Financial institutions generate a lot of data, particularly due to the increasing use of digital payments. These data 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 customer data by financial institutions.

Sharing financial information is important for a variety of reasons that include better fraud detection and speedier application processes. Additionally, you can access additional products and services like loans and credit cards, by sharing your financial data. It is essential to select an organization you can trust in the event that you decide to share your financial data. Reputable businesses and financial service providers can explain clearly the reason behind sharing your personal data, as well as with whom they will share it.

The key to unlocking the full potential of financial data aggregation lies in creating an open and unified data ecosystem that allows users to carry out distinctly different functions without taking unnecessary risks. It is crucial to be capable of accessing and processing data with security in real-time and to be aware of the roles of each user. In order to achieve this, it is necessary to implement security controls for data access that provide an appropriate balance between security and utility, with a focus on allowing financial data in real time to flow between departments and between companies while ensuring the rights of customers.

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