Organizations are increasingly using efficient technologies to harness and harvest data to deliver new and more efficient service bundles to customers. Regulatory standards such as Dodd-Frank and PSD2 have forced organizations to manage and use data more efficiently.
Large amounts of data are handled by all financial service sectors—payments, lending (unsecured and secured), insurance and wealth, and banking. Consumers of this data are both internal and external to financial institutions. Big Data demonstrated its capability to harvest large volumes of data, especially unstructured data (also known as dark data). Therefore, it is a widely preferred choice of technology at present.
Account aggregation or financial data aggregation solutions were initially used by wealth management and personal finance management advisors. However, they are now used across the global financial sector. Data aggregation is one such component offered exclusively by some FinTech players, as well as managed internally by larger industry players.
Mortgage lenders recognize the need to operate in this fast-changing landscape. Mortgage aggregators, i.e., enti …