As with so many sectors of the economy, technology is transforming the retail banking sector.

With customers' permission, fintech firms have increasingly turned to data aggregators to 'screen scrape' information from financial accounts. In such cases, data aggregators collect and store online banking logins and passwords provided by the bank's customers and use them to log directly into the customer's banking account.

The banking industry has traditionally been characterized by physical branches, privileged access to financial data, and distinct expertise in analyzing such data.

Jerome Powell Quotes