The companies will use an application programming interface to let Chase customers send the data to the apps Finicity supports, including personal financial services apps and income verification tools.
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.
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.
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 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.
