Financial Data $ Aggregation and Sovereign Identity

From IIW

Financial Data Aggregation & Sovereign Identity

Tuesday 3C

Convener: Paul Ablack and John Best

Notes-taker(s): Ed Gonzalez

Tags for the session - technology discussed/ideas considered:

  • #DataAnalytics
  • #Aggregators

Discussion notes, key understandings, outstanding questions, observations, and, if

appropriate to this discussion: action items, next steps:


  • Mint
  • Money Desktop
  • Yodelee

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