Improved Data Ownership for Financial Institutions

Improved Data Ownership for Financial Institutions

Data is the most valuable asset that a financial institution owns. However, to participate in the credit data ecosystem, financial institutions must give up control of their underlying consumer data. This happens because financial institutions only have access to their own data and need a third party to aggregate, create and distribute credit scores across the industry. The Spring protocol removes third parties from the ecosystem, enabling a secure and anonymous, P2P exchange of data.

New Economics for Financial Institutions to Exchange Data

New Economics for Financial Institutions to Exchange Data

In today's financial services ecosystem, financial institutions are not able to recoup any costs associated with the operating complexities of accurate reporting.  The Spring Protocol changes this paradigm by compensating the financial institutions for contributing information, effectively lowering the cost of on-boarding new customers. Economic incentives are designed to bring new types of data (e.g. asset managers, insurance, telecoms, streaming services, utility data, etc.) into the ecosystem, painting a more holistic picture of consumers.

Access to Granular Data

Access to Granular Data

Data aggregators are incentivized to share the least amount of data for the highest price, providing only composite metrics and scores rather than source data. The secure, anonymizing Spring Protocol enables financial institutions to better leverage the information behind the scores through deeper access to more granular data with a chain of provenance.