New Delhi, Feb. 19 -- We have heard people say this before, that data is the new oil, but in today's digital world, it is at the core of the financial ecosystem. Every time we do a bank transaction, invest in a mutual fund, buy insurance, or apply for a loan, we create a financial data trail. This data will help institutions analyse behaviour and offer faster services, personalised products, and quicker credit decisions. The challenge, however, is that our data sits in silos, in different institutions. One bank has our savings data. Another platform has our investments. An insurer has our insurance policy details. When we apply for a service, we often have to download statements and upload PDFs. It is slow, tedious and inconvenient.

This...