Lívia Bessa de Brito

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The data protection law is applied in the country and, although this issue appears to impact large corporations, it is valid for any company that collects, processes, and stores personal and confidential information about its consumers. Locally, this is still an issue that concerns the largest corporations operating in recent years, to address all legal aspects. They hired and trained human capital, adapted processes and procedures, and hired services and tools. However, the reality of most companies is tremendously different. It is possible to observe that some entrepreneurs will only know this when they are questioned by the consumers or by the justice.

The COVID-19 pandemic scenario has suddenly changed many company and user relationships. Instant measures had to be taken and a whole structure and relationship of consumption, work and activities in general needed to be rethought to work in the perspective of the new normal. In relation to banking operations, we can say that the pandemic accelerated digitalization and those who were not included in the dynamics of online operations, started to have the need to do so to make payments, purchases and have access to banking services.

Bank concentration is a phenomenon of the retention of a large part of a financial system by one or a few institutions. It is considered harmful in terms of the market, restricting competitiveness, and contributing to the phenomenon of unbanked. In Brazil, there are five major financial institutions that together concentrate around 83% of the financial system. This number places the country in one of the largest banking concentrations in the world. In addition, it is directly linked to the rates of unbanked people in the country for several aspects, such as the interest rates offered by these large banks, which compete very little for the market and do not have the obligation to develop attractive products outside the market. standard they follow.

Brazil is one of the countries with the highest rate of unbanked in the world, and this rate is due to some factors related to the composition of the Brazilian financial system, mainly due to banking concentration.

The General Data Protection Law (LGPD) recently came into force in Brazil as a regulation for issues related to personal data and data protection rights, regulation for companies, treatment relationships with customer and user data provides for sanctions for breach of the law. This is a major advance in Brazilian legislation because represents, in addition to consumer rights, that companies can develop safe technological solutions and optimize their processes, whether in the banking area or not.