Data management

The credit bureau's Argus unit collected the bank's credit card data on behalf of regulators, then used it in the benchmarking service it sells to other banks, the bank says. The suit comes at a time when bank data is becoming increasingly open, at least in theory.

The multiple potential applications of generative artificial intelligence to the financial services industry are a huge opportunity — for the institutions prepared to adapt.

Banks already share consumers' transaction data with fintechs, mostly through data aggregators, and often grudgingly through screen scraping. The proposed 1033 regulation could give more control to consumers, better data access to fintechs and a competitive edge to big banks over smaller ones, some observers say.

Jeff Banks intends to give bank staff easier access to data and clearer insights they can use to make decisions.

The industry's data burden in 2023 is likely to be substantial, experts say.

The upstate New York bank took criticism last year over layoffs tied to its acquisition of People's United Financial. Connecticut's attorney general now has additional questions about both the job cuts and problems with a recent systems conversion.

Silvio Tavares, the credit score company’s relatively new leader, is honing its models to be more inclusive, for instance by taking into account rent payment data and bank account data. 

Mastercard can add new customers after the Reserve Bank of India removed restrictions on the firm, effective immediately, citing compliance with data-storage rules.

The bank has developed Slingshot, a data management tool for customers of data company Snowflake, within its new business unit Capital One Software.

A clear, cross-agency regulatory framework is needed to help the industry embrace the promise of this new financial services paradigm.

Data connectivity is key to adding products and addressing customers, says Flinks' Yves-Gabriel Leboeuf.

Traditional methods have been around a long time and don't meet the current needs of a fintech-heavy market, says Akoya's Stuart Rubinstein.

A payment company focused on customer experience can work behind the scenes to facilitate that success, says PayNearMe's John Minor.

Helping corporates manage cash and liquidity through automated data-based actions can start to ease serious headaches for treasurers, says Icon Solutions' Simon Wilson.

With data collection and analysis becoming a vital aspect of digital payment methods, Worldline is launching its first data-as-a-service dashboard as Ingenico Insight.

Improving data management can also help future-proof data infrastructure and put the appropriate protections in place before it’s too late, says Cohesity's Michael Letschin.

Despite tougher privacy regulations, further safeguards are needed that require consumers' clear consent before personal information is exchanged.