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We agree with portfolio company, Quovo, that the answer is undoubtedly - no! The growing number of consumers using personal financial management tools to better manage their money has caused banks to raise an brow regarding thier own security and server capacity. But as CEO Lowell Putnam mentions, aggregators and banks are partners, and can work together to lighten the server load and strengthen security. Quovo is leading the pack with less burdensome tech, taking into consideration that both sides are held accountable for data breaches. Banks would only loose from restricting these data aggregators from providing better insights to customers.
But both sides also need to also improve their techniques and technology, analysts say. Data aggregators need to modernize their techniques so they're less burdensome on bank websites and abandon crude, older forms of screen scraping that "hammer" bank servers, said Lowell Putnam, the CEO of the aggregator Quovo. With more modern, targeted methods, aggregators can lighten the load on servers. "Aggregation companies need to recognize that financial institutions are partners, not adversaries, and we need to get data in ways that are friendly and not overly intrusive," he says. But banks have to look in the mirror, too. The burden on their servers from all quarters is only going to grow, and they need to invest in more capacity.
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