JPMorgan Chase entered an agreement with data aggregator Envestnet Yodlee that will give bank customers more control over their financial information when using mobile apps.
Normally the data firm shares Chase customer data with other financial apps and companies in order to help Chase customers make better decisions about how to manage their money. The agreement calls for Envestnet Yodlee to send all of the requests for Chase customer data through the bank's secure API, which will help customers control how their data is shared.
"Our partnership with Chase will allow further consumer choice, reliability and insight into how and where their data is being used, along with improved overall financial well being," Stuart DePina, CEO of Envestnet, said a release from Chase.
"This will help our customers manage exactly who they give their information to, and understand how their information will be used," Bill Wallace, head of digital at Chase, said in the release. "They also can cancel that access any time they want."
Chase said it now has signed data agreements with a number of data aggregators and fintechs, including Finicity, as well as Intuit, the company behind Turbotax, Mint and QuickBooks.
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