Consumer data remains widely used in a majority of today’s businesses, from banks and lenders, to marketers and employers.
And while privacy concerns have led to the development of broad regulatory frameworks that seek to grant a modicum of control to the consumer over their personal data, it’s still widely trafficked with the consumer having very little control over their data flow.
This tangled web of data providers, privacy concerns and regulations results in an inefficient ecosystem that benefits no one. In addition to limitations for the consumer, banks and lenders only have access to the data that is available from providers. Despite the latest efforts to improve this, no good system exists that enables individuals and businesses to exchange data in a reliable and transparent way.