Go for it! World Savings Day calls on companies for Financial Literacy

The Portuguese fintech proposes, in the action “@vança!” - Business Mobilization Program to Combat Financial Illiteracy, to connect agents from all over the territory, united by the mission of taking the country “out of the tail of Europe”.

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For nBanks, World Savings Day unveils a topic “dusty, stagnant and little worked on” in Portugal, especially within companies. Financial Literacy is a topic they see neglected by the country compared to its European partners. “Not only the geographical positioning, but also in terms of knowledge and financial management, this is verified, year after year, at the «tail»”.

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In May 2024, the Belgian Minister of Finance - Vincent Van Peteghem, highlighted in a European Commission statement how “strengthening people's financial literacy is of utmost importance for building a more ambitious, inclusive and resilient Capital Markets Union". Among the issues addressed were the impact of inflation, the effect of compound interest, investments & risks, and the relationship between interest rates and bond prices. Portugal was in the penultimate place on the table, only ahead of Romania.

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Impacted by this scenario and driven by the desire to “make financial literacy accessible to everyone, not only individuals, but also, and mainly, companies which are, at the end of the day, made up of people, and, therefore, it is natural that if on one side there is no absorption of this knowledge, ultimately in the collective this situation also occurs” they developed @vança! - Business Mobilization Program to Combat Financial Illiteracy. The program kicks off today, October 31st – World Savings Day, with a teaser of the event. Then, free financial literacy workshops and webinars will begin, with a program and agenda to be coordinated with each of the partners involved in the action. On the official program page, you can learn more about and follow the cause and its respective “patrons”, well-known names from the business area who are allied for a “cross-border mission, regarding areas of activity and countries”.

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At the end of the action, more than 100,000 agents will be mobilized, including entrepreneurs, managers, students, and accounting and auditing professionals. The initial phase will take place in Portugal, however, in the medium term, it is intended to expand to Brazil and PALOP countries, some of which where the company has already acted as an Open Banking consultant. Having recently created the world's first team of Open Banking & Financial AI Advisors, they consider themselves “increasingly capable of continuing to be partners in the digital transition”.

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More than 100 hours will be made available for the cause by the leading company of the movement, and it intends to summon its partner entities, stakeholders, and also those with whom it has already carried out differentiated actions such as: Fidelidade, Microsoft, FEP, ISEP, ISPGAYA, IPCA, ACISAT, University of Minho, AEB, AEP, Fafe City Council, CMVM; among others that may subscribe to it. In this scenario, “it is urgent to involve all Business Associations, Business Schools and Universities in the Country "and, in this way, highlight and reinforce the interest of Portuguese entrepreneurs (current and future) in scaling up in terms of financial literacy”.

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By operating in this domain, revolutionizing financial management through Open Banking & Financial AI with management software that aims to “respond in an accessible, fast and effective way to customer pains, even in a personalized way, and with the possibility of integrating their accountant and business advisor into the platform” nBanks assumes the responsibility of developing a program that will last,  “at least, one year, because it is not a date for us (World Savings Day), but a mission (...) we have the issue of financial literacy very present in our values and, therefore, we want to invite everyone who identifies with this guideline” to, as a network, convert the panorama.

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The objective is the “spillover of knowledge", but, mainly, to make this path known through technology and artificial intelligence, powerful allies so that “entrepreneurs can be supplied with tools, cutting-edge technologies, that allow them to have their financial management facilitated and, therefore, more time for effective value tasks and more security in internal decisions and investment". This path has already been explored in the European context, with the reinforcement of the PSD2 directive, alerting to the power of competitiveness that Open Banking and Artificial Intelligence assume in empowering the client and their financial management.

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The fear and lack of knowledge in Portugal in this area, says Orlando Costa, “only allows other countries to become more competitive, while we remain stagnant, just like our position in the ranking”. These technologies have been adopted at an increasing speed and are certainly part of the future. The opportunities that arise from this allow them to be put at the service of companies, for their economic development and that of countries. “nBanks uses them to ensure resource savings, such as 86% of the time companies usually dedicate to banking management, and efficiency with automation and process definition, with an ROI of x5.29. This also reinforces alignment with compliance policies and ensures more qualified management, with simplicity and transparency”. They are thus understood as a pillar through which global financial literacy, and business literacy in particular, can be sustained as a central part of this mission. Recognizing the relevance of the topic of literacy, as stated in the conclusions of the European Commission, the ex-banker and CEO says that “it is necessary to move forward!”

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To learn more about this program, visit our official page.