To enhance the future of financial services in the sector providers must focus of consumer empowerment.
FREMONT, CA: The future of financial services lies in consumer-permission data. Innovation in this sector is about joining the dots between consumer bank accounts and third-party apps, services, and resources. To enhance these benefits, industry focus must be on facilitating consumer empowerment. True empowerment only comes when consumers have access to the information and insights they need to make the best financial decisions for themselves, and their businesses.
Here are some requirements for empowering consumers:
• Control
It is not enough to ensure customers that the company has their best interests at heart. Instead, the customers want to control how their data is shared, who has access to their data, and how their information is used. Changes can be implemented to informed consent and centralized permissions portals. Informed consent is central to consumer control of personal financial data. And that consent needs to be accessible. Finally, developers and designers of financial services products should build out centralized permissions portals. These portals allow consumers to view easily and modify permissions across their library of financial services.
• Access
The second requirement to encourage true consumer empowerment is access to personal financial data. Service providers should deliver a simple process for authentication. Fundamental user experience changes include minimizing unnecessary steps in every user process and avoiding language that might cause confusion, delays, or friction.
• Transparency
The third requirement is transparency. There are two ways of transparency; first, consumers must always be able to view and manage permissions, and second, service terms must be clearly explained. Consumers must know precisely who will be accessing their data. They must also describe consumer options and the consequences of any available choices.
• Security
Security is one of the essential aspects, and the process of empowering consumers is incomplete without that. Security and transparency work together. All financial service providers must have security policies and practices in place to protect consumer data.
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