RESTON, Va.– A new survey offers insights into where leading financial firms are prioritizing technical standards work for consumer-permissioned data sharing and how the marketplace is maturing.
The Financial Data Exchange (FDX) released the findings as part of its 2021 annual strategic survey of its members.
Specific to the 2021 survey, FDX members indicated a desire to prioritize work on consent and sensitive data across the organization’s many work streams including the FDX API, data use cases, user experience and security, the company stated.
FDX said its membership is made up of the entire financial ecosystem, including financial institutions, fintechs, financial data aggregators, payment networks and consumer groups.
FDX said it uses the survey to ask its members to prioritize further expansion and enhancement of the organization’s key market deliverables, such as the FDX API specification, user-permissioned financial data use cases, User Experience Guidelines, Security Guidelines, and global features. The survey also gathers FDX member sentiment on the organization’s role in the marketplace, desired outcomes and FDX’s future expansion and evolution.
Key Findings
Among the key findings in the survey:
- For the FDX API specification itself, FDX members ranked consent API, satisfying use cases that currently need sensitive data, notifications capability for new data or changes like consent revocation, and bill pay for OFX parity as the highest priority functions or enhancements needed in the FDX API.
- In terms of FDX’s User Experience Guidelines, survey respondents listed definition of consent, consent revocation, consent modification, consent management, and definition of data clusters as priorities for the coming year.
- Regarding user-permissioned financial data use cases, FDX’s survey found that its members prioritize defining previously identified use cases in the following order: money movement setup, fraud, tax & accounting. In addition, respondents suggested that FDX pursue new use case work in the areas of account opening, wealth management, customer service, back-office operations, inter-bank money movement, lending, marketing, security, banking activities and next best offer.
- For FDX Security Guidelines, FDX members were unanimous in ranking security control and design patterns for sharing sensitive data as the highest priority for the organization, while also listing digital identity, FAPI security profile and conformance, and trust frameworks and verifiable identity data sources instead of user account credentials as priority focus areas for FDX.
- From a global perspective, FDX member respondents unanimously voted Canada specific specification extensions as the highest priority with UK Open Banking specifications and shared signals specifications from OpenID listed as the second and third priority respectively.