Financial data sharing is a topic generating more and more interest every day.
Yes, really! Many events of recent years have made consumers, including banking and fintech customers, more aware of the power and value of their personal financial data.
Consumers want their data to work for them – and they want more control, more transparency and more security in the ways it is used and shared – an idea often referred to as ‘open’ banking.
But this is a complicated subject to get your arms around: what’s involved? Who’s involved? What are the relevant technologies? who touches the data? What are the risks, costs and implications of the way data is shared?
Can we do better?
As the leading global effort to find the solution to financial data sharing that makes consumers, industry and regulators happy, we see it as our responsibility as the Financial Data Exchange to help educate on some of these critical issues.