In this 30-minute webinar from the Future of Banking series, you'll learn:
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The consumer demand driving financial data exchange
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The red flags that are eliminating screen scraping
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How capturing data consent is uniting data control and open banking
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How the recent CFPB announcement is shaping the future of screen scraping
Here's a 30-second preview:
- 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
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