No free lunch for fintechs

In a week when Jamie Dimon announced a new tactic prevent fintechs from eating his bank's lunch, PNC's chief executive Bill Demchak said it would also consider charging fintechs for access to customer data. "I applaud" what JPMorgan did, Demchak said. "There's a big cost to keeping this data secure and producing it in a form that's readable for our clients. So we're thinking about it," reports Bloomberg. "The charges could upend business models and potentially affect fintechs that rely on access to bank account information, like peer-to-peer payment platforms or cryptocurrency wallets. The issue of data-sharing isn't new for Pittsburgh-based PNC, which sued data aggregator Plaid in 2020 over how that company accessed the bank's customer data. The two parties settled the matter last year."