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The product is obviously amazing, and I know for a fact that it's creating credit opportunities for consumers with credit history that may not accurately reflec
by root_axis 8y ago
The product is obviously amazing, and I know for a fact that it's creating credit opportunities for consumers with credit history that may not accurately reflect their current financial status, but there is an insidious aspect to the product: the 6 months of future access to transactions and banking information. Most consumers don't realize they're giving this up when they use your product and I believe they would be much less likely to use it if they were aware.
- astura 8y ago> the 6 months of future access to transactions and banking information. Most consumers don't realize they're giving this up when they use your product and I believe they would be much less likely to use it if they were aware. Can I ask what makes you believe that? Why would someone be A-OK with sharing the previous six months of account transactions but balk at sharing the next six months of account transactions?
- root_axis 8y agoBecause they have a mental model of what is inside the previous 6 months and can make a judgement regarding whether or not they are comfortable revealing that information, whereas the future 6 months could include purchases that they may not want to reveal for various reasons. I also think many consumers would simply be creeped out by the idea that these companies can continue to maintain access to their bank statement for 6 months into the future, especially in cases where the consumer has a dispute or negative experience with the company. There are also some underwriting arrangements where companies could leverage future Plaid data to make decisions about how to treat a customer (e.g. monitoring bank balances so that rebilling a delinquent customer can be automatically rescheduled after a deposit)