Sharing Financial Data

Financial institutions generate huge amounts of data, especially with the increasing use of digital payments. This data can be used to create more efficient prediction models and make more accurate calculations. However, it is true that this data typically contains personally identifiable information, which is the reason why laws and regulations such as the GDPR in Europe and the California Consumer Privacy Act in the United States limit how and financial institutions can share customer information.

Sharing financial data is crucial for a wide range of reasons, including better fraud prediction and faster application processes. It can also help you get access to more options and services, like credit and loans. If you decide to allow access to your financial information it is vital to do this with a trusted partner. Trustworthy companies, apps and financial service providers must be able to clearly define the purpose behind the sharing of your data and the specific partners they'll work with to share your data.

The most important factor in unlocking the full potential of financial data aggregation is to build an open and unifying data ecosystem that enables different users to execute different operations without unnecessary risks. The ability to secure access and process data in real time is vital as is having a clear understanding of the role each user plays. To achieve this goal, you must implement effective data access controls that guarantee a balance between security and efficiency, with a particular focus on allowing financial data in real time to move between departments and between companies while protecting the rights of the customer.


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