Food For Thought
Open Banking Blog: Thoughts on the Industry
You remember the legend of Faust, right? Guy sells his soul to the devil, doesn’t quite get the deal he bargained for? Well, sharing financial data is a very similar bargain … The Appetizer In the last entry we talked about the Faustian bargain we all make with regards to data privacy on the web.
Data sharing is as old as language. So why now are we so concerned about it? Data Sharing Is Not New Back in the 50’s, 60’s and 70’s the marketing juggernaut that was Reader’s Digest used to send out surveys several times a year to its customers. The surveys asked about salary range, number of
Let’s explore this question. First, why share data at all? Data Sharing Advantages Within the financial services ecosystem, sharing financial data can be a boon to your ability to do business. For example, think of payment apps like Venmo, PayPal and Stripe. By enrolling with them and sharing data, you are able to move funds