{"id":3724,"date":"2023-05-24T09:24:41","date_gmt":"2023-05-24T09:24:41","guid":{"rendered":"https:\/\/1finance.co.in\/magazine\/?post_type=blog&p=3724"},"modified":"2025-08-02T13:00:39","modified_gmt":"2025-08-02T07:30:39","slug":"how-were-keeping-your-data-safe","status":"publish","type":"blog","link":"https:\/\/1finance.co.in\/1f-dashboard\/blog\/how-were-keeping-your-data-safe\/","title":{"rendered":"How We\u2019re Keeping Your Data Safe"},"content":{"rendered":"

There\u2019s growing discourse around data privacy and security across the world \u2014 and for good reason. Knowing who has access to your information and what they do with it is fundamental to building trust. This is where transparency and clear communication are non-negotiable. At 1 Finance, we recognise and understand the hesitations and apprehensions around sharing sensitive financial information. We\u2019re also deeply aware of the fact that for you to feel comfortable doing this, we need to hold up our end of the deal \u2014 by creating systems and processes that ensure confidentiality and prioritise safety. Here\u2019s how we go about this.<\/span><\/p>\n

To start with, we don\u2019t collect any data without our users\u2019 consent. While some of this information \u2014 like your email address and phone number \u2014 is fairly standard, other aspects of our services require that we get to know you better. For instance, we ask your PAN and date of birth, which helps us verify your PAN and demographic details from government databases, and to check if you are an existing client of our parent company, the Marwadi Chandarana Group \u2014\u00a0all details that allow us to serve you better. Then, we ask you to go through and sign off on a Registered Investment Advisor agreement, which outlines the information we will collect, how we will use it and who it may be shared with.\u00a0<\/span><\/p>\n

In order to advise on your finances, we collect information like your Consolidated Account Statement, credit report, investment details and insurance manually \u2014 and are working to automate this process by integrating third parties into our data-collection process. For example, we plan to involve government-authorised Account Aggregators to access financial data like account balances, transaction histories, credit scores, and investment portfolios from various financial institutions. Rest assured, this is a safe and secure process \u2014 users can hand-pick the information that they are okay with sharing, and withhold the information they want to keep to themselves. This data helps us with tasks like calculating the user\u2019s net worth, creating an income\u2013expense report, and so on.<\/span><\/p>\n

What members share with us is stored in a permanent, identifiable format on a cloud server. This information would include details like names, email addresses, membership IDs and other information that\u2019s part of user profiles or account databases. Access to this data is, of course, exclusive, and subject to stringent security measures \u2014 from encryption, firewalls, and privacy protections to access controls, multi-factor authentication, clear and transparent privacy policies, and regular security assessments. We only store data that is indispensable for providing our services to you.<\/span><\/p>\n

Besides collecting and storing data, what\u2019s equally important for you to know is how we use this information. Well, we use it for operational purposes and legal compliance, to deliver our offerings efficiently, and to enhance your experience. We use it to create and manage your account, verify your identity, process payments and communicate with you. It is also vital for facilitating our advisory services, personalising your experience and our recommendations, and providing customer support. From time to time, we also use it to study user behaviour and enhance or develop products and features that will help you.<\/span><\/p>\n

It makes sense, then, that the people who have access to this data include our engineering and development team, data analytics team, customer support team, marketing and sales teams. People will only be able to access the data that they need in order to perform their duties. While conversations between a member and their qualified financial advisor may be recorded for quality control or training purposes \u2014 and saved securely on our servers, with encryption and restricted access \u2014 these sessions are confidential and only shared with those who need to know about them.<\/span><\/p>\n

We regularly review these safety and privacy measures to assess and update company policies, and stay prepared for new threats or vulnerabilities. If a user chooses to delete their profile \u2014 and we sincerely hope we don\u2019t give anyone a reason to do so \u2014\u00a0their data will be permanently deleted after a 30-day period during which we may be required to retain some of it.<\/span><\/p>\n

At the end of the day, we\u2019d like you to know that we have your back \u2014 your data is absolutely essential for us to be of service to you and to put you on track for a more secure financial future. It helps us understand you, see where you might need some help, and together work out solutions that are easy for you to implement. The way we collect, use, and store your data is secure \u2014 it\u2019s well-intentioned, and as with everything else we do at 1 Finance, it\u2019s free of vested interests.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

There\u2019s growing discourse around data privacy and security across the world \u2014 and for good reason. Knowing who has access to your information and what they do with it is fundamental to building trust. This is where transparency and clear communication are non-negotiable. At 1 Finance, we recognise and understand the hesitations and apprehensions around […]<\/p>\n","protected":false},"featured_media":2081,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"_updated_date":""},"blog-category":[],"acf":[],"yoast_head":"\nPersonal Finance Blog | Your Guide to Financial Success | 1 Finance<\/title>\n<meta name=\"description\" content=\"Explore insightful articles on finance, investments, and money management on our blog. Stay informed and make wise financial decisions.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/1finance.co.in\/blog\/how-were-keeping-your-data-safe\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Personal Finance Blog | Your Guide to Financial Success | 1 Finance\" \/>\n<meta property=\"og:description\" content=\"Explore insightful articles on finance, investments, and money management on our blog. 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