Consumers and small businesses rely increasingly on fintechs’ financial services and apps for everything from budgeting and money management, to streamlining credit applications.
Financial data aggregation – the process of pulling financial data from thousands of sources, including banks, credit unions, credit card platforms, investments and other providers – is essential to connect users, fintechs and these services.
To avoid the burden of building thousands of connections to financial data sources themselves, fintechs look to data aggregators to retrieve data from financial institutions and others on their behalf.
This paper shares key selection criteria for fintechs evaluating financial data aggregators.
It's also relevant to bank technology departments that incorporate data from third parties into their customer account portals.
Research and insights are based on discussions with leading data aggregators and industry experts.
The paper illuminates what matters in the evaluation process – and discusses criteria including data access reliability, coverage of data sources, data access methods, support for innovation, security and compliance.