CLICK TO WATCH : ‘ FDATA CHAIRMAN GAVIN LITTLEJOHN ON HOW FINANCIAL DATA APPLICATIONS BENEFIT CUSTOMERS
63 you put into them – so open banking enables that customer to see a true picture of their financial self .”
However , as huge as the rewards can be , when dealing with this data , it ’ s important to keep it safe and remember who has the right to it . As Littlejohn is quick to emphasise , data belongs to the subject , in this case , the customer . “ The customer has the right to choose the services that better meet their needs , and yes , some customers will be fearful of sharing their financial data , but on the other end of the spectrum is
the knowledge that you can only get a better outcome if you know you have the capability and the assets at your disposal to be able to compare and contrast .”
With permission , aggregating data can make life more seamless for any consumer dealing with their finances . “ My experience of this domain is that customers have a variety of different details . A couple or family , for example , might have different credit cards and savings accounts , a family might have one account to pay bills and one to
www
. fintechmagazine . com