How to apply banking style security to customer data

How do the banks do it?

With an increase in cybercrime, data security has never been more important. In the 12 months leading up to March 2022, 39% of UK businesses identified a cyber attack^*.

Sharing data across the banking industry was revolutionised by Open Banking in 2018 and we can learn lessons valuable lessons from how it was done. Banking customers in the UK can now securely share their financial data with third-party providers.

Introduced in 2018, Open Banking is a regulatory initiative that requires banks to provide access to their customers' financial data to authorised third-party providers, with the customer's explicit consent. This has led to a more open and competitive financial services market, where customers have more control over their financial data and can access a wider range of financial products and services.

In the same way, GetMyDetails allows individuals to give permission for the secure sharing of their personal data with organisations that are GetMyDetails partners.

One of the main benefits of Open Banking is that it allows customers to securely and easily share their financial data with third-party providers. Previously, customers had to manually share their financial data with different providers, which was time-consuming and often not secure.

GetMyDetails does this too: all an individual needs to do is to keep the data in their GetMyDetails app updated. They then use the app to share with as many GetMyDetails partners as they like, as many times as they like.

Another key benefit of Open Banking is that it enables customers to access a wider range of financial products and services. By sharing their financial data with third-party providers, customers can get a more complete picture of their financial situation, which can help them make better financial decisions. For example, customers can use third-party budgeting apps to track their spending and manage their money more effectively. They can also use third-party loan providers to access more competitive rates and better terms.

In equivalent GetMyDetails terms, the app will show individuals who they have shared their data with, ensuring a complete picture of who has their data and who is requesting it. They have complete control over when and who to share it with.

Open Banking has also led to a more competitive financial services market, as it allows new entrants to compete with established players. This has led to increased innovation and the development of new financial products and services that better meet the needs of customers. For example, Open Banking has enabled the development of new payment methods, such as Pay by Bank, which allows customers to pay for goods and services directly from their bank account, without the need for a separate payment service provider.

Similarly, GetMyDetails allows businesses of all sizes to ensure they have a constant feed of secure and validated up to date customer data. It levels the playing field because even the smallest business will be collecting valuable data about their customers that they can use for marketing or product development purposes.

GetMyDetails provides the ability for all businesses to be able to hold verified, quality data about their customers. To start using GetMyDetails to validate your customers, get in touch today.

_{*https://www.gov.uk/government/statistics/cyber-security-breaches-survey-2022/cyber-security-breaches-survey-2022}