Data governance

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.