The fast-growing demand for data portability can have a profound effect on access consumers have to lenders and credit.
Data portability is becoming a revolution that can make lending better and bring a new level of security. Notice how the American Banker states it: It is true that constructing a network like this will require broad political consensus among many players — including banks, lenders, fintech innovators, consumer advocates and legislators. And banks have exhibited reluctance to foster low-friction consumer data portability in the absence of a regulatory push. However, access to a comprehensive dataset on their existing customers, along with improved data security attached to data they share, could make them more receptive. Such a plan would also reduce fraud losses and cap their liability.
If this were the way, not only would our data be more secure, but it would prove to be a benefit to lenders and investors alike.
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Read more about how you can comply with the rules of data portability here.