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Location
San Francisco Bay Area
Member since
2015
Writes about
Payments Regulation & Compliance DevOps

Brian's blog archive

2019 (3)
Brian Costello

Brian Costello

VP, Data Strategy at Envestnet | Yodlee
Message Message me Posts: 3 Comments: 3
Bio Brian J. Costello is responsible for data access strategy and solutions at Yodlee, as well as a tireless advocate for responsible innovation in financial services.

Blogs

Banking Regulations

Creating a rich financial future for all

10 Dec 2019

A US financial regulator opened an investigation last month into claims that Apple's credit card offered different credit limits for men and women. Steve Wozniak, the co-founder of Apple tweeted that he had received a credit limit that was 10x higher than his wife’s, despite them both sharing all their accounts. There is no doubt that the card wa...

Banking Regulations

How B2B brands can protect themselves within the AISP-TPP-TSP nexus

23 May 2019

One of the key features of the Revised Payment Services Directive (PSD2) and UK Open Banking is the requirement that all (almost) parties engaged in delivering the account information services (AIS) to the end user customer are authorised. This authorisation includes the conduct of the managers, the scope and maturity of the offering(s), governanc...

Banking Regulations

Getting Strong Consumer Authentication right: What banking providers need to know

30 Apr 2019

Since the first anniversary of Open Banking earlier this year, I – along with much of the fintech industry – have been questioning the progress of the new regulations, what more we can do to improve consumer experience and outcomes, while further evolving the ecosystem. It is apparent to me that, while Open Banking is working, problems with PSD2 a...

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Brian is Commenting on

Canadian lenders issue open banking warning

  Ketharaman, my use of "thousands" was to avoid a grandious claim unsupported by empirical data.  If we're looking at number of customers as the metric, then it certainly is millions of consumers have benefited from finanical wellness solutions, affordabillity assessments by responsible lenders and appropriate fiduiary advice. However, the future of "open banking" is not credential-based, it's identity and consent based.  Let us all ask our banks to immediately render our current usernames and passwords "read only" and deploy step-up authentication for inherently risk activities such as paying a bill or adding a payee.  Then let's build a user-centric identity framework upon which finanical, health and governmental data services may be safely deployed. Until then, let's evolve the fragmented ecosystem of commerically-managed financial data aggregation to a more holistic one; ie. "open banking".

06 Oct 2017 Reply Read article

Canadian lenders issue open banking warning

  Loving the discussion... Yes, financial wellness for thousands of consumers have been improved by consumer-permissioned data driven solutions.  The members of the Consumer Financial Data Rights group (http://consumerfinancialdatarights.org/) in the US and of FDATA  (fdata.co.uk) in the UK are just some of the companies doing this good work responsibily and safely. The regulations exist today for responsible and compliant engagement with consumers and their financial data.  We need regulators to help clarify how they are applied, harmonize them and right-size enforcement.  We also need clearer guidelines around competition and UDAAP.  The Canadian Competition Bureau has some good thought leadership on that topic.

05 Oct 2017 Reply Read article

Canadian lenders issue open banking warning

  I found the full report more balanced than the summary, and appreciate the CBA weighing in on these topics.  I am hopeful they will follow-up with sincere engagement on these topics. The CBA is correct that risks to the consumers, FIs and the market must be considered and managed well in whatever ecosystem evolves for consumer-permissioned finanical services in Canada. There was a qualifying statement in the report that spoke volumes to me:  "...there is a need to gauge consumer demand for third party access which may also vary across jurisdictions."  It's not demand that is the primary the driver; it is need.  Consumers need help to become finanically healthy.  They need help funding their retirement.  They need help optimizing a fixed income.  Let us focus on that to inspire us to work together to address the inherent risks.

03 Oct 2017 Reply Read article