Chase and Intuit Team Up to Help Customers Make Smarter Money Choices
Chase Bank customers have a new way to take control of their financial information and make better decisions around money. The mega bank has partnered with Intuit Inc. to allow the two companies to share data and work together going forward.
Intuit offers a number of financial management applications that help millions of consumers save, spend, track, and control their money. These include Mint, TurboTax Online, and QuickBooks Online. Chase will now be able to electronically share data with Intuit apps, so customers can import information from their Chase accounts directly to their Intuit apps.
Users of Inuit apps will not have to provide their Chase user names and passwords; instead, Chase and Intuit will utilize a data sharing connection known as an application-programming interface (API) to securely download information from one channel to another.
Jamie Dimon, chairman and CEO of JP Morgan Chase, said the agreement would put customers in the driver’s seat. “The most important part of this is giving control to the customer,” explained Dimon. “Customers will get to decide what they want to share and when they want to share it – without having to hand over their password.”
The new functionality will be rolled out first to Mint users, with other apps following soon.
The five pillars of partnership
The partnership between Chase and Intuit will prioritize five pillars: security, convenience, customer control, privacy, and never selling data. These core attributes will guide the agreement, which aims to align closely with the Consumer Data Sharing Principles released by the Center for Financial Services Innovation in October 2016.
The data sharing principles are designed to ensure collaboration between the tech and finance industries, while helping consumers improve their financial well-being and manage their money.
Gordon Smith, CEO of Consumer and Community Banking at Chase, said that new technology tools let people better understand their finances, identify their own needs, and make smarter choices decisions about money.
“We will continue to pursue technology and industry advancements that place consumers and businesses at the center, allowing them to control who has access to their financial information in a way that prioritizes ease of use and transparency for all,” said Smith.