A recent study by NPS Prism revealed that most Brazilians do not feel confident about sharing their banking data under Open Banking.

Indeed, Open Banking allows third-party financial services firms to access consumer banking, transactional and other data through application programming interfaces (APIs). However, it was found out that 59% of Brazilian users don’t want to share their data in exchange for better deals and benefits under this model.

The study showed that it was due to consumer unwillingness to share their data with businesses, as well as a lack of trust in relation to the security processes behind open banking and the fear of receiving too many cold calls and approaches from companies.

Those who agree to share their data do it due to the reputation of the business and its transparency on how the data is going to be used. It also takes into account the level of customer service, the benefits, and whether it has been recommended by family and friends.