Most of our clients say they don t get a lot of concern from consumers yet the polls consistently show a concern about security and privacy, says Anne. The current importance of customer information compels you to put greater emphasis in keeping that data secure and to use it properly. We hold our customer s information very closely, and have no plans to use it for financial gain in and of itself by selling it to third parties. We just think it s bad business and weakens the trust our customers have in us. The bank modernization act only addresses some of the privacy issues.
Screen scraping presents an interesting paradox.
On one hand consumer groups are advocating for more stringent financial privacy controls while some customers are providing third-party aggregators access to their accounts. It is really, really confusing, says Anne. Here you are concerned about posting a privacy policy and the consumer allows a third-party access to this information. Ron sees the danger. Being able to aggregate all of a customers information for them in one place has a lot of value, but I am concerned about having my customers give their access information to a third party.