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USAA’s recent agreements with financial management company Intuit and data aggregator Finicity are part of the company’s latest step to secure financial data for its members.
The companies will use an application programming interface (API) that will eventually eliminate the need for members to share their credentials through third-party apps. Instead, members will be redirected to USAA to provide consent and confirm what data they want to share. A dashboard will allow them to manage third-party app access whenever they choose.
Using the API will allow USAA members to more easily access and manage their financial data, which is even more important for its military members who may not have easy access to a financial institution. The company plans to roll this capability out to members throughout 2018 and 2019.
“Our members increasingly require access to their data and wish to share that information with a host of third parties,” said Melissa Ehresman, USAA vice president of Enterprise Digital Experiences. “USAA wants to give our members control over what information is shared and how it is done while maintaining the security of their login credentials.”
USAA entered into its first data-sharing agreement last year with Finicity, a provider of real-time financial data aggregation and insights. The API will allow USAA members to share their information with third party applications that leverage Finicity’s data platform without having to share their USAA user name and password.
“Finicity is committed to ongoing advances in data access, data quality and data intelligence so we can deliver the insights customers need to make better financial decisions,” said Finicity CEO Steve Smith. “USAA pursues similar goals and has demonstrated a strong commitment to their members’ ability to access and use their data to manage their finances.”
The agreement with Intuit means USAA members will be able to integrate their USAA accounts with Intuit products such as Mint, Turbo, TurboTax and QuickBooks.
“We are working toward Intuit and USAA’s shared customers having simplified in-product access to their account information so they can save time and have complete confidence in decisions for themselves or their business,” said CeCe Morken, executive vice president and general manager of the Strategic Partner Group at Intuit.
Not only does the integration make sharing USAA account data easier for customers, but it also increases their privacy.
“USAA’s approach to data sharing incorporates important industry guidance on secure data sharing between finance and technology companies,” said Ehresman. “Implementing this new process is also part of our ongoing mission to facility our members’ financial security.”
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