Privacy policy
Privacy Policy
At NovanceAI, we value your privacy and are committed to protecting your personal data. This Privacy Policy explains how we collect, use, and safeguard your information in compliance with the Digital Personal Data Protection Act, 2023 (DPDPA) and other applicable laws.
1. Information We Collect
We collect personal data that is necessary to provide our services. This may include information that can identify you directly or indirectly.
Specifically, we may collect and process the following categories of data:
• Basic Personal Details: Your name, mobile number, and email address.
• Transactional SMS Data: We access only transactional SMS messages on your device, such as bank alerts, payment confirmations, and other financial notifications, solely to provide our financial insights and services.
• Email Data and Attachments: We access your email account and relevant email attachments only for the purpose of extracting financial information such as bank statements, payment receipts, and transaction records. No other email content is accessed or stored.
• Financial Documents and Transaction Data: We may collect and process financial documents shared by you, including bank statements and transaction histories, to deliver our services.
• Credit Score Reports and Financial Insights: We access and use your credit report and credit score information obtained from authorized credit bureaus to provide credit monitoring, analysis, and advisory services.
2. How We Use Your Information
Your data is processed in a lawful, fair, and transparent manner. We use your information only for:
• Providing and improving our services
• Enhancing user experience
• Meeting legal and regulatory requirements
We ensure that only the minimum required data is collected and used.
3. Data Protection Principles
We follow strict data protection principles:
• Data is used only for specific and legitimate purposes
• Data is kept accurate and up to date
• Data is stored only for as long as necessary
• Appropriate security measures are implemented to protect your data
4. Your Rights
You have the right to:
• Access your personal data
• Request correction or deletion of your data
• Withdraw your consent at any time
• Raise complaints regarding data usage
• Nominate another person to exercise your rights if needed
We respond to requests promptly and resolve grievances within reasonable timelines.
5. Consent
We collect and process your personal data only with your clear and informed consent, unless otherwise permitted by law. For users under 18 years of age, parental consent is required.
6. Data Security
We implement appropriate technical and organizational measures to protect your data against unauthorized access, loss, or misuse.
7. Data Storage and Transfer
Your data is primarily stored within India. In cases where data is transferred outside India, we ensure appropriate safeguards are in place.
All user data is stored and managed within Amazon Web Services (AWS) infrastructure. AWS provides enterprise-grade security, availability, and compliance certifications to ensure your data is protected at all times.
8. Third-Party Services
We may use trusted third-party service providers to process data on our behalf. These providers are bound by strict data protection obligations.
Specifically, we may share your data with the following categories of service providers only to the extent necessary:
• Cloud Infrastructure Providers: Your data is hosted and managed on AWS (Amazon Web Services) infrastructure.
• AI and Analytics Providers: To generate financial insights and analysis, some of your data may be processed by third-party AI model providers such as OpenAI. This processing is strictly limited to generating insights and is governed by data processing agreements that prohibit any other use.
• Credit Bureaus: Where applicable, your data may be shared with authorized credit bureaus such as Experian for the purpose of retrieving credit reports and scores.
We do not sell your personal data to any third party, under any circumstances.
9. AI Usage Disclosure
Some of your data may be processed using third-party AI models (such as those provided by OpenAI) strictly for the purpose of generating personalized financial insights and analysis. This processing is carried out under strict data protection obligations, and your data is not used to train external AI models or shared beyond what is necessary for this purpose.
10. Data Protection Officer
We have appointed a Data Protection Officer (DPO) to oversee compliance and address any concerns related to your data.
11. Data Breach Notification
In the event of a data breach, we will notify affected users and relevant authorities as required by law.
12. Updates to This Policy
We may update this Privacy Policy from time to time. Any changes will be communicated through our platform.