The FinTechs that have filled in gaps for both consumer and corporate financial services are often positioned in competition with traditional FIs. But in order for these FinTechs to operate properly, they often need the financial data housed by those banks.
As more FinTechs and banks forge data sharing agreements, it’s called into question the relationship between FinTech and bank and heightened demand for consumer data protection laws and practices that ensure the customer ultimately owns and controls their financial data.