and balances on what can be done with consumer data . It is their data after all , so informed consent is important .
According to the Pew Research Center , nearly 80 % of Americans are concerned by how their personal data is being used online – and a similar percentage report having little to no confidence that companies will admit to mistakes and accept responsibility if a data breach occurs . That level of distrust is not exactly conducive to broader adoption of new services among consumers , so taking the right precautions is more vital than ever .
One of the things that Fiserv has built into its AllData platform is an extension called AllData Connect , which allows banks and financial institutions to determine who is able to pull data into , and out of , their ecosystem . Consumers can also decide whether they ' re willing to share personal data with a certain fintech or a specific integrator . “ That puts the permissioning rights over consumer data in the consumer ' s hands ,” Wilcox says .
Fiserv will guide that process to ensure the proper checks are done on the data being loaded into an ecosystem , but its main focus is very much on putting the right technology tools – and subsequently , the power – into consumer ' s hands . This entire approach replaces the screen scraping model , which can be challenging to maintain .
90 May 2023