Sopra Banking Software has formed a partnership with personal data security platform digi.me to improve secure personal data exchange.
The deal will enable individuals to own, control and securely share their personal data with third-parties. Banks using Sopra’s software will be able to use this to create tailored financial services for customers.
Digi.me is a private sharing app which lets consumers connect accounts and input data they are happy to share with companies.
Financial services are becoming increasingly personalised and designed around customer retention, and data protection is ever more crucial, the companies said.
Digi.me’s private sharing platform will enable banks to access customer data, which is already GDPR compliant due to all interactions being based on user consent. A bank can establish deep relationships with customers that are willing to share their personal data in exchange for personalised financial services.
Data is available in real-time and is stored on external servers to ensure high accuracy and protection. All personal information is analysed on a customer’s own device and only with their consent.
Sopra Banking Software product marketing director Bruno Cambounet said, “Customers can be offered truly relevant services such as a customised home insurance quote or mortgage plan based on more accurate and up-to-date personal data. By having Private Sharing access to such data, which upholds the individual’s privacy, banks can improve their customer acquisition ratio due to better understanding of each individual client’s needs.”
Last year, Sopra won the Sopra Banking Open Banking Challenge in which a number of startups pitched innovative services for digital banking.
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