India aims to open finance to millions with user-data system

Regulators agreed to allow banks, pension funds, tax authorities, insurers and other finance firms to pool together customer information -- once the user consents -- to make transactions smoother. If the system works, firms will be able access large amounts of data within seconds to assess the creditworthiness of a small business, recommend a wealth management product for an individual, or tailor an insurance policy for a family.

from Banking/Finance-Industry-Economic Times https://ift.tt/3jD0MTG