The fight for consumer data, just starting

www.wsj.com

J.P. Morgan Chase & Co. and Wells Fargo & Co. are snarling the flow of data to popular websites that help consumers manage their finances, according to people familiar with the matter.

Banks, facing increasing competition from these companies, are becoming more protective of their customer information and are limiting how much data they pass on. The moves also reflect growing concern within the banking industry that rising use of such sites will overload bank servers, on top of worries that customer data could potentially be vulnerable to hackers.

As data becomes a key asset in the 21st century, businesses will try to keep what they've gathered on their clients to themselves, which is precisely why we need regulation to enforce data to belong to the user. 

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