The Financial Brand: Fight Over Consumer Data Ownership Pits Banks Against Fintechs
The Financial Brand
March 4, 2020
By Steve Cocheo
In the absence of a regulatory structure for open banking and data sharing in the U.S., the market has hobbled along with the less-than-satisfactory 'screen scraping.' Mounting frustrations with this old-tech approach and concerns about privacy and fraud are driving efforts to replace scraping with new approaches built on application programming interfaces and narrowly defined third-party access to financial records.
As these efforts move forward, much of the free-for-all aspect of third-party data access may go away. Says Jane Barratt of MX, “we are building the bones of a financial system that will have a lot more controls.”
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