Future of Banking: Strategies for eliminating screen scraping ahead of the upcoming CFPB regulation

June 13, 2023 Karen Holmes

In this 30-minute webinar from the Future of Banking series, you'll learn:

  • The consumer demand driving financial data exchange

  • The red flags that are eliminating screen scraping

  • How capturing data consent is uniting data control and open banking

  • How the recent CFPB announcement is shaping the future of screen scraping

Here's a 30-second preview:

“In North America alone — we look at banks, credit unions, brokerages, small advisors — you’re looking at almost 15,000 potential data endpoints. If you had to have a proprietary connection for all those, it wouldn’t be scalable.”
- Don Cardinal, Managing Director at the Financial Data Exchange (FDX)

About screen scraping in open banking

People want to be able to move their financial data around and gain utility out of it — the value is so strong they’re willing to provide their credentials. It’s estimated one-third of financial institution customers in the U.S. share data with third parties.

The idea of screen scraping is like that of open banking. Customers get utility from shared financial data and their satisfaction improves. But changes in market dynamics and data regulations are shedding light on screen sharing’s unreliable, unsecure nature. In a movement toward a passwordless world and one where consumers have more control over their data, standards need to change.

 Rewriting the screen scraping playbook [INFOGRAPHIC]

Standardization is what makes open banking unique. The use of common open share standards allows for greater interoperability. This interoperability not only streamlines onboarding and data use, but it also improves data hygiene.

Consent management brings data control and open banking together.

Open banking has been market-driven in the U.S., but we are starting to see movement on the regulatory front as well. The CFPB has announced the rollout of new rules to protect consumer data rights as part of open banking. This rule requires movement from financial institutions to not only maintain compliance — it’s also vital to experience revenue-generating opportunities. 

It's time to capture the embedded finance wave without screen scraping.

WATCH THE WEBINAR to learn how.

About the Author

Karen Holmes

Industry Marketing Director at Axway. With over 20 years’ experience serving the banking and finance industry with technology solutions, Karen keeps a finger on the pulse of open banking and finance challenges, solutions, and technologies. Her objective is to help organizations open up siloed data locked in core systems so they can expand their digital ecosystem and create new banking and financial services business models.

Follow on Linkedin More Content by Karen Holmes
Previous Asset
From screen scraping to open banking
From screen scraping to open banking

An innovative approach to financial data sharing offers banks greater security, efficiency, and compliance

Next Asset
Rewriting the screen scraping playbook
Rewriting the screen scraping playbook

Minimize the red flags of screen scraping with a modern game plan.