Canopy Connect is making the process of sharing your insurance data so much simpler and more efficient, you no longer have to fumble around for a VIN number or insurance papers. Tolga and I discuss how far insurance is behind as compared to fintech, the importance of consumer permissions data, raising capital, and a whole lot more. I hope you enjoy the show.
Most bank customers never think about how a bank’s technology works and what it means for their financial lives; core...
New regulations in Europe are set to effect U.S. banks that serve EU based customers. Banks need to understand what data is shareable and what new protocols to put in pace before the regulations take place in May. Source.
Europe's PSD2 will require financial institutions to share data with third party service providers creating a new market opportunity for fintech developers with guaranteed account data access; in the US fintechs must still rely on relationship building to secure data partnerships thus making technology development more challenging; American Banker reports on details of a recently formed association that's seeking to make data access easier; the Consumer Financial Data Rights (CFDR) consortium includes 31 data aggregators and fintech companies lobbying for data access solutions and agreements; American Banker also outlines the progress that has been made in data sharing and proposals from the CFDR. Source
Yodlee, a unit within Envestnet, has come under fire in recent days for their data sharing practices; Senators Ron Wyden,...
In this episode we talk with the head of the Financial Data Exchange, Don Cardinal, on the importance of common standard for sharing financial data
An open source movement helped propel technology in the 80s and 90s and industry professionals are speculating on the need for another open source movement in today's current environment; while open source is not favored because of its intellectual property disadvantages it does have significant advantages for innovation; Crowdfund Insider details some of the areas where it is being discussed including third party data sharing and loan stacking; it has also been a topic recently debated at LendIt USA 2017 and is in ongoing development and discussion with the Online Lending Policy Institute, ID Analytics, the Marketplace Lending Association and numerous other industry groups. Source
With open banking set to go live in Europe next month US banks will be keeping a close eye on how the process works; US banks have started to share data with fintechs through different partnerships for different reasons; the time is coming where the industry will have to look at open banking as a regulatory standard and some think the banks should really be the ones to set the parameters; coming up with a potential global set of standards is something that could really benefit all parties involved; “You need to globalize that at consistency so you don’t have different standards for each country in Asia, for example,” said Cynthia Murray, a managing director at Bank of America, to TearSheet. Source.
In an op-ed in the FT, the chairman of BBVA, Carlos Torres Vila, argues for the expansion of European open...
No More Content