At its most basic, financial data aggregation puts information about your financial holdings under one roof. Your "dashboard," sometimes called a personal financial management hub or portal, can display your investments, savings, insurance policies and credit balances.
In addition to a snapshot of your overall finances, depending on the provider, your service may also include services such as financial and tax planning, budgeting, and the ability to track home value and mortgage information. More robust services may include portfolio analysis, advice (for instance, recommending an asset allocation model), credit monitoring, bill paying and more. There may be costs associated with some services.
You can aggregate information through a non-financial organization or you can add information from outside financial accounts to an existing financial provider, such as a brokerage firm, advisory firm or bank.
These tips can help you protect yourself if you decide to share your financial information with a data aggregator or service providers who use data aggregators: