Financial institutions produce large quantities of data, particularly due to the increasing acceptance of digital payment. The data they collect can be used to make better predictions and more precise calculations. This data contains personal information. For this reason, laws and regulations, such as the GDPR in Europe or the California Consumer Privacy Act (US) limit the sharing of personal data by financial institutions.
Sharing financial data can be beneficial for a variety of reasons, such as improved fraud detection as well as faster application processes. It can also help you gain access to a wider range of products and services, such as credit and loans. It is important to choose a trusted partner if you decide to share your financial information. Reputable companies and financial service providers will be able explain clearly the reasons for sharing your personal data and whom they will give it to.
The key to unlocking the full potential of financial data aggregation is creating an open and unified data ecosystem that allows different users to carry out distinctly different functions without taking unnecessary risks. It is important to be in a position to access and process data in a safe and secure manner and also be aware of the roles of every user. To achieve this goal effective data access control is essential to ensure a balance of security and utility. The focus should be on allowing live financial information to be moved between departments or businesses while ensuring rights of the customer.
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