Enhancing User Experience (UX) in Open Finance: 5 Essential Tips
8/19/2024 - Open Finance just celebrated its third anniversary in Brazil, and while it hasn’t quite taken off as expected, 2024 looks set to be the year that the country will realize the positive developments that these innovations bring. With the potential for customers to allow the sharing of their information between different institutions in order to facilitate better offers and customer services, while also empowering the customers themselves to operate their accounts via different platforms, Open Finance’s financially inclusive potential seems like a perfect fit for a country like Brazil, where digital adoption is both rapid and commonplace. However, unlike Pix - another more popular initiative from the country’s Central Bank - Open Finance has so far only gained 28 million users in comparison to the 160 million (and counting) who have already joined Pix.
Yet this could all change in the coming months. Not only is the Brazilian Central Bank prioritizing the popularization of Open Finance for this year, but banks have invested R$2 billion in the project. This means that both businesses and customers can expect to see many tangible benefits rolling out in the months ahead, including smart transfers, automated Pix payments, and increased security through tokenization - to name just a few.
As a leading online payments provider, OneKey Payments is at the forefront of this transformation, committed to making Open Finance not just accessible, but also engaging and beneficial for all users. To commemorate three years of Open Finance in Brazil, with all eyes on this year as a significant inflection point, CEO César Garcia shares five essential tips to significantly improve the user experience in Open Finance, making it more attractive and user-friendly.
A recent survey by TecBan and Ipsos Institute found that around 30% of Brazilians resisted joining Open Finance for security reasons, with 75% of respondents not renewing their open system license after one year of use, potentially as a result of privacy concerns, dissatisfaction with the services provided, or a lack of knowledge that the authorization needs to be renewed.
At the heart of Open Finance is the sharing of financial data across platforms and services, which naturally raises concerns about security and privacy. By enhancing encryption methods, employing robust authentication processes, and ensuring transparency about data usage, companies can significantly elevate user trust. Educating users about the security measures in place and providing them with control over their data can transform their experience from one of apprehension to one of confidence.
A cluttered or complex user interface can deter users from engaging with Open Finance services. Simplifying the interface, ensuring intuitive navigation, and providing clear, concise information can make financial management easy for users. This approach not only attracts tech-savvy individuals but also welcomes those who may be less familiar with digital finance platforms.
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Significantly utilizing the power of artificial intelligence and data analytics, Open Finance can offer personalized financial advice, insights, and recommendations. By understanding a user's financial behavior and preferences, services can tailor their offerings, making every interaction feel bespoke and valuable. This level of personalization not only enhances user engagement but also empowers users to make informed financial decisions.
Empowering users with knowledge about Open Finance and its potential is key to fostering engagement. Providing educational resources, tutorials, and easy-to-understand guides can demystify financial services and encourage more users to explore the benefits of Open Finance. An informed user base is more likely to experiment with and fully utilize the available services.
Building a community around Open Finance services can significantly enhance the user experience. Encouraging feedback, hosting forums, and engaging in social media discussions can provide valuable insights into user needs and preferences. Actively listening and responding to feedback not only improves the service but also builds a loyal user base.
In conclusion, as Open Finance continues to redefine the financial landscape, focusing on these five key areas can turn the promise of Open Finance into a reality for users worldwide. By prioritizing security, simplifying interfaces, offering personalized insights, fostering financial literacy, and engaging with the community, we can create a more inclusive, efficient, and attractive Open Finance ecosystem.
About OneKey Payments
OneKey Payments specializes in IP in global payment technology authorized by the Central Bank of Brazil, offering a complete BaaS ('banking as a service') that allows companies to scale their inbound and outbound transactions simply and securely, with full performance optimization. The company provides a complete international gateway solution with easy plug-and-play integration and payment solutions in Brazil and worldwide using PIX, bank slip, or credit card.
Looking forward to reading the article and learning more about this transformative journey!