Despite the clear friction that can exist between some banks and aggregators, I do believe the banks are ultimately trying to make it easier for customers to share their data albeit in a way the banks have some control over. banks work together in an attempt to standardize how customer data is accessed, shared, and managed. Bank led initiatives like Akoya and the newly announced “Streamlined Data Sharing Risk Assessment”, along with industry lead initiatives like FDX point to a future where the U.S. One of the long running jokes with data sharing (yes, there are data sharing jokes) is that everyone who signed up for Mint ten years ago and never logged back in, has been supplying Mint with their ongoing bank data for over a decade. Bank of America looks to ensure history doesn’t repeat itself by partnering with Plaid and others to create more transparency into those connections.Īs the data sharing space continues to evolve, early signals like this from Bank of America, Wells Fargo, and others are a good indication of where the industry is headed. I believe this method is a deliberate attempt by the bank to better educate their users and draw attention to connections they may have forgotten they made. What makes the Bank of America experience unique is the pushing of information to the user to inform them of the Plaid connections, as opposed to waiting for the customer to find the list in their online security center or portal. Wells Fargo and several other large banks have buried similar controls in their existing online banking experiences and Plaid has begun offering customers a more enhanced version of these controls directly to customers via their own portal at My. The Plaid hosted version not only allows the customers to see their connections across multiple banks, but it also shows more detailed information about what data is being shared with each third-party application across all Plaid connections. Bank of America example customer preference screen showing connected Fintech Apps Bank of AmericaĪs I mentioned, Bank of America is not alone in providing customers access to view and manage their third-party data connections.
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