October 19, 2022
Put greater data privacy control into the hands of consumers with Plaid's Privacy Controls suite
Sheila Jambekar & Chandni Chopra
As consumers lead the rapid adoption of open finance solutions, data privacy is more important than ever. Sixty-four percent of consumers feel they don’t have control over their data and 86% want more control over their data privacy. Organizations who do offer data privacy tools to their customers are well positioned to build greater trust. This is particularly important in financial services, an industry where consumers feel trust is crucial. Most Americans (76%) agree that they “have more trust in financial companies (both banks and fintech) when they clearly tell me their privacy practices."
Growing consumer demand paired with increasing regulatory scrutiny has made greater consumer data privacy a necessity. Data partners of all sizes—from the largest financial institutions and regional banks to fintechs, neobanks, and digital banking platforms—are looking to stay ahead of the curve and build trust with customers by delivering to them greater data transparency and control over their financial information.
Introducing Plaid's Privacy Controls Suite and Permissions Manager
Plaid is committed to working with our data partners to deliver solutions that help people lead healthier financial lives. Today, we’re excited to introduce Plaid’s Privacy Controls suite, privacy tools that help data partners enable their customers to be in control of their financial data, from initial connection to ongoing oversight.
This product set includes a new API product, Permissions Manager, which allows data partners to build their own consumer permissions portal. Permissions Manager gives their customers greater visibility and control over their data sharing connections made through Plaid. With Permissions Manager, data partners can also build new digital capabilities into their existing web and mobile experiences, helping them stay at the center of their customers’ financial lives.
Plaid’s Privacy Controls suite helps data partners stay ahead of the curve with flexible tools that put customers in control of their data sharing, enabling data partners of all sizes to strengthen relationships with their customers, adapt to a changing regulatory environment, and be leaders in consumer data privacy. Available at no cost, these products are an integral part of an open finance program and enhance Plaid’s Data Connectivity solutions.
Enable greater customer data visibility and control with Plaid’s Privacy Controls suite
Permissions Manager is a new API product which enables data partners to build their own consumer permissions portal within their existing web and mobile experiences, empowering their customers with greater visibility and control over their data sharing connections made through Plaid. By integrating with this product, you allow your customers to view a real-time list of the apps they’ve connected using the Plaid network and disconnect any applications they no longer want to use. Permissions are synchronized across the ecosystem to reflect the same, accurate connection status regardless of the channel (across the data partner’s domain, Plaid Portal, and the 3rd party app).
Plaid’s broad network includes 7,000+ apps and 9 of the top 10 most downloaded fintech apps in the Android + App store (from past 30 days as of May 9th, 2022). This product is available at no cost to our existing data partners on Plaid’s Data Connectivity API solutions, with several data partners including large financial institutions and fintech companies already live. Learn more about Permissions Manager.
“With Permissions Manager, our customers can easily make changes to which apps are linked to their Wise account. When customers can see the changes in their data permissions in real-time, it builds a layer of trust.”
- Ankita D’Mello, Senior Product Manager at Wise - Read the Q&A
Plaid Link and Plaid Portal
Permissions Manager joins other products in the Privacy Controls suite including Plaid Link and Plaid Portal. With Plaid Link, consumers easily see the data types being requested by a given app and permission the accounts they want to share, using embedded privacy screens within the Plaid Link experience. This can help to minimize the amount of data shared with apps while providing a tailored customer experience.
Plaid Portal enables consumers to view and control their existing Plaid-powered connections through my.plaid.com, and became generally available in the U.S. in January of this year. Plaid Portal offers a low-lift option for data partners planning to integrate with Permissions Manager but seeking an interim solution to empower their customers with greater transparency and control over their financial data.
Ready to get started?
At Plaid, powering a safe digital financial ecosystem is a paramount priority as we help people lead healthier financial lives. We are excited to support our data partners with this new suite of best-in-class privacy tools. Together, we are building a system that works for everyone, puts consumers at the center, and recognizes that building and maintaining a trustworthy ecosystem is a benefit to everyone.
Plaid’s Privacy Controls suite is the latest way in which we're delivering the innovative privacy solutions consumers deserve and data partners want to enable. Learn more about how to put your customers in control of their financial data.