In Latin America, data openness can contribute not only to the financial sector but also to other sectors, such as telecom, healthcare, and delivery services, for example. One sector that has been advancing in the implementation of open data infrastructures is insurance in Brazil. The implementation will allow for the customization of policies based on more detailed financial profiles and greater efficiency in contracting. However, unlike Brazilian Open Banking, Open Insurance faces some challenges in terms of schedule and technology in the country.
Additionally, there are sectors that have not yet been widely explored when it comes to the potential of data openness. The energy sector, for example, could use financial data to offer more personalized tariffs or energy efficiency programs based on detailed consumption analyses. The agricultural sector is also a promising candidate, where financial data could be used to create more suitable financing solutions for small producers, improving access to credit. There are many challenges in this regard, from the lack of organized discussions to explore the topic to regulatory and governance impasses. I believe that in sectors beyond the traditional ones, we will first see initiatives being created and driven by the market, followed by regulatory movements.
We can learn a lot from Brazil’s Open Finance and the British model itself in terms of governance, technological standards, and adoption strategies. It is very likely that we will see interesting intersections emerging in the coming years, in a much shorter time than we saw in the financial sector. However, we still face challenges in measuring the return on investment and creating use cases that are truly beneficial for all parties involved.
