American Banker: Fidelity data-sharing hub aims to end screen scraping
American Banker Online, Penny Crosman, Tuesday, 11 June 2019
“There’s demand for this as data sharing and data aggregation become more front and center of the banking landscape,” said Stephen Greer, senior analyst at Celent. “The aggregators have historically been more fintech friendly and almost seem like an invasive species to incumbent banks. Akoya comes from more of the institution side first, working to meet their needs rather than fintech needs.”
This will also be Akoya’s challenge, he said — balancing the needs of fintechs and banks.
“If I'm a fintech that has a machine learning algorithm that works better if I can ingest as much data as possible, I want as much customer data as I can get my hands on because I never know what my machine learning algorithm is going to pick up on," he said. "But if I'm the bank, I'm going to want to limit the amount of customer data third parties can get, and have them tell me why they need it.”