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Financial institutions produce large quantities of data, especially with the increasing use of digital payment. These data can be used to develop more efficient prediction models and perform more precise calculations. However, it is true that this data typically contains personally identifiable information. This is why laws and regulations such as GDPR in Europe and the California Consumer Privacy Act in the United States limit how and the extent to which financial institutions find can share customer information.
Sharing financial information is essential for a wide range of reasons that include better fraud detection and quicker application processes. It also helps you get access to more services and products, including credit cards and loans. If you choose to share your financial information it is crucial that you do so with a trusted partner. Reputable companies and financial service providers can explain clearly the reason behind sharing your information, as well as with whom they will give it to.
The most important factor in unlocking the full potential of financial data aggregation lies in creating an open and unifying data ecosystem that allows different users to carry out different operations with no unnecessary risks. The ability to access and process data in real-time is vital, as is a clear understanding of the role each user plays. To achieve this, you need effective data access controls that ensure an appropriate balance between security and utility, with a focus on allowing live financial data to be transferred between departments and between companies while protecting the rights of the customer.