As the only podcast dedicated to open banking, our podcast strives to be one of the key voices in the global open banking community. The goal of the show is to educate people on how the world of finance is being shaken up by open banking, ultimately giving them more ways to save their money, move money around and improve their financial well-being. To those building open banking, we bring the unique perspectives of technology innovators, financial leaders and key influencers, as we aim to accelerate its continued evolution.
The Great Unbanked
Right now, approximately two billion people across the globe are unbanked - meaning they have no connection to any banking system of any kind. Banks simply cannot make their business model work to serve low-income households properly, let alone the poor, which means that even the simplest of transactions such as payments become a challenge, often widening the gap between the haves and have nots. However, thanks to technology, things are improving. As the open banking movement continues to expand, the unbanked might just be the perfect source of untapped economic potential. On this episode of Mr. Open Banking, Eyal speaks with Carlos Kazuo Missao, the Director of GFT Group in Sao Paulo and a leader in the digital transformation of financial services. The two discuss how Brazil is using open banking to bridge their societal divide between a mature, developed economy and extreme poverty.
Specifically, Carlos and Eyal discuss:
- Who are the unbanked and how do they fit into Brazil’s plans;
- How Brazil’s banks are catering the unbanked population;
- The big three regulations Brazillian banks need to follow;
- How open banking is leveling the playing field.