Chase has begun a phased rollout of the new Data Security Center. This offers customers with a single, central place to see and control their financial data sharing with linked third-party applications. This new experience, in the Chase Mobile app and extending existing account-linking features, consolidates all information about account linking into a single place where customers can see what apps are linked, what info is being shared, manage permissions, change the authorized sharing duration, select accounts from the account basket for linking, and disconnect apps if they choose. To address customer concerns about third-party data sharing, with increasing usage of connected bank accounts for paying bills or payments budgeting accounting, tax, and more.
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“Customers should be in control of their financial data, and that starts with giving them a clear view of where it’s going and straightforward tools to manage it,” said Melissa Feldsher, Head of Payments, Trust & Security and Open Banking at Chase. “The Data Security Center empowers customers to understand what’s connected, see what information is being shared and make informed decisions about those connections over time.” According to Chase, the new data center would offer educational material and FAQs that will enable customers to learn more about the data sharing of their connected-applications and make sure that they update their permissions and only share information with trusted applications. This shows how essential data governance and transparency have become with the expansion of open banking and digital finance services. With its mobile application experience, Chase hopes to make the process of monitoring the access of third-parties easier while making sure that the connection remains secure without giving out their username and password.