Data sharing

As it attempts to craft policy on access to consumers’ financial account information, the agency is wading into a battle between those who want data to flow more freely and those who prioritize security.

The heads of the two companies explain how the deal came about, what hurdles they face and how they plan to mash up their very different operations.

Financial regulators’ statement cautiously encouraging lenders to go beyond traditional underwriting in their lending decisions is a big step forward for the use of alternative data and artificial intelligence, bankers say.

Banks like RBC and JPMorgan Chase can now more easily draw real-time FactSet data feeds into applications.

Though the use of alternative data in lending is seen by some as untested, several fintechs say they couldn't function without it.