Olak To Introduce Business Integration Tools to Access Accurate Personal Data
Olak is set to launch a business integration tool to store personal data so that businesses can easily and securely access the updated personal data with individuals' consent.
FREMONT, CA: Olak has announced the launch of a business integration tool to store personal data so that businesses can easily and securely access the updated personal data with individuals' consent. In the next few months, it will be launched into the market. Companies will be able to access personal information like addresses, names, insurance details, and passport numbers with user consent through the secure OLAK personal data storage platform.
"Thanks to this new feature, businesses such as banks, insurance companies, and hospitals will no longer have to deal with the problem of outdated personal data," Jay Pavagadhi, the founder and CEO of OLAK says.
Whenever users change their addresses or update any other personal details, the update will be automatically sent to relevant businesses like banks handling such data.
Inappropriate personal data has become a significant source of wasted resources in the US. It is predicted that inaccurate data is accountable for almost 12 percent of the US's lost revenue.
Another advantage for businesses is that compliance with privacy laws like GDPR and CCPA will be improved. "With our business integration tool, businesses will collect personal data by relying on user consent which is the most unambiguous and safest way to process personal data and comply with privacy regulations," Jay emphasized.
Accessing personal data through OLAK Personal Data Store will offer the highest security level for the exchange of data because OLAK follows an end-to-end encryption system, and no one can unlock the content of personal data without the permission of the user. Higher security will also reduce the risk of privacy violations.
Personal Data Store is a solution that will allow businesses and individuals to exchange personal data exclusively under individuals' control and based on their consent. In comparison with the traditional method of private data collection and use, privacy protection has been improved.