NEWS24 October 2016

Consumers happy to share transaction data to save money

Data analytics Finance News North America Trends

US — New research has revealed that most consumers are happy to share transaction data if doing so results in cost savings or better financial advice. 

Handshake money crop

The research, from data aggregation and analytics platform Envestnet | Yodlee, analysed the usage and attitudes of around 4,000 US consumers and found that over 70% of personal financial management (PFM) and alternative financial services (AFS) users are comfortable sharing their transaction data if it helps them to save money. 

Similarly, two thirds of PFM users said they were happy to provide transactional data if it could be used to improve financial advice and guidance. 

"Consumers are very interested in exploring digital solutions that can maximise their financial outcomes and are increasingly knowledgeable and comfortable with sharing their transaction information in a secure manner in the pursuit of that," said Anil Arora, chief executive of Envestnet | Yodlee and vice chairman of Envestnet Board.

"As an industry, it’s vital we keep innovating to match the ways consumers want to interact with their financial data, and strive to give them the tools to help maximise their financial position."