Hi All - curious to groups thoughts on the evolving nature of consumers sharing their online banking credentials with others for screen scraping activities - in exchange for being offered alternative financial services, quickly onboarding at another FI, etc. Citbank has announced their new digital strategy for consumer banking and it includes the tools for those not banking with Citi to share their primary "bank" data with Citi for special offers and accelerating new account opening. My company, AccountScore, has been active doing this for online lending clients, FinTechs and financial technolgy providers for years, but now it seems mainstream banks are going to be accessing each others online banking data via consumer consent, which really makes for a unique Open Banking environment. Citi alone has over 120 million cardholders who could potentially share their credit union account transaction data to Citi for bank offers and digital banking solutions.
Donnie
Replies
Dale, agreed about the regime where consumers can share securely and where all is transparent with regard to who is accessing and for what purposes. Our consents.online solution, a designated Account Information Service Provider (AISP), addresses this in the UK. Any party that wants to access banking data must use an AISP for access - consents.online provides the secruity and transparency for all parties. We are now serving HSBC - their customers/prospects who want to share their data from another bank must use consents.online to do so - like a Lloyds customer shoping for a loan or account at HSBC can share their Llyods account data with HSBC via consents.online and APIs - open banking framework. The consumer can also revoke consent later via the mobile app if and when they find themselves feeling manipulated or exposed. Not sure how this can be duplicated in US for CUs, though - perhaps the regime can be on a limited scale at core processor level? Been thinking on this for some time.
Thanks for the good thoughts!! Genuine advocates for members no matter where their key accounts are located at the moment, and if they are at the CU, then certainly much easier to unlock value-added insights from the data.
Hi Donnie,
Fintechs have been doing this for years. It started with Yodlee/Mint and then a whole host of startups including personal capita/sofi, etc.
If consumers see the value then they are going to provide their info. I personally use Personal Capital and love the consolidated view that they provide.
Best,
-Naveen