Santander Open Finance
Creating a secure and user-friendly experience for data sharing in Brazil's Open Finance ecosystem.
The problem
In 2021, financial institutions in Brazil were preparing to adapt their digital products to Open Finance, a new regulatory framework allowing the flow of user data between any institutions. Santander, as one of Brazil's leading banks, needed to develop its approach to this new technology. The main challenges were:
- Complying with regulatory requirements from responsible institutions
- Aligning with Santander's digital ecosystem product and business guidelines
- Addressing user concerns and usability preferences regarding banking data sharing
Users felt extremely uncomfortable and insecure about the idea of sharing data from one bank to another. However, the new technology also generated curiosity and interest, creating engagement opportunities.
The process
The design process involved multiple stakeholders and required numerous validations, iterations, and negotiations. Here's how we approached it:
- Research and Discovery: We began with a discovery process to identify users' main concerns about sharing banking data. This involved in-depth interviews, benchmark research, and usability tests. Key insights included users' discomfort with data sharing and the credibility that established banks like Santander brought to the process.
- Alternative Generation: Using traditional UX tools like user flows and wireframes, we created journey scenarios. These were validated with business and product stakeholders.
- Prototyping: We developed interfaces in constant interaction with the Design System and Writing teams to ensure conformity with existing standards. This phase involved creating a consent experience for data sharing between institutions, which was the most sensitive part of the operation.
- Validation: With the final prototype, we conducted another usability validation. This confirmed that users felt comfortable and secure during the data sharing process with our proposed journey.
- Handoff and Development: The journeys were then developed by the responsible teams. I oversaw and reviewed this process to ensure the final delivery matched the design.
Throughout the process, we worked closely with UX Writing, Design System, UX Research, and development teams, as well as other stakeholders. This collaborative approach ensured that all aspects of the user experience were considered and aligned with business goals.
The results
The project launched with a campaign featuring Gil do Vigor, a popular Brazilian personality, announcing a link with interfaces I designed. This high-profile launch helped to build trust and excitement around the new Open Finance features.
Key outcomes included:
- Approximately 250,000 initial customer registrations on the launched platform
- Competitive advantage for Santander due to pioneering Open Finance product launches
- Generation of internal opportunities for developing more products utilizing Open Finance
While specific financial results for the Open Finance initiative weren't publicly disclosed, Santander Brasil reported strong overall performance in 2021:
- Became the most profitable bank in Brazil
- Maintained leadership positions in various financial services
- Expanded digital services and customer base