Plaid to use apps that help them “ lead healthier financial lives .”
The partnership will reportedly give those customers more control over the bank account information they share with Plaid-supported apps , including the ability to turn on or off data sharing through Wells Fargo ’ s Control Tower application .
“ It is critical that consumers have more secure and seamless access to their own financial data to power their modern financial lives ,” said Sima Gandhi , Head of Business Development and Strategy at Plaid , “ and our collaboration with Wells Fargo will ensure that our mutual customers can enjoy the best of fintech innovation for years to come . We ’ re particularly excited by Wells Fargo ’ s industry-leading approach to enhancing user control and transparency by ensuring compatibility between the Plaid platform and Wells Fargo ’ s Control Tower . Centred on trust and collaboration , the partnership between Plaid and Wells Fargo represents how traditional banking services and technology companies can innovate together .”
Going forward , data sharing agreements solve the problem of regulation , giving fintechs and banks the ability to capitalise on the power of big data while ensuring that consumer privacy is maintained . If these two needs can be balanced and met , then the financial space five years from now could look drastically different from the one today .
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