Banks are facing increasing pressure from websites that help consumers manage their finances but at the same time, the institutions are becoming more protective of their customer information amid heightened concerns about hacking. FinTech Collective portfolio company, Quovo, was quoted stating that the company has built multiple pipelines to bank data. So even if JP Morgan decided to shut down Mint users bank-account data as it did few weeks back, those consumers wouldn't necessarily be missing out.
At Quovo, Chief Executive Lowell Putnam said that a slowdown in one route to collect consumer data might not be a problem. “We often have multiple redundant connections to financial institutions so if one pipeline goes down we have another,” he said. He declined to specify the percentage of Quovo’s data that is gathered through direct connections but said it is “huge.”