Open Banking: Looking Ahead To Accreditation

This article was prepared with the assistance of summer law student Matthew Douglas.

Financial data can say a lot about a person. Account balances can hint at income levels, transaction records can be suggestive of personal interests — and the list goes on.

Despite the significant potential for teaching businesses about consumers and consumers about themselves, financial data tends to be kept secure under lock and key, and for good reason. Sharing financial data can pose a number of risks to personal assets and personal privacy. However, by keeping financial data locked away, banks, credit unions and consumers also keep financial data out of reach of potentially useful service providers.