Big banks concerned about third-party access to customers’ accounts54

There have been tensions between the financial industry and fintechs as they continue fighting over who has the right to access bank clients’ data, Bloomberg reports.

Some fintechs ask their users for their bank login and password to be able to access their data and provide services or use services of companies that gather data from banks, for instance, Plaid. Banks believe it can lead to privacy violations—not all companies are equally trustworthy.

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