Quiltt reposted this
Great deep-dive by Alex Johnson about the evolution of data aggregation and open banking (finally I can explain to my mom what I do!). As Quiltt was mentioned, I wanted to share a few observations: 1. Data access is the foundation 🔗 First, it’s important to acknowledge the tremendous progress that today’s aggregators have made to push the industry forward. That said, the article correctly highlights many of the persistent challenges that remain - institution coverage, connectivity, and onboarding support. At Quiltt, we're building the modern switchboard between fintechs and customer-permissioned data from best-in-class aggregators. You should not have to spin up a massive team of engineers to have modern open banking infrastructure. 2. “Super aggregator" and then some ✨ I’ll admit, the label fits Quiltt pretty well, but it only scratches the surface of what we do. We natively bring aggregation and enrichment together, letting our customers take transaction data from the best aggregators (MX, Plaid etc) and have it automatically enriched by the best enrichment providers in the space (think FinGoal, Ntropy, pave.dev etc), accessible through a single API. Whether you’re building financial tools for businesses, smart budgeting, bookkeeping software, Quiltt provides the right “cocktail” of integrations to give you just the right level of understanding of your customer, out of the box. All this with just one lightweight integration and one simple contract. 3. Collaboration, not competition 🤝 Just as it was when Yodlee and Plaid were starting up, the pie today is way bigger than most people realize: despite billions of VC investment in fintech, a good chunk of the real world still runs on paper, most Americans have no idea how much money they can safely spend, and most businesses are overwhelmed with a firehose of data they don’t know what to do with. We see a future where aggregators, enrichment providers and "super aggregators" collaborate to build a vibrant open banking ecosystem that is more inclusive and more approachable for new types of builders. Simply put, you should not have to raise millions of VC dollars to build something great in fintech. It’s a very exciting time to be in this space. If you’re interesting in chatting about this or learning more about Quiltt, comment below or send me a message! Link here: https://hubs.ly/Q02Cds5C0 #OpenBanking #Fintech #DataAggregation #Quiltt