Big Banks Restrict Finance Apps
Over the past week, several big United States (US) banks have pushed back against consumer financial management applications that aggregate personal banking data. JP Morgan Chase, Wells Fargo and most recently Bank of America have all restricted financial aggregators access to their consumers’ data. Mint.com, Quicken and Digit are some of the largest providers that have had their access to customer bank accounts cut off.
These restrictions come as regulators are increasing their scrutiny of data and privacy protections. At the same time, cyber attacks are on the rise. Although, the aforementioned providers have defended their security standards, big banks are obviously more hesitant to share data with external providers. Notably, several of the banks also provide their own financial management tools that compete with third party aggregators.