As the data sets that financial institutions utilize expand beyond traditional consumer credit histories, data privacy will become a growing concern, as will data ownership and whether or not the consumer has any say over how these data are used and shared or whether he or she can review it for accuracy.
The Consumer Financial Protection Bureau recently issued a request for information to better understand the benefits and risks associated with new financial services that rely on access to consumer financial accounts and accountrelated information.9 In addition to the risks I have outlined that are specific to new financial technologies, firms also must control for risks that have always been present, even in brick-and-mortar financial institutions.