Our position is that the consumer should have ownership over their personal information, not the financial institutions that currently hold the data. The consumer should be the one to decide whom to share their personal and financial information with. We'd like to see standards put in place to govern the transfer of data between banks and fintechs to reduce the risk of information being stolen.
That said, in a case where information is sent from a financial institution to a fintech and the data is then stolen from the fintech, the financial institution would feel responsible for data content and data keeping. We aren't sure that the fintechs participating in the system will have the same data protection standards.