Data Aggregation Could Help Build Google’s Bank

Open banking and data aggregation have quickly become two of the biggest trends in financial services; Europe and UK regulators have required open banking and even big banks in the U.S. are jumping on the trend; at the same time big tech firms have been expanding their reach in finance and their main driver is data; Google has recently partnered with Citi on a soon to be checking account and Levvel’s Chief Strategy Officer and Head of Payments Scott Harkey writes that they should buy MX; with Plaid and Finicity already scooped up it is only a matter of time before MX is acquired; MX is a Utah-based data aggregator that pulls data from thousands of financial institutions and cleans it up for consumption by 3rd parties; MX, in conjunction with their existing bank relationships, will allow Google to create a diverse set of products with data as their core currency; Google is not interested in becoming a bank and dealing with a significant increase in oversight; bank partnerships and key M&A deals would help the tech giant build the next banking experience. Forbes.

  • Todd is the host of PitchIt: the fintech startups podcast, a weekly interview show featuring emerging fintech founders and leading venture capitalists. He is responsible for leading the content team which covers fintech through daily & weekly email newsletters, editorial, virtual events, and in-person conferences. He has been covering fintech, banking, and venture capital for more than 15 years, including speaking regularly at industry events.

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