Long-simmering tensions between the financial industry and Silicon Valley startups are erupting behind-the-scenes into a battle over the reams of valuable data held inside Americans' bank accounts.
Steve Boms, executive director of the Financial Data and Technology Association, says open banking standards are needed for U.S. banks and fintechs to follow.
Several fintechs are testing apps that let customers gain more say over how third parties use their data — and hope to one day be able to give them the power to revoke access to it entirely.
Though it became official in January in the U.K., most people there don't know what it is, according to a new survey that offers many insights for U.S. banks.
Schwark Satyovolu, original co-founder of Yodlee and current venture capitalist at Trinity Ventures, shares opinion on how consumer data sharing is evolving.
Policymakers have called for streamlined disclosures for customers granting third parties access to their financial account data. They don’t have to look far for a potential solution.
Netspend customers kept from accessing paychecks; Sen. Elizabeth Warren rebukes Comerica over fraud in benefits program; FDIC poised to revamp deposit rules (about time, say banks); and more from this week's most-read stories.
Wells Fargo, Bank of America, Citigroup and other banks have joined forces with fintechs and data aggregators to create the Financial Data Exchange, which aims to resolve the fight over sharing customer information.
