Financial Data $ Aggregation and Sovereign Identity
Financial Data Aggregation & Sovereign Identity
Convener: Paul Ablack and John Best
Notes-taker(s): Ed Gonzalez
Tags for the session - technology discussed/ideas considered:
Discussion notes, key understandings, outstanding questions, observations, and, if
appropriate to this discussion: action items, next steps:
- Money Desktop
3% adoption rate
Users don’t feel its secure
Users don’t know how there data is being used.
Screen scraping technology make aggregator sites unreliable
The battle is security vs control
Corelation of data is a problem – companies that collect and correlate can sell this valuable data.
OnApproach has developed the tools to better aggregate data from multiple platforms without
screen scraping through the financial institutions.
Holding the data is not the advantage, it is how you use it.
Giving uses back control of their data. Instead of pulling information for a loan, what if you send
the application to where the data is. Analyze and process to send a decision back out.
Standardization of data is a challenge.
Currently data resides in different data silos.
How do you normalize data across an entire industry?
OnApproach allows Institutions to collect data for their members bypassing PFM Aggregators who
your data into silos