Banks Need to be Worried About Facebook's Data-Sharing Debacle

Banks are increasingly becoming digital businesses, which puts them at high risk to errors such as those faced by Facebook recently.  The need for financial organizations to understand and fulfill customer needs to offer differentiated and more compelling products is leading to more data sharing with partners through application programming interfaces and other tools.  Institutions will need to ensure that information shared with third parties does not violate an individual’s privacy, is kept secure at all times, and customers are aware when their data is shared and how it benefits them.

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