JPMorgan's clampdown on data puts Silicon Valley apps on alert

www.americanbanker.com

Data access and ownership is a topic of constant debate, and bank account data is no different. Long-simmering tensions between the financial industry and Silicon Valley startups are erupting behind-the-scenes into a battle over the reams of valuable data held inside Americans' bank accounts. Banks want to control who gets access to ensure safety and protection (as well as not wanting startups to compete away potential revenue). Startups, by way of consumers signing up and providing access credentials, say they should be granted free access to the information (because well, that's key to the whole business model).

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