Banks and Fintechs Battle over Data Sharing

At an event held by the CFPB banks, fintechs, regulators and consumer advocates discussed the data sharing experience; screen scraping was at the heart of the conversation with banks holding firm that the practice is not safe; data aggregators countered saying that consumers want this information and screen scraping has been a net benefit to consumers; API based access is something most in the room agreed upon, but not all banks are there yet and there is the issue of how do you serve customers who want this information today; consent was also a big area of concern as there are advocates who believe that consumers are not fully understanding what they are consenting to and that the industry needs to do more to increase transparency; the market is clearly moving in the direction of API based access, but consumers are wanting this information today and figuring out a path in the near term is something all industry participants need to work towards. American Banker

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