Young digital-first firms hoping to revolutionize the way advisers manage client finances and build their wealth claim they have run into resistance from major banks opposed to sharing financial data. A heated industry debate has evolved, hinging on Section 1033 of the Dodd-Frank Act, which grants customers a right to access their personal financial data.
The ability of Americans to see their total financial picture across multiple financial institutions and quickly access technology-based tools to analyze their financial data is no longer theoretical. The fintech industry provides this capability to millions of consumers. But for fintech to work for consumers, Americans must have the right to safely and securely access
As debates swirl around who should have control over the customer data and how that data should be protected, an underlying question also has yet to be determined: How should that data best be shared? Screen scraping has been widely disparaged, yet many data aggregators and fintechs defend the practice. Application programming interfaces can be