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Financial institutions create large amounts of data, particularly due to the increasing use of digital payments. The data can be used in the creation of better prediction models that are able to create more precise calculations. However, the data often contains personally identifiable information, which is why laws and regulations such as 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. Additionally, you can access additional products and services like credit cards and loans by sharing your financial information. If you decide to give access to your financial data it is vital to do so with a trusted partner. Reputable businesses and financial service providers will be able to explain clearly the reasons for sharing your personal data and whom they will give it to.
To maximize the benefits of financial information aggregation it is necessary to establish an open and unified system of data that allows different users to perform distinctly different operations without putting themselves at risk. It is essential to be in a position to access and process data in a secure manner and also be aware of the roles of each user. To achieve this, effective data access control is needed to ensure security while also providing utility. The main goal should be allowing live financial information to move between businesses or departments while ensuring that rights of the customer are protected.