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BIG BANKS, AGGREGATORS LAUNCH GROUP TO HASH OUT DATA-SHARING ISSUES Several big banks, including JPMorgan Chase, Bank of America and Wells Fargo, have joined forces with data aggregators and fintechs to form a group designed to create a consistent standard for sharing customer information. The Financial Data Exchange, launched Thursday, could mark a turning point in the battle between the various institutions over how to safeguard data yet at the same time allow access for legitimate purposes. The goal is to create a standard that provides interoperability within the financial ecosystem in a way that maintains consumer control, security and choice. “We feel like it fuels innovation,” said Lila Fakhraie, co-chair of the new group and manager of the Digital Banking API team, including the data-sharing program, at Wells Fargo. “Today we’re all focused so much on the risks and security aspects of things both from the financial institution and the fintech perspective. In the future, we could work together and partner on how we can move this forward in terms of innovating new, better ways for customers.” 41
Steve Smith, co-chair of FDX and CEO of the data aggregator Finicity, compares the new group to the Bluetooth Special Interest Group, which drove the creation of the short-range wireless communication standard. “Twenty years ago, five companies came together to talk about how devices might connect seamlessly and in short range,” he said. “Had that not taken place, we wouldn’t be looking at the extraordinary amount of innovation that’s taken place; we all just take Bluetooth for granted today.” Today the Bluetooth group has 30,000 members, he noted. “In the financial services industry, we have had fits and starts,” he said. “There haven’t been great, concrete standards for how this data can be used to benefit the customer in removing friction from the lending process or providing new great insights from products and services rendered by financial institutions themselves or by vendors.” The new group’s board members come from BofA, BB&T, Capital One, Charles Schwab, Citigroup, Experian, Fannie Mae, Fidelity Investments, Finicity, FS-ISAC, Intuit, JPMorgan, PNC Bank, Quicken Loans, the Securities Industry and Financial Markets Association, TD Bank, TCH, USAA, U.S. Bank, Wells Fargo, Xero and Yodlee. Others are on the wait list, according to Fakhraie. “The board decided to launch first and then start evangelizing and increasing adoption,” Fakhraie said. “We know more companies are interested and will be joining.” The group is a subsidiary of the Financial Services Information Sharing and Analysis Center. The Financial Data Exchange is funded and supported by banks, fintechs and data aggregators. The board members have an annual financial commitment, members pay a fee based on the size of the organization. Taking on data disputes The group will address some of the challenges that arise in trying to share consumers’ financial data. One issue is the practice of screen scraping, where third parties use consumers’ login information to access accounts and “scrape” account data. Banks would like to eradicate this practice. 42
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