Data aggregation

Data aggregation is the compiling of

When it comes to compiling location information on local businesses, there are several major data aggregators that collect information such as the business name, address, phone number, website, description and hours of operation. They then validate this information using various validation methods. Once the business information has been verified to be accurate, the data aggregators make it available to publishers like Google and Yelp.

When Yelp, for example, goes to update their Yelp listings, they will pull data from these local data aggregators. Publishers take local business data from different sources and compare it to what they currently have in their database. They then update their database it with what information they deem accurate.

The four major data aggregators for local business search are Acxiom, Infogroup, Localeze and Factual.^[5] As of January 2020, Acxiom will no longer be acting as a data aggregator. Foursquare takes the place of Acxiom in four primary data aggregators.^[6]

Legal implications

Financial institutions are concerned about the possibility of liability arising from data aggregation activities, potential security problems, infringement on intellectual property rights and the possibility of diminishing traffic to the institution's website. The aggregator and financial institution may agree on a data feed arrangement activated on the customer's request, using an Open Financial Exchange (OFX) standard to request and deliver information to the site selected by the customer as the place from which they will view their account data. Agreements provide an opportunity for institutions to negotiate to protect their customers' interests and offer aggregators the opportunity to provide a robust service. Aggregators who agree with information providers to extract data without using an OFX standard may reach a lower level of consensual relationship; therefore, "screen scraping" may be used to obtain account data, but for business or other reasons, the aggregator may decide to obtain prior consent and negotiate the terms on which customer data is made available. "Screen scraping" without consent by the content provider has the advantage of allowing subscribers to view almost any and all accounts they happen to have opened anywhere on the Internet through one website.

Outlook

Over time, the transfer of large amounts of account data from the account provider to the aggregator's server could develop into a comprehensive profile of a user, detailing their banking and credit card transactions, balances, securities transactions and portfolios, and travel history and preferences. As the sensitivity to data protection considerations grows, it is likely there will be a considerable focus on the extent to which data aggregators may seek to use this data either for their own use or to share it with third parties and operator(s) of the website on which the service is offered.^[7]

References