PNC Financial Services Group, Inc.PNC’s banking subsidiary, PNC Bank, recently announced its integration with Akoya’s data access network. This alliance will allow more than nine million PNC consumers to securely share their financial data with FinTech companies and data aggregators with enhanced security, thanks to the network based programming interface of applications (API).
The API-based system is expected to increase data security for customers who wish to use third-party financial applications. With the integration, customers will no longer need to share their respective bank ID or password to access third-party financial services. PNC customers will also be able to easily monitor and restrict access to data from FinTechs and data aggregators connected through the Akoya data access network.
Akoya was created to transform financial services into API-based data access. Access to data increases the authenticity of data sharing and reduces cybersecurity, privacy and financial risks compared to data aggregation based on credentials (commonly known as screen scraping). All data viewed and shared through Akoya’s data access network is never copied or stored by Akoya, further protecting consumer privacy. It is accessible through the Financial Data Exchange API standard.
Natalie Talpas, Senior Vice President, Group Manager, Digital at PNC, said, “By partnering with Akoya, we are realizing our vision of large-scale API adoption for financial data aggregation and are delivering to our clients increased protection, transparency and control over their financial information. “
PNC President, President and CEO William S. Demchak also said, “Many clients believe it is safe to provide their sensitive information to the financial application of their choice. However, we do know that this information was used for unauthorized access to customer accounts. . That’s why we’ve taken interim measures to ensure accessibility and security – and with today’s announcement, we’re delivering a permanent solution to strike the right balance between customer choice and data protection. . “
The company’s focus on expanding the middle market lending franchise and strengthening digital product and service offerings will likely drive PNC’s earnings growth. Given its strong balance sheet position, implementing inorganic growth strategies to diversify revenue streams is likely to support its performance.
The shares of this company Zacks Rank # 3 (Hold) have appreciated 10.9% over the past six months, while its industry gained 8.2%. You can see The full list of today’s Zacks # 1 Rank (Fort Buy) stocks here.
Image source: Zacks Investment Research
Similar steps by other banks
A growing number of financial services organizations, including banks, are advancing their digital infrastructure strategies and focusing on delivering frictionless digital services to their clients and customers.
At the Barclays Investor Conference, A capital letterCOF CEO Richard Fairbank said the company will beta test a buy it now and pay service later this year. He further stated that the product will be tested with some of the existing customers at “a select set of merchants” and that it will not be linked to the company’s private label credit card business.
Recently, New York Community Bancorp, Inc.NYCB’s subsidiary New York Community Bank has implemented a state-of-the-art digital payment process through the development of a blockchain-induced digital marker – USD Forward – which is the first to be used by a bank on the blockchain. Origin. This will help Figure Technologies, Inc. to tap real-time digital stock secondary trading of its stocks using its alternative trading system.
Northern Trust NTRS has launched an artificial intelligence-based tool to derive unstructured investment information from alternative asset documents, with the aim of further digitizing its alternative asset servicing business. This underpins the company’s efforts to improve the experience of its asset owner clients as well as to reduce operational risks in the alternative asset servicing industry.
5 actions in the process of doubling
Each was selected by a Zacks expert as the # 1 favorite stock to earn + 100% or more in 2021. Previous recommendations climbed + 143.0%, + 175.9%, + 498.3% and + 673.0%.
Most of the stock in this report is flying under Wall Street’s radar, which provides a great opportunity to get into the ground floor.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.