This week, the battle over consumer financial data continues, with Chase offering tech companies a more secure way to access their systems and more similar deals likely to come throughout the year. However, without an agreed-upon protocol, these deals won’t be enough to protect consumers.
Enabling technology providers (aggregators) and consumer fintech companies are joining forces against the big banks to lobby government support for open access to financial data.
This week, JP Morgan Chase and Intuit announced a partnership that will give Chase customers access to Mint, TurboTax, and other financial tools, without requiring the customer to share login information with Intuit.
One Off Data Sharing Deals Aren’t Enough (American Banker)
After the JPMorgan-Intuit deal, consumer advocates praised the bank’s CEO for offering a more secure option for JPM clients. But these deals are not enough – the industry still needs to set standards and best practices for all banks to give access to all digital tools. This will put a faster end to screen-scraping and benefit the consumer most.