Sharing Financial Data

Financial institutions generate large amounts 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 includes personal information. Therefore, laws and regulations such as the GDPR in Europe or the California Consumer Privacy Act (US) restrict the sharing of data about customers by financial institutions.

Sharing financial information is essential for a wide range of reasons that include better fraud detection and speedier processing of applications. You can also get more services and products like credit cards and loans by sharing your financial information. It is crucial to select a partner you can trust when you decide to share your financial data. Reputable businesses and financial service providers will be able explain the reason for sharing your information and with whom they will share it.

To maximize the benefits of financial information aggregation, it is necessary to establish an open and unified ecosystem of data that allows users to carry out distinct tasks with no risk. It is essential to be capable of accessing and processing data in a secure manner, as well as understand the role of each user. To accomplish this goal, effective data access control is essential to ensure an appropriate balance of security and utility. The focus should be on allowing live financial information to be moved between departments or businesses while ensuring the rights of customers.