JPMorgan Chase has signed a deal with data aggregator, Envestnet Yodlee, to aid access of bank customers to their financial information when using mobile apps.
Prior to this deal, JPMorgan Chase used to share Chase customer data with other financial apps and companies in order to help Chase customers make better decisions about how to manage their money.
With this development, Envestnet Yodlee would oversee the sharing of customers data, while consent of Chase customers would be sought through the bank’s secure API. This will help customers control how their data is shared.
According to the bank’s statement, the Chief Executive Officer of Envestnet, Stuart DePina was quoted by New Telegraph saying, “Our partnership with Chase will allow further consumer choice, reliability and insight into how and where their data is being used, along with improved overall financial well being.
“This will help our customers manage exactly who they give their information to, and understand how their information will be used,” Bill Wallace, head of digital at Chase, said in the release. They also can cancel that access any time they want.”
What you should know: This is not the first time the company is signing data agreements with data aggregators and fintechs. In the past, it signed with Finicity, as well as Intuit.
About JP Morgan Chase: JPMorgan Chase is one of the oldest financial institutions in the United States. With a history dating back over 200 years, it has over 250,000 employees and presence in over 100 markets.
Headquartered in New York, JPMorgan Chase is ranked by S&P Global as the largest bank in the United States and the sixth-largest bank in the world by total assets, with total assets of $2.6 trillion.
About Envestnet Yodlee: It is a leading data aggregation and data analytics platform that helps consumers live better financial lives through innovative products and services created for more than 1,200 financial institutions and FinTech companies, including 15 of the top 20 U.S. banks.