Latest News
HiddenLevers Formalizes Zero Tolerance Policy on Client Data Sales, Introduces Open-Source Language for Adoption by Other Fintech
HiddenLevers, a developer of business intelligence and client experience applications for wealth management professionals, today formalized their long-standing internal policy of not permitting sales of any advisor or client data. This sets a new standard for fintech companies serving wealth management.
“To date, we’ve never sold client data, and as HiddenLevers becomes the go-to shop for wealth management BI, it is clear that we will have loads more end-client data, and face all manner of solicitors. The time is ripe to be explicit on telling them to get lost,” said Raj Udeshi, a HiddenLevers Founder. “In light of the Facebook and Amazon regulatory smackdown, fintech that serves RIAs should comport with their fiduciary sensibilities, to avoid a similar fate.”
With millions of end-client data points among the $450 billion in assets on its platform, HiddenLevers is reassuring advisors about data privacy as the amount of collected data grows rapidly. Executive teams are beginning to see HiddenLevers Risk Monitor as a superior product for wealth management business intelligence compared to their own legacy tech or generalist BI platforms.
“On the sales side, we get asked more and more about data privacy and we’re glad this issue is in the limelight,” said Jeff Baker, a member of the HiddenLevers Busines Development team. “HiddenLevers has always guarded advisor and client data, and now we want to let the whole industry know how strongly we feel about this.”
All HiddenLevers enterprise agreements, as well as its website terms and conditions for individual users, will be amended with the following language to reflect the self-imposed restriction:
Zero Tolerance on Client Data Sales
HiddenLevers commits to never selling a customer’s client data. HiddenLevers acknowledges that data privacy is a paramount issue for fintech providers and hereby foregoes revenue streams aimed at sales of any customer’s client data, whether it is data of the advisors, or end clients of the advisors, including aggregated data and holdings. HiddenLevers acknowledges its responsibility as a fintech provider to act in a way that supports the best interest of clients of registered investment advisors, among other fiduciary sensibilities.
“For the past 10 years, HiddenLevers has been on the cutting edge of functionality for advisors and the executive teams and asset managers that serve them,” said Praveen Ghanta, CEO of HiddenLevers. “Today, let us also lead the way on cultural change by formalizing a voluntary ban on client data sales. We are making the contract language open source in hopes that other fintech companies, large and small, will follow suit.”
SOURCE HiddenLevers
Blockchain
Online Banking Market to Grow at CAGR of 14.20% through 2033, Key Takeaways of Digital Banking, Banking Ecosystem, Financial Giants & Disruptive Startups
Blockchain
Linklogis Starts First Quarter with Strong Performance, with the Transaction Volume Reaching RMB96.2 Billion
Blockchain
Cross Border Payments Market to Reach $345.42 Billion by 2033; Rising Volume of International Trade & Services to Propel Growth
-
Blockchain Press Releases6 days ago
Canaan Shines at Blockchain Life 2024 in Dubai
-
Blockchain6 days ago
Quantum eMotion Files a Patent for Quantum-based Blockchain Wallet Under the Patent Cooperation Treaty (PCT)
-
Blockchain5 days ago
Phoenix Group Engages BHM Capital as Liquidity Provider to Boost ADX Liquidity and Enhance Market Dynamics
-
Blockchain Press Releases6 days ago
Bybit Institutional Report 2024: Institutions Become Bullish and Eye Challenger Chains, while VC Funding Resurges for Infrastructure, Gaming, and AI
-
Blockchain6 days ago
Elizabeth Warren Urges Treasury Secretary Yellen to Implement Strong AML/CFT Measures for Stablecoins
-
Blockchain Press Releases7 days ago
Bybit and Franck Muller Partner with Sidus Heroes to Launch Cosmic Gears: A Pioneering Web3 Game with a $250,000 Prize Pool and Exclusive Watch Collection
-
Blockchain5 days ago
Crypto fans count down to bitcoin’s ‘halving’
-
Blockchain5 days ago
Tether USDT stablecoin goes live on TON blockchain