Fidelity Investments Prepares to Launch New Personal Data Service
Council member Fidelity Investments is funding a personal-data startup to provide its consumers with more control over how their financial information is shared with online banking services.
The startup, Akoya, allows customers to choose which apps can access their financial information and to what extent. The program will replace current practice, known as “screen scraping,” where an app signs into an individual’s account and obtains data while logged in as that user, essentially impersonating the individual. The program comes as Fidelity aims to diversify its offerings and expand its portfolio.
“Fidelity has a globally recognized and trusted brand,” said Lee Beck, a managing partner at Kudu Investment Management, a New York firm that invests in small asset managers. “They have prowess in the investment management side.”