Have you ever thought about what happens to all the information you provide online? From private social media platforms to online banking systems, even the online product labels you prefer; majority of us have turned to the use of the internet for our details as it offers greater convenience on our part. However, it’s not just us who are aware of our personal data; data aggregators, as well, know what we know.
It may sound a bit scary but actually, this is what makes the business worlds go round. For those who are keen on privacy concerns, we are happy to tell you that along with data aggregation, data sensitivity protection is also advancing to protect users.
Data aggregation refers to gathering and compiling information, in a summarized form, coming from databases for them to be sent to data processing or analysis. Data aggregation is actually practiced in data warehousing or data analytics. This process aids businesses in making decisions and calculations. An example of the use of data aggregation is showing the sales performance over regions; you can simply use aggregation to assess certain aspects such as product orders, etc.
Basically, the sources of the data may come from public records or other databases. These information are packaged into aggregate reports. Afterwards, they are sold to government agencies or businesses.
Importance of Data Aggregation
Data aggregation is truly important as the data supplied are useful most especially for business and marketing. Furthermore, individuals may even request for their very own consumer reports as well which they can then used for employee background checks or to aid decisions about insurance coverage and other aspects
Internet and Data Aggregation
With the advancement of technology, even wireless-assisted data aggregation has become possible. Of course, one great help for this is coming from the internet. The internet consolidates information; it screen scrapes. Although we have pins, usernames, and secret passwords, data aggregators still have access to the account information of users. In general, data aggregation services is very attractive to businesses as they will have the right information to draw more consumers towards their company.
Legalities of Data Aggregation
Some institutions, especially those concerned with money and finances, are worried about the possibility of security problems as well as intellectual property rights issues. Although screen scraping without consent will allow aggregators to gather almost all account information they have opened anywhere through the internet, this may deemed problematic in some instances and liabilities may arise from it. Thus, aggregators may obtain consent prior to using the information of the customer.
Benefits of Data Aggregation
With the capability of data aggregation, transferring large data would be a big help in comprehensive profiling of users. Information such as banking and credit card details (balances, transactions, securities, travel history, etc.). Fortunately, data protection consideration is also growing in its own place and so, data aggregators may become more accepted and understood when they decide to make use of the data.