Data Aggregation Companies, Beneficial Data Aggregation for Financial Data

Data Aggregation Companies, Beneficial Data Aggregation for Financial DataData aggregation companies are data aggregation, which is a way to access financial information. In the process it involves collecting information from various accounts such as bank accounts, credit card accounts, investment accounts, loan accounts, as well as other financial accounts. The information that has been collected can then be viewed again easily through a digital platform that is easily accessible by customers.      

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Data Aggregation Steps  Data aggregation consists of two steps      

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Data grouping, which identifies one or more data groups based on the value in the selected feature. For example, the amount of data for men, women, and even groups of people who have different opinions. In addition, in identifying groups, we can categorize based on two features such as gender and sentiment, namely, women or men with positive sentiments towards the product.  

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Data aggregation, or bringing together values ??in one or more selected columns for each group. A data aggregation measurement can mean many things. Each measurement is in terms of points or percentage of each group. That way, the entire data collected can then be calculated using its average standard deviation, or other statistical measures of some feature such as age, or a list of products purchased by each group, along with the number of days from the first purchase to the last purchase.      

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To view financial data through online banking, the data aggregator will provide an API (Application Programming Interface) or application programming interface, which is an intermediary between a server and an application. The existence of an API on financial data aggregation companies allows customers to more easily and effectively access their financial information.      

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Benefits of Data aggregation companies for Customers / Consumers      

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Data aggregation in finance has several benefits that can be felt directly by consumers, such as:    

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Consumers can manage financial accounts of various organizations using just one tool  Save budgets and make companies or consumers more cost-efficient with online banking applications that are linked to their accounts.  

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Gain access to expenses tracking across various accounts in the form of financial statement.  

Consumers can see credit, expenses, and existing cash flows.    

Apart from the above benefits, there are several other benefits of data aggregation for consumers.      

Get integrated security, so you can avoid losing important documents and information.  

Decision-making and budgeting are based on more comprehensive information.  

See an overview of the finances in the bank account.  

Get advice relevant to finance  

Can perform transaction activities quickly.  

Financial data that is done through the API, can be used by personal finance users as well as business finance users.      

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In addition, online banks with data aggregation and APIs can also be used to borrow money, make payments, and manage their assets. This is very useful for managing finances in detail. The use of the API for the Data aggregation company can be accessed using verified data. Even its registration process to gain access to view financial data is also considered very easy.      

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Data aggregation activities and online banking platforms will continue to develop. This is due to the transfer of all forms of conventional activities into digital activities. ***