It is because of technology that our world has changed. After technology was introduced to our modern society, we have never worked, communicated or t
It is because of technology that our world has changed. After technology was introduced to our modern society, we have never worked, communicated or travelled quite the same way again. This said, there has been an obvious delay with what modern technology and open data could do for financial services today. How can they keep up with the rest of the world when we don’t allow them to? The access to open data is what can change this part of the economy for the better.
There is no better time than the present for the financial industry to start improving. Participating in this global open data transformation could finally put the economy one step ahead. To put it simply, open data would allow the public to view pieces of online information not usually available to the public eye. The Obama Administration has been keen to make big leaps to make open data a vital element of the digital strategies that the government engages in. Open data could potentially allow private sectors to use their own data in various different individual services.
However, thanks to businesses sharing their financial data with trusted individuals, such as lawyers, accountants or consultants, there has been more access to this kind of data. Nowadays, it is easier to have that information be put forward and shared with others through digital devices instead of having it stored in its physical form through folders and binders. Thanks to this, clients and small companies can now be more efficient and distribute their important data online.
Financial Technology has already promised to bring consumer finance into the modern era. Many FinTech businesses have already taken a step forward in creating merchandise that allows customers to limit their spending and fish out the dishonest transactions that could take place on credit and debit cards. These companies also allow for facilitating individual investment, financial planning and portfolio managing. Big names in the Financial Technology include Wealthfront, Digit, Mint, Betterment and Acorns.
Even though Financial Technology has been advancing, there still lives a lot of space for improvement. Unease towards privacy and security, however, are as present today as they were before. Banks and other financial enterprises advise caution to their consumers. Allowing third-parties the entry to personal data and account information could be justifiable, but also a potentially dangerous step to make.