different nuances that must be studied. An example is in terms of financial and cyber security, there are still many challenges, as well as fraud control, asset laundering, transparency in shared information, among others.

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