Data strategy

While the Consumer Financial Protection Bureau was careful to note that the principles were not binding, the industry should still adopt the guidelines going forward.

While the Consumer Financial Protection Bureau was careful to note that the principles were not binding, the industry should still adopt the guidelines going forward.

Cleaning up bad data is expensive and time-consuming, but just leaving it alone costs even more. Here are strategies to improve the process.

The best solution to the current broken identity system is to flip the authentication process from third parties to the users themselves.

It’s highly debatable whether the artificial intelligence engines that online lenders typically use, and that banks are just starting to deploy, are capable of making credit decisions without inadvertent prejudices.

Under PSD2, banks are expected to admit all vetted comers, but how they will connect to them is up to the individual parties, writes Raz Rafaeli, CEO of Secret Double Octopus.

Visa is developing its first international transaction processing centers — one in the U.K. and one in Singapore — on the heels of other moves to accelerate digital payments growth globally.

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.

One might assume, wrongly, that the successful fintech entrepreneurs are millennials who are only creating lifestyle apps for their age bracket.

Financial institutions should begin to treat data not just as a means to implementing a business model, but as an integral and valuable part of the business model.