Open Finance Adoption & Multi-Banking Strategy
Understanding the multi-banking landscape and quantifying Open Finance adoption opportunities
The Story
Here's a surprising finding: 73.89% of customers said Nubank is their favorite bank. But only 50.49% actually use it as their primary account. That's a 23.5 percentage point gap—representing over 10 million customers who love Nubank but keep their main financial life elsewhere.
Why? The answer lies in understanding multi-banking behavior. Most people don't just have one bank—they have an average of 2.7 accounts, each serving a specific purpose. One for salary, one for investments, one for daily spending, one for better credit limits.
The question was: How can Open Finance help us become that primary account? To answer this, we needed to understand not just what people do, but why they do it—and what would make them change.
The Challenge
Why do customers use multiple banks, and how can Open Finance help Nubank become their primary account? We needed to understand multi-banking behaviors, primary account drivers, and Open Finance perception across 24+ million customers.
Research Objectives
- Validate drivers for maintaining multiple bank accounts (organization, security, specific roles)
- Quantify factors driving Primary Bank Account choice (experience, convenience, benefits)
- Measure Open Finance understanding and perceived benefits across customer segments
- Identify security concerns regarding data sharing and privacy across different user groups
Research Methodology
Quantitative Survey Design
Large-scale survey targeting Nubank customers who made at least 2 self-transfers of R$10+ to Nubank from external accounts in the last 30 days (August 2025).
Total respondents
99% confidence, 3% margin of error
Confidence level
46% see Nubank as leader
Margin of error
Representative findings
Sample Selection
Customers who actively transfer money between accounts, indicating multi-banking behavior and potential for Open Finance adoption
Statistical Rigor
99% confidence level with 3% margin of error ensures findings are representative and actionable for strategic decisions
Three Distinct Customer Profiles
The research identified three customer groups that interact differently with Open Finance, each requiring distinct value propositions:
Nubank is PBA
Customers who already use Nubank as their main bank account, handling most daily transactions
Key Characteristics:
- •Value centralization and integrated financial services
- •Appreciate security features and convenience
- •Seek practicality in their daily operations
Open Finance Relationship:
Better understanding of Open Finance due to active use of aggregators; show higher consent rates due to established trust with Nubank
Nubank is favorite, but not PBA
Customers who prefer Nubank but use another bank as their primary account
Key Characteristics:
- •Enjoy visualization tools and financial insights
- •Want better organization and spending tracking
- •View Open Finance as a credit opportunity
Open Finance Relationship:
Open Finance should serve as the solution to their credit fragmentation issues; find experiences interesting but not must-have
Nubank is secondary
Customers who use Nubank for a specific purpose rather than as a main account
Key Characteristics:
- •Typically higher-income earners
- •Use Nubank for specific services (travel, shared expenses)
- •Better relationships with other institutions
Open Finance Relationship:
More aware of Open Finance but concerned about security; focus on practicality, personalization and specific benefits
Why People Use Multiple Banks
Average number of bank accounts actively maintained per customer, each serving a specific financial purpose or need
Bank Roles in Customer Lives
Nubank
54.4%Daily payments and transactions
Bradesco/BB/Itaú/CEF
32-38%Salary accounts and benefits
Mercado Pago
31.6%Online shopping and entertainment
XP Inc/BTG
44.7%/27.2%Investments and wealth management
Pan/Sicoob/CEF
29.5%/16.7%Financing and loans
Key Insight
Customers intentionally maintain multiple banking relationships to maximize benefits and distribute financial activities strategically—not due to indecision or dissatisfaction. This is deliberate financial organization.
Three Customer Behavior Types
Deal Hunters
Seek the best offers and benefits, optimizing rewards across institutions. They use specific cards for targeted perks rather than for daily use.
Financially Strapped
Need multiple accounts to secure essential credit and organize spending in categories. They perform "financial juggling" across institutions.
Wealth Managers
Seek efficiency and security across various financial products. More interested in automated payments, transfers, and centralizing money management.
Credit Card Behavior Insights
Cards owned → Cards used daily
Users maintain multiple cards but actively use fewer in their daily routine, indicating strategic card usage patterns
Nubank preference for centralization
Customers want to centralize card management at Nubank, but prefer the institution offering the highest credit limit
Key Barriers & Opportunities
Credit limit availability is the main barrier preventing Nubank from becoming customers' Primary Bank Account.
- •When asked about characteristics of their ideal card centralization hub, highest available limit was mentioned more frequently than interface quality
- •Balances consolidated in one view was selected by only 4.6% of respondents as a motive for centralization
Research Insights
Strategic Impact
Strategic insights that shaped Open Finance roadmap for 24+ million customers, helping define how to convert 10+ million users who love Nubank but don't use it as their primary account.
Survey respondents
99% confidence, 3% margin of error
Users heard of Open Finance
46% see Nubank as leader
Gap: favorite vs main account
Untapped conversion potential
Key Takeaways
Open Finance adoption requires a deep understanding of customer needs and behaviors. By focusing on centralization, security, and credit limit opportunities, Nubank can bridge the gap between being a favorite bank and becoming the primary account for millions of customers.
Continuous research and innovation are crucial to address customer concerns and leverage Open Finance's potential for strategic growth.