Technologies and applications are constantly coming out that simplify and better consumers financial lives (the article names Venmo, Betterment, and Digit as a few examples). These new technologies allow people to make their money management more convenient, allowing for better and more informed investment, saving, and loans for consumers. With the increase of online banking, technology that enables easy data access, such as account balances or identity verification, to help make these decisions is vital.
However, some financial institutions are looking to cut off consumer access to this data when using third-party applications. Motivations range from security, competition, and control, but have countless effects on developing Fintech. While allowing data access undoubtedly has business repercussions, it also generates economic benefits that would otherwise never happen. I believe consumers need to be allowed access to their own data through trustworthy third party apps, as it allows much more personal control over their finances. Once people are more informed, they can make better financial decisions. Our economy and many people’s well beings would clearly benefit from being more financially informed consumers.
Source: http://www.forbes.com/sites/forbestechcouncil/2017/02/03/the-importance-of-data-access-for-fintech/#47b6d1771a69