Young Research & Publishing Inc.

Investment Research Since 1978

Disclosure

  • About Us
    • Contributors
    • Archives
    • Dick Young’s Safe America
    • The Final Richard C. Young’s Intelligence Report
    • You’ve Read The Last Issue of Intelligence Report, Now What?
    • Dick Young’s Research Key: Anecdotal Evidence Gathering
    • Crisis at Vanguard
  • Investment Analysis
    • Bonds
    • Currencies and Gold
    • Dividend Investing
    • ETFs & Funds
    • Investment Strategy
    • Retirement Investing
    • Stocks
    • The Efficient Frontier
  • Investment Counsel
  • Dynamic Maximizers®
  • Retirement Compounders®
  • Free Email Signup

Breaking News: Why Fidelity is #1

February 21, 2020 By E.J. Smith

By Alex Paul @ Shutterstock.com

You now have yet another reason to consolidate your assets with my favored Fidelity Investments: Fidelity takes protecting your most valuable financial information seriously.

Yesterday, it was announced that Fidelity is spinning off software start-up Akoya, a platform that gives customers more control over how their bank-account information is shared. Without a service like Akoya, apps can scrape your account gaining access to information you may wish to keep private.

“The platform,” explains Justin Baer in the WSJ, “aims to put an end to ‘screen scraping,’ the process where the app company’s software obtains the customer’s sign-in information, logs in as that individual and extracts their data. Many banks have grown uncomfortable with this approach, in which apps essentially impersonate their customers, said Peter Wannemacher, principal analyst at Forrester Research Inc.” Baer explains:

Akoya executives say banks and other financial firms will pay for the platform so they don’t have to build one themselves or negotiate data-sharing agreements with each of the apps its clients want to use.

“It’s a two-sided network,” said Stuart Rubinstein, Akoya’s chief executive.

To be effective, though, Akoya needs many participants to plug into its network.

By separating from FMR, Akoya seeks to address any discomfort other institutions might have with a platform housed inside a fellow financial-services heavyweight. Fidelity has more than 30 million customers and $8.3 trillion in assets under administration. By bringing in many of the biggest banks as investors, Akoya believes it has locked up enough users on one side of the network to lure app developers on the other.

“When we envisioned building a utility, we realized we might need to spin it out,” Mr. Rubinstein said.

Your key takeaway here is that this is yet another example of Fidelity’s hard-charging effort on the technology front to make sure your investment gets the protection it deserves.

Read more on Why Fidelity is #1:

  • Rich CEO, Poor CEO? Why Fidelity is Number One
  • Doing Business with Fidelity (Not Schwab)
  • Breaking News: Fidelity’s $0 Commissions Done the Right Way
  • Fidelity Investments: Why it’s #1
  • My Personal View on Fidelity Investments for You

Originally posted on Your Survival Guy. 

Share this:

  • Email
  • Twitter
  • Facebook

You Might Also Like:

  • Your Retirement Life: The World’s Largest Man
  • Your Retirement Life: What a Great Weekend for YOU to be in Newport
  • You’ll Love This if You’re Dreaming of an Active Retirement Life
  • Author
  • Recent Posts
E.J. Smith
E.J. Smith is Founder of YourSurvivalGuy.com, Managing Director at Richard C. Young & Co., Ltd., a Managing Editor of Richardcyoung.com, and Editor-in-Chief of Youngresearch.com. His focus at all times is on preparing clients and readers for “Times Like These.” E.J. graduated from Babson College in Wellesley, Massachusetts, with a B.S. in finance and investments. In 1995, E.J. began his investment career at Fidelity Investments in Boston before joining Richard C. Young & Co., Ltd. in 1998. E.J. has trained at Sig Sauer Academy in Epping, NH. His first drum set was a 5-piece Slingerland with Zilldjians. He grew-up worshiping Neil Peart (RIP) of the band Rush, and loves the song Tom Sawyer—the name of his family’s boat, a Grady-White Canyon 306. He grew up in Mattapoisett, MA, an idyllic small town on the water near Cape Cod. He spends time in Newport, RI and Bartlett, NH—both as far away from Wall Street as one could mentally get. The Newport office is on a quiet, tree lined street not far from the harbor and the log cabin in Bartlett, NH, the “Live Free or Die” state, sits on the edge of the White Mountain National Forest. He enjoys spending time in Key West and Paris.

Please get in touch with E.J. at ejsmith@youngresearch.com
Latest posts by E.J. Smith (see all)
  • Red States Churning Out Jobs While Blue States Lag Behind - July 6, 2022
  • “Talk to Me, Goose!” Time Flies in Top Gun: Maverick - July 5, 2022
  • Even Without Food and Gas, Inflation is Soaring - July 1, 2022

Search Young Research

Most Popular

  • Here’s Why You Need a 15-Year Retirement Investment Plan
  • Why Work When Taxes Take It All?
  • Even Without Food and Gas, Inflation is Soaring
  • Vanguard Wellesley (VWINX) vs. Wellington (VWELX): Which Fund is Best?
  • Are Google, Amazon, and Microsoft About to Crash This Specialized Real Estate Market?
  • Avoid This Serious Tax Mistake in Retirement
  • The Power of a Compound Interest Table
  • What Happens to Your Passwords When You Die?
  • Time to Save, Troubles Dining Out, and Intelligence on Yellowstone
  • Red States Churning Out Jobs While Blue States Lag Behind

Don’t Miss

Default Risk Among the Many Concerns with Annuities

Risk and Reward: An Efficient Frontier

How to be a Billionaire: Proven Strategies from the Titans of Wealth

Could this Be the Vanguard GNMA Winning Edge?

Cryptocosm and Life After Google

Warning: Avoid Mutual Fund Year End Distributions

Is Gold a Good Long-term Investment?

How to Invest in Gold

Vanguard Wellington (VWELX): The Original Balanced Fund

What is the Best Gold ETF for Investing and Trading?

Procter & Gamble (PG) Stock: The Only True Dividend King

The Dividend King of the North

You’ll Love This if You’re Dreaming of an Active Retirement Life

RSS The Latest at Richardcyoung.com

  • BIDEN OUT OF TOUCH: Will America See Recession, or Worse?
  • Your Average Joe – a Man Out of Touch
  • “Talk to Me, Goose!” Time Flies in Top Gun: Maverick
  • The Dangers of Politicizing the Federal Reserve
  • FOOD SHORTAGE: Four Reasons Farms Are Suffering
  • Rich Grandchild, Poor Grandchild
  • Facebook Braces for “Worst Downturn in Recent History”
  • Happy Independence Day
  • For Investors Who Want to Stop Worrying About a Market Crash
  • Breaking News: House Election Update

About Us

  • About Young Research
  • Archives
  • Contributors

Our Partners

  • Richard C. Young & Co.
  • Richardcyoung.com

Copyright © 2022 | Terms & Conditions

 

Loading Comments...
 

    loading Cancel
    Post was not sent - check your email addresses!
    Email check failed, please try again
    Sorry, your blog cannot share posts by email.