Young digital-first firms hoping to revolutionize the way advisors manage client finances and build their wealth claim they have run into resistance from major banks opposed to sharing financial data.
A heated industry debate has evolved, hinging on Section 1033 of the Dodd-Frank Act, which grants customers a right to access their personal financial data. Fintech firms argue that blocking access to such data also unfairly hinders their growth, while banking advocates call screen scraping, a common data gathering method, unsecure.
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