I am hopeful that fintech developers, data aggregators, bank partners, consumers, and regulators will work together to keep consumers in the driver’s seat as we move forward with these new technologies. If we work together effectively toward this goal, the fintech stack may be able to offer enormous benefits to the consumers they aim to serve, while appropriately identifying and managing the risks.
1 I am grateful to Kelvin Chen for his assistance in preparing this text. The remarks represent my own views,  which do not necessarily represent those of the Federal Reserve Board or the Federal Open Market Committee. 2 See Lael Brainard, “The Opportunities and Challenges of Fintech (PDF),” (speech at the Conference on  Financial Innovation, Washington, D.C., December 2, 2016).