Working With Data Aggregators to Enable Seamless Flow of Data to Financial Management Software
As customers look for more ways to view their full financial picture in one place, Bank of America is making updates to its Security Center and working with multiple financial data aggregators to provide customers the ability to simply and securely connect data from their Bank of America accounts to third-party financial management applications. Customers will also soon be able to see exactly which data aggregator services they’ve allowed to access their information.
“We value customer choice and want customers to securely access their information when and where they want,” said Michelle Moore, head of Digital Banking at Bank of America. “For customers who use data aggregation services, we are making it more transparent and simpler for them to see who they’re sharing data with and to turn it off when they want.”
The experience will be easy, secure and seamless to customers:
Customers log in to the data aggregation service they use, and they will be asked to either verify or add a Bank of America account.
They will then be seamlessly connected to the Bank of America site to acknowledge their consent to share data.
Customers then can start using their data aggregation as they normally would.
Clients rely on Bank of America to keep their financial data safe. By instituting this process, customers no longer need to share usernames and passwords with third parties which in turn, reduces the risk that sensitive information could be compromised. Further, data sharing through an API is more efficient and reliable than screen-scraping methods used by many data aggregators.
“As one of the first banks to pilot with financial aggregators, this is a positive step toward enhancing safe and secure access for customers to their data. This is a key part of our API strategy, and will allow us to continue serving our customers in an expanding financial ecosystem,” added Aditya Bhasin, head of Consumer and Wealth Management Technology at Bank of America.
Bank of America is currently piloting the experience with two data aggregators. Enhancements to the Security Center in Mobile and Online Banking that will allow customers to see which companies have their permission to access their information and turn off sharing will be available later this fall.
Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 47 million consumer and small business relationships with approximately 4,600 retail financial centers, approximately 15,900 ATMs, and award-winning digital banking with approximately 35 million active users and more than 22 million mobile users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in all 50 states, the District of Columbia, the U.S. Virgin Islands, Puerto Rico and more than 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
Reporters May Contact:
Betty Riess, Bank of America, 1.415.913.4416