next, Bradesco's digital bank, launches an account aggregator to retain users

In the wake of Brazil's open banking agenda, next has launched a service that allows users to view account information from other banks on the app

next Bradesco digital bank
Photo: next/Courtesy
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Brazilian fintech next, Bradesco‘s digital bank, announced the launch of an account aggregator, a service through which users will be able to view bank accounts and card information from other banks and financial institutions on the next app.

The new service is part of the bank’s strategy to strengthen its open finance solutions and get ahead of the competitors: the account aggregator is one of the market’s big bets within the Central Bank’s open banking agenda since it clearly shows the advantages of open banking for the client and generates retention and recurrence for the bank.

“The account aggregator is a key feature in the open finance scene. Its simplified usability will allow users to manage all their resources, from any financial institution, through a single ecosystem, the next app. By offering all this convenience for the customer, with the best possible experience, we have the chance to become the main app in people’s routine, generating recurrence and loyalty,” said Jeferson Honorato, CDO at next.

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According to Honorato, the account aggregator will also help next to better understand the behavior and habits of each customer and, with this data, create new tailored offers, more attractive fees, and financial management tips, among other products and services.

For now, next‘s account aggregator allows users to view the last 12 months of account information and credit card data from any financial institution that is already taking part in open finance in Brazil. “With the evolution of the service, the customer will be able to perform transactions through the aggregator,” Honorato added.

The plan is to soon add other features, such as viewing financing and credit data in general. In the coming months, insurance and investment data will be available, following the Central Bank’s regulatory calendar, as well as financial management recommendations and insights.

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“By looking at data analytics, we will be able to offer even more customized solutions and recommendations, serving as a close partner in our clients’ financial management,” said Renato Ejnisman, next‘s CEO.

next’s account aggregator, called “My Finances”, can be accessed from the bank’s app, through the “Open Finance” icon on the menu. There, the customer can choose which information to share. They will then be guided to the open finance participating institution to authorize the data to be shared with next. “My Finances” is now available to any customer.

next reached the 10 million customer mark in 2021, an annual growth of 170%. Besides offering products such as cards, investments, credit, insurance and other financial solutions, next has developed its own marketplace (nextShop); a discount coupons area; and bank accounts for children and teenagers (nextJoy).

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