FDX Q1 2019 Member Survey: What’s the State of Our Standard?

Momentum is growing around the Financial Data Exchange and our ecosystem-unifying FDX API.
Posted on 3/28/2019

Momentum is growing around the Financial Data Exchange and our ecosystem-unifying FDX API.

Why?  Because working together – financial organizations of all sizes and types – we are solidifying the standard to help our members focus while giving consumers the confidence they expect when sharing financial data for the services they want.

The Financial Data Exchange is committed to helping consumers and businesses make informed financial decisions safely, conveniently, and with confidence of a shared commitment to privacy.

Members are responding:

  • Already, members using the FDX API are empowering more than two million consumers – a number expected to grow significantly over the next year.
  • Credit applications and budgeting are the most popular applications of the standard so far – although it’s exciting to know that more than half of our members are using the FDX, or considering doing so, for multiple functions.
  • Perhaps best of all, we are seeing financial institutions of all sizes joining us in our goal. Some 17% of member firms have fewer than 100 employees…37% have more than 10,000…and 46% are somewhere in-between.  That diversity underscores the wisdom of coalescing around a single standard.
The momentum continues, with the addition of 16 new member firms between our launch in October 2018 and the end of January 2019, including American Express, Self Lender, Fiserv, Goldman Sachs (Clarity Money) and the Navy Federal Credit Union, among others.

What’s the good news? Working together we are providing consumers with more transparency, security and control over their financial data, while making it easier for the industry to offer innovative new products and services.  Perhaps best of all for consumers, they are gaining more control of their data without having to learn anything new.

Please take a moment to review the data here.  We hope you agree that this shows how far we’ve come, and sets a foundation for an exciting year ahead!