The New York Times piece “Banks and Tech Firms Battle Over Something Akin to Gold: Your Data” calls attention to a battle that is raging behind the scenes of nearly every consumer in the United States. The contenders? Big Banks and Silicon Valley tech startups. What’s the prize? Your personal financial data.
As we’ve mentioned before, Big Banks such as Wells Fargo and J.P. Morgan are pushing to restrict technology companies’ access to personal financial data, which ranges from what you paid for dinner to what your mortgage is. Tech companies, such as Personal Capital, believe that these restrictions aren’t in the interest of security – as the Big Banks claim – but instead are created to limit competition from the tech industry.
As Bill Harris, our CEO says in the piece, “It’s pretty clear the real intent of the banks is to limit this data because it puts their business model at risk.”
Personal Capital users link their financial accounts in one dashboard for a holistic view of their financial lives. Our advisors can then give personal, technology-enhanced guidance to help clients achieve their long-term financial goals.
“We suss out the data and show the customer what they are actually paying,” Harris says in the NYT piece. “From a business model point of view, that is not in the best interest of the banks and brokers. It’s encouraging customers to get smart and get well-priced products.”
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