When Tearsheet first introduced the DataDay Conference three years ago, the issue of screen scraping was a major discussion point. This year, it was barely mentioned. The evolution toward direct data sharing agreements, APIs, and tokenization has expanded the industry’s aperture toward enabling new use cases. The building of modern financial ecosystems powered by data is freeing up product managers to really focus on solving customer problems, securely and safely.
To increase the velocity at which data flows, standards are emerging. This move to establish protocols common to firms, large and small, is being driven by consumers, who are voting with their feet, choosing tech that provides the experience they’re looking for. Traditional FIs are getting better at partnering with fintechs, as both parties are learning what it takes to collaborate, playing to each side’s relative strengths.
New data sources are being opened up, too. Employment data is becoming an important input into financial services as firms provide access to W2 and 1099 workers’ data. This type of information is already being included in credit decisioning – it’s just a matter of time until employment data powers new financial products and services.
Download Tearsheet's DataDay Guide 2022 to learn about:
- the companies, technologies, and products powering today's financial data industry
- how financial data and open banking helps FIs keep up with customer demands
- bank-fintech partnerships and how they're getting more important
- why screen scraping isn't going away, even as industry moves toward APIs
- the use cases employment data unlocks
- and more..