Alliance illustrates growth of ‘consumer-permissioned data’ growth

Think of it as connecting your banking account to PayPal or Venmo, he said in the way of a comparison – although those two examples may not fall exactly under the growing “consumer-permissioned data” umbrella. In today’s hyper-connected world, consumer-permissioned data is an emerging model for the sharing of data between consumers and businesses. It’s not a new concept, having long been used in the financial services sector to verify credit history, employment, income and the like. However, the model now is quickly expanding to pursue education, insurance, jobs and more – well beyond the original scope.

Officially, consumer-permissioned data is defined as transactional and account-level information that a consumer gives a business permission to access on their behalf. In exchange, consumer-permissioned data empowers individuals to leverage their own financial data to apply for loans and other services.

Moreover, Amir noted, automating the process enables lenders to reduce the amount of work required of applicants while simultaneously reducing human error and loan processing time. Toward that end, the companies will work together to develop new consumer-permissioned data domains as TurnKey looks to expand access to credit through alternative data sources, the company described.

“We currently enable consumers to connect with over 7,000 data sources,” Amir explained. “Anything from universities to payroll processors to HR systems to insurance providers – all of these [enable] consumers to share data from those accounts, with their consent, within the confines of a transaction they may be staring at.”