Big banks increasingly are developing application programming interfaces to make their customers’ data available to third parties. But discrete deals between banks and third parties would be a bad outcome for consumers and the industry as a whole.
The deal points a way forward, not only to resolve the debate over screen scraping and ownership of customer data but to redefine banks' value proposition.
Customers of JPMorgan Chase will no longer have to surrender their bank credentials in order to use Intuit products like Mint, TurboTax or QuickBooks. o
