Many people have become familiar with and, to some extent, addicted to the personal financial management (PFM) and account aggregation tool called Mint. We heard this loud and clear when we recently enacted required data security measures that effectively made Mint unavailable to Family Trust online users. I want to provide some insight to our dilemma and possible solutions.
First of all, Mint is a good product with some great features. Our primary concern is with the account aggregation. If not properly secured, this feature provides a high risk to the Family Trust network. Before we resume any connection with a 3rd party PFM or account aggregation provider, we must be comfortable with the risk associated with supporting this type of dedicated connection. This is for the ultimate protection of our members and their account data.I realize other institutions are offering this service, and they may be more comfortable with the risk. We are adhering to the strong warnings and guidelines issued by federal regulatory agencies. Data security and cybercrime are the top regulatory concerns for all federally insured banks and credit unions this year.
So, what are the solutions? We are working diligently on several possibilities:
1. We may be able to arrange a secure interface between our online banking platform and Mint. We are working with the two entities to see if this is possible.
2. We may be able to purchase the Mint software and integrate it with our online banking platform.
3. We may be able to provide a new PFM and account aggregation tool that will have all the required data security and validation features.
We aren’t sure which of these solutions will be best. The thing I most want you to know is we hear you and we are working on it. That being said, we have to keep data security as our No. 1 priority. We all remember the data breach at the SC Department of Revenue, the hacking of Instagram, and the numerous breaches at big box stores like Target and Home Depot. We do not want to join that list and we do not want you to become a victim. My commitment is that we’ll keep you informed as we make progress.