Fintech has allowed for\u00a0consumers to take more control over their financial lives. \u00a0At its core, Fintech is powered by data about the consumer. This could be data from someone’s bank account information, to data to verifying someone’s identity.\u00a0Despite the fundamental importance of data, some financial institutions are looking for ways to limit financial data for consumers using third-party applications. This is primarily due to control, security, and competition. Improvement of the data layer\u00a0has allowed for quicker communication, providing better services to consumers.\u00a0This desire to disjoin financial institutions and developers of applications will offset this improvement\u00a0and stall financial advancements.<\/p>\n
I believe that it is important for financial institutions to continue to work with third-party applications to keep up with the upward trend of integration of technology in daily lives. Financial institutions do not have justified means to keep financial data to themselves. Although control and security may be an issue, instead of not sharing financial data, institutions should look into providing more secure data transfer. This can include better encryption and more thorough\u00a0confirmation of consumer logins. As for competition, I believe that if financial institutions do not strengthen their relationship with fintech firms, they will be either replaces by those that will or by new fintech firms that can offer better services.<\/p>\n
Source:\u00a0The Importance of Data Access for Fintech<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Fintech has allowed for\u00a0consumers to take more control over their financial lives. \u00a0At its core, Fintech is powered by data about the consumer. This could be data from someone’s bank account information, to data to verifying someone’s identity.\u00a0Despite the fundamental importance of data, some financial institutions are looking for ways to limit financial data for … Continue reading The Importance of Data Access for Fintech<\/span><\/a><\/p>\n","protected":false},"author":1815,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"qubely_global_settings":"","qubely_interactions":"","kk_blocks_editor_width":"","_kiokenblocks_attr":"","_kiokenblocks_dimensions":"","footnotes":""},"categories":[1],"tags":[],"class_list":["post-646","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"gutentor_comment":1,"qubely_featured_image_url":null,"qubely_author":{"display_name":"michellewu","author_link":"https:\/\/blogs.scu.edu\/finis\/author\/michellewu\/"},"qubely_comment":1,"qubely_category":"Uncategorized<\/a>","qubely_excerpt":"Fintech has allowed for\u00a0consumers to take more control over their financial lives. \u00a0At its core, Fintech is powered by data about the consumer. This could be data from someone’s bank account information, to data to verifying someone’s identity.\u00a0Despite the fundamental importance of data, some financial institutions are looking for ways to limit financial data for…","post_mailing_queue_ids":[],"_links":{"self":[{"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/posts\/646","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/users\/1815"}],"replies":[{"embeddable":true,"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/comments?post=646"}],"version-history":[{"count":2,"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/posts\/646\/revisions"}],"predecessor-version":[{"id":648,"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/posts\/646\/revisions\/648"}],"wp:attachment":[{"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/media?parent=646"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/categories?post=646"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/tags?post=646"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}