Research by Serasa Experian shows that Open Banking has the potential to include an additional 4.6 million Brazilians in the credit market and inject R$ 760 billion into the economy. According to the company, the combination of its Data It with resources of artificial intelligence and machine learning (machine learning) can favour the inclusion and make more assertive access to credit.
The survey, based on 15,000 queries, points to a 49% increase in the estimated monthly payment capacity of the population, from R$ 929 to R$ 1,391. “With the combination of information, it is possible to obtain an even more accurate score and better measure the probability of a consumer becoming delinquent,” says head of Open Banking at Serasa Experian, Leonardo Enrique.
One of the main beneficiaries are younger people. For people under 25, the increase in the average payment capacity is 95.9%, from R$540 to R$1,057. Regions where informality is higher, such as the North and Northeast regions, also tend to benefit from Open Banking, with, respectively, an increase of 80% and 57.9% in the average payment capacity.
Women tend to benefit more than men in terms of average payment capacity. For them, the expansion is 54.8%, while for men, it is 48.1%.
he chief economist at Serasa Experian, Luiz Rabi, says that granting credit can help people settle basic debts, such as water and electricity, especially in a challenging economic scenario like the current one. “The greater the supply of credit concession, the more positive it is for the economy, as it encourages the population’s consumption to rise. Part of the GDP is related to family consumption, so more credit volume destined to individuals increases purchasing power, that is, this has an indirect impact on the country’s economic growth.”
Currently, in parallel, phases 3 and 4 of Open Banking are taking place. The third phase, which runs until September, is being marked by the initiation of payment transactions and forwarding of credit proposals. The other stage, which runs from December to May, allows the sharing of information on investment, pension, insurance and foreign exchange products.
Original Story: Gazeta do Povo | Vandré Karmer|
Photo: Photo by Bruno Neves on FreeImages
Translation and Edition: Prime Yield