Open API banking, and Data Democracy..
Why can’t my #Bank share my #Transaction data with companies I authorise or provide consent to ? But many sales organisations including banks’ internal staff/department use it to #Crossell their product, without my #Consent or may be consent hidden in the lengthy documents.
Is the concept of Consent not Clear, or there is no #respect for it?
I hope we are working/will work on #OpenLedgerAPI for banking system which will Obligate a bank to share my transaction data with the organisation I provide my written Specific consent to, and NOT consider that as their OWN property.
This will help me to get better targeted products through new age #FinTech companies but there can be a scope of Misuse too..
How do you propose to mitigate risk in the above case, without making the system too rigid??
Your thoughts Please…
#DataDemocracy, #LedgerAPI, #OpenAPIBanking, #MyDataMyRight..