The Mint app markets itself with this tagline: "When you're on top of your money, life is good!"
The popular app allows you to track and create budgets, bills and see your credit score all with a few taps on your phone or tablet.
But for a long time many banks have blocked Mint and most types of apps seeking to get your financial information. This has applied even if an app user, the bank's customer, gives the okay for information sharing between the bank and the outside service.
That standoff may be about to change, thanks to a new framework that could allow innovation and maintain privacy and security. And it's coming from Fintech.
American Banker reports:
"The focus has shifted from criticizing banks for intentionally blocking apps from collecting someone’s data when a consumer puts the request in to establishing standards that find ways around those hurdles to create a new model for data-sharing.
Three leading data aggregators — Envestnet’s Yodlee, Quovo and Morningstar's ByAllAccounts — have united to create a data-sharing framework aimed at preserving innovation by providing the industry direction on transparency, traceability and accountability. As they see it, sharing data does not create a safety and soundness issue — both are permitted so long as standards are in place."
The report says the new framework needs something else right now: support of the banking community.
The framework already has the support of the Consumer Financial Data Rights Group.
