Data governance

At the recent Analytics and Financial Innovation Summit in Minneapolis, attendees weighed in on whether credit unions have have what it takes to effectively dig into big data -- and, if they don't have it, what will it take to get it?

Not all data providers are created equal, and credit unions must carefully evaluate any new partner’s technology, processes and more.

By making it easier and safer to share data with third parties, Wells Fargo's Brett Pitts says he is strengthening the bank's relationships with customers.

Europe is debating whether to ban screen scraping, a practice that fintechs count on as a last resort. Innovation is at stake.

MIT professor Maria Loumioti has studied loans made strictly using hard data and loans where a loan officer clearly was influenced by personal connections or feelings about a borrower. The results shed light on the value and limitations of "soft" information.

Big data is a key for banks to better understand what financial products underbanked consumers and small businesses need.

With the reversal of Obama-era rules requiring user consent for data collection, it is more important than ever for U.S. banks and fintechs to demonstrate a robust and consistent approach to data privacy.

The battle over screen scraping seems to be subsiding into a series of agreements between banks and fintechs using open APIs.

Readers sound off on airing political opinions at the office; putting banks and fintechs under the same regulatory umbrella; putting consumer needs first regardless of tech advancements; and more.

The credit bureaus will change the way they include information about tax liens and civil judgments in credit reports. This could spur lenders' use of alternative credit data.

The industry needs to establish a clear set of rules and standards so safe and secure financial data access and sharing continues unrestricted.

By partnering with Intuit, Wells Fargo is continuing its journey toward API-based data sharing, and away from screen scraping.

The president's executive order reflects a lack of trust in the identity information shared between countries. In theory, blockchains are tailor-made to solve this problem, but current systems may not be up to the task.

The deal points a way forward, not only to resolve the debate over screen scraping and ownership of customer data but to redefine banks' value proposition.

Customers of JPMorgan Chase will no longer have to surrender their bank credentials in order to use Intuit products like Mint, TurboTax or QuickBooks.

Financial innovation will stall unless we, as an industry, collaborate on a universal data gathering standard.