Source: Insurely

A fit-for-purpose EU data sharing environment requires a balance between enabling access and use of data, while at the same time, preserving privacy. Customer interaction with financial data is a key area experiencing important shifts, especially as new regulations are coming into play.

The EU’s Financial Data Access (FIDA) proposal is designed to protect personal financial data and ensure privacy, while putting customers in control of their data. While FIDA is still being developed, it’s already shaping up to be a game-changer in how financial information is shared and managed. The regulation does it right by pitting privacy and data protection at the forefront.

By giving customers greater control over their data, requiring clear transparency from service providers, and establishing strong security measures, FIDA aims to create a safer, more consumer-friendly environment for financial data.

With privacy safeguards in place and better control over how data is shared, the regulation offers a way to provide more personalized financial services while ensuring that privacy remains a top priority. Empowering customers with control over their data and ensuring the protection of their data is exactly what Insurely aims for and considers to be the optimal open finance environment.

Read the full article: https://www.insurely.com/blog/financial-data-access-strengthening-data-protection-and-privacy