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Financial institutions create a lot of data, particularly with the increasing use of digital payment. These data can be used to build more accurate prediction models and perform more precise calculations. This data contains personal information. This is why laws and regulations such as the GDPR in Europe or the California Consumer Privacy Act (US) limit the sharing of customer information by financial institutions.
Sharing financial data is important for a variety of reasons including better fraud prevention and speedier processing of applications. It also helps you gain access to a wider range of products and services, including loans and credit cards. If you choose to share your financial data, it is important that you do so with an authorized partner. Trustworthy companies and financial service providers will be able explain clearly the purpose of sharing your information and whom they will share it.
To realize the full potential of financial information aggregation it is crucial to create an open and unifying ecosystem of data that permits different users to carry out distinct processes without taking unnecessary risks. The ability to securely access and process data in real-time is vital, as is a clear understanding of each user’s role. To achieve this goal, effective control of data access is essential to maintain security while also providing utility. The priority should be on allowing live financial information to flow between departments or businesses while ensuring the rights of customers.