Today, financial data are increasingly important for consumers and financial services providers. Consumers utilize information to improve their financial health and providers use it to innovate and grow, but this utility is dependent on a reliable and secure system for data sharing.
Since the release of CFSI Consumer Data Sharing Principles, there has been positive progress towards developing consistent and trusted methods through which consumers can share data, but there continue to be key challenges that are hindering larger-scale progress.
“Consumers and providers alike would benefit from a liability framework that guides consistent regulatory interpretation, contractual risk allocation, and consumer protection.”
This brief provides key steps that financial services providers (including banks, credit unions, data aggregators, financial technology companies and other providers involved in financial data sharing) and regulators can take to foster progress towards an improved data-sharing ecosystem that will benefit both consumers and providers.