Tech sprints that bring regulators together with bank officials, data scientists and software companies originated in the U.K. and have crossed the pond into the U.S.
Quontic Bank is offering high-interest, digital-only savings like others, but it says its secret sauce is homegrown technology that optimizes deposit prices. Financial bloggers have taken notice.
The bank is leaning on its direct API relationships with the major data aggregators rather than letting third parties ask customers for usernames and passwords to access account information.
Unlocking the information that technology companies have on consumers would benefit banks and society overall, the chairman of the Spanish banking giant said.
Andres Wolberg-Stok at Citi and Sam Taussig at Kabbage debate openness, privacy, control, and how much say consumers should have over their banking information.
Don Cardinal of FDX and Olivier Helleboid of Intuit explain the FDX and OFX standards, how they're turning them into one standard and what that standard will be able to do for banks.
Personal financial management tools have long relied on financial data aggregation. Now, aggregators are hoping traditional lenders will take a cue from alternative lenders and use the technology to quicken their underwriting decisions.
