Consumers could realize these savings through advantages like reduced-rate or free credit cards. Lower costs also help extend the availability of credit and other services to underserved populations. Speeding up insurance policy approvals and other decisions. Allowing financial firms to share personal financial information responsibly enables them to make quick, efficient decisions on insurance policies, credit approvals, investment opportunities, and other services. Creating one-stop shopping for financial services.
Information sharing makes that possible.
Consumers can meet all their financial needs under one roof, monitor all their accounts with a single consolidated statement, and ask all their financial questions by dialing a single phone number. Identifying financial products and services that better meet consumers' needs. When companies share information responsibly, they can better identify and meet consumer needs. For example, an insurer could inform certain policyholders of new products likely to be of interest. Or a bank might show consumers how to lower their fees by switching to a checking account that better fits their transactions.