Over the last two decades, the emergence of new intermediaries that aggregate data from numerous sources has enabled financial services providers of all kinds to provide consumers with a more complete view of their financial lives. This, in turn, has contributed to the recent growth of financial technology (“fintech”) companies that are using these data to provide new tools and services to consumers.

These trends have empowered consumers to more effectively manage their financial lives and improve their financial health, but they have also raised important questions around data security and privacy, consumer control and transparency, and the need for greater industry coordination and shared standards.

In consultation with industry experts, the Center for Financial Services Innovation (CFSI), the authority on consumer financial health in the United States, developed the following set of principles to guide the financial services industry as it works to establish a data-sharing ecosystem that is secure, inclusive and innovative. This effort builds upon CFSI’s previous work to establish principles and best practices guides for specific products, leveraging CFSI’s Compass Principles framework for quality in financial services.