In the statement, Chase and Intuit agreed to use technology to allow Chase customers send their data directly to Mint for financial decisions, and Intuit agreed that they would never sell Chase’s customer data. Currently, Intuit had to hold customers’ data through third-party software. After the new software is developed, it will provide clients easier access to online financial tools like Mints.
However, there are also some shortcomings of this new technology. The use of the technology would enlarge the exposure of clients’ crucial personal information to identity thieves or other criminals, because companies would directly store customers’ information. In addition, the data could be gathered by companies whether or not the customer is actively using the service.
“In partnership with Intuit, we’re launching a fast, simple and secure method for customers to selectively share their data,” Gordon Smith, the CEO of Consumer & Community Banking at Chase, said in the statement on Wednesday. “We encourage all financial institutions, aggregators and application service providers to join us in helping consumers and businesses use technology tools to understand their financial lives, identify new needs and make better decisions about their money.”
“We’re pleased to deliver a great experience for our shared consumer and small-business customers,” said Brad Smith, the Chairman and CEO of Intuit. “Intuit products, such as Mint, TurboTax Online and QuickBooks Online, provide tens of millions of people with a complete picture of their finances, so that they can make informed decisions for themselves or their business.”