Banks and Fintechs Battle over Data Sharing

At an event held by the CFPB banks, fintechs, regulators and consumer advocates discussed the data sharing experience; screen scraping was at the heart of the conversation with banks holding firm that the practice is not safe; data aggregators countered saying that consumers want this information and screen scraping has been a net benefit to consumers; API based access is something most in the room agreed upon, but not all banks are there yet and there is the issue of how do you serve customers who want this information today; consent was also a big area of concern as there are advocates who believe that consumers are not fully understanding what they are consenting to and that the industry needs to do more to increase transparency; the market is clearly moving in the direction of API based access, but consumers are wanting this information today and figuring out a path in the near term is something all industry participants need to work towards. American Banker

  • With efforts in many different areas of the team, she helps manage, organize and execute digital and event content. She works with webinars, podcasts, social media along with managing the hundreds of speakers that attend our conferences. Emily was a part of the Zimmerman Advertising Program at the University of South Florida. She graduated in 2019 receiving a Bachelor of Science in Business Advertising.

Sign up for our Newsletters

Every morning the Fintech Nexus News team scours the globe for the most important fintech stories of the day in the daily Global newsletter.

The Europe edition comes out on Monday, Wednesday, and Friday featuring the most important stories in European and UK fintech.

The Latin American newsletter arrives in your inbox on Tuesdays and Fridays. This is a trilingual newsletter featuring stories in Spanish, Portuguese, and English.

Join 20,000 subscribers!

[class^="wpforms-"]
[class^="wpforms-"]