CGAP Impact of Open Finance in Brazil

SELECTION OF CONSULTING FIRMS BY THE WORLD BANK GROUP REQUEST FOR EXPRESSION OF INTEREST (EOI) Electronic Submissions through WBGeProcure RFx Now ASSIGNMENT OVERVIEW Assignment Title: CGAP Impact of Open Finance in Brazil Assignment Countries: Brazil ASSIGNMENT DESCRIPTION About the Leveraging Datafor Inclusive Finance project The objective of the Leveraging Data forInclusive Finance project is to support the use of data to increase thebreadth, depth, and utility of the financial sector by supporting thedevelopment of inclusive data ecosystems. Specifically, the project focuses onthe development of inclusive and effective open finance frameworks andinclusive and responsible AI models, that consider the implications fortraditionally excluded and vulnerable customers. The project is organized around threeworkstreams: (I) Open Finance Design focused on providing guidance topublic sector entities looking to harness the power of data for financialinclusion through open finance; (II) Open Finance Impact focused on gatheringthe evidence base for the impact of open finance on customers, providers andthe financial sector; and (III) Artificial Intelligence (AI) focused on howto maximize the benefits while minimizing the risks of AI use, especially fortraditionally underserved segments. This TOR is focused on gathering evidence-basedinsights for the Open Finance Impact workstream. Objectives of this project CGAP has shown how data-driven financial ecosystems are opening new pathways to moreinclusive, useful and responsible financial services. Open finance —a frameworkthat facilitates customer-permissioned access to and use of customer data heldby financial institutions— is becoming a critical component of digital publicinfrastructure for innovation, competition, and customer empowerment. By givingFinancial Service Providers (FSP) access to customer-permissioned transactionhistories, payment flows, account balances, and other data beyond traditionalcredit records, these frameworks lower onboarding and application costs, enablemore tailored products, enhance risk management, and expand the utility offinancial services. CGAP’s research shows that open financedelivers tangible value for consumers. Through India ’s Account Aggregator Framework, customers have shared data to accessbetter services, while open finance-enabled Personal Financial Management ( PFM ) tools have significantly improved their day-to-day money management,resilience planning, and confidence in their