The most important policy question facing banking, brokers and insurance companies is putting a framework in place that very quickly defines data ownership rights across the financial value chain.
The startup Intrinio lets algorithmic traders and banks pick the types of company and market data they want to use rather than pay a large monthly fee for a broad, terminal-based service.
Following in the footsteps of Chase, Wells Fargo and others, Fidelity is launching an application programming interface to let third-party apps access customer data — as long as the customers grant permission.
Green Dot's financial performance has improved substantially over the past year, enough for the prepaid card issuer to raise its outlook for the rest of the year.
Following the release of the nonbinding statement of policy, regulators still have an important role to play in making sure the industry achieves an effective data-sharing model.
The Consumer Financial Protection Bureau made it clear that consumers own their financial data and can share it with apps of their choice. Now it’s up to the industry to resolve thorny issues on liability and accountability.
The non-binding guidance, which followed a nearly yearlong inquiry about industry practices, said consumers should have greater ability to obtain information about their financial data, among other principles.
