Banks need to get with the data ownership program
By Karen Shaw Petrou
In banking, brokerage, and insurance, it has long been assumed that the data generated about how much a consumer has, wants or could obtain are not the consumer’s, but rather the property of the financial institution and that of any other entity with which the company partners for profit. Indeed, a recent McKinsey report urges banks to “reclaim their rightful ownership of the customer relationship.” But recent steps by the Consumer Financial Protection Bureau call that ownership into question.