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On the contrary - Banks are falling over themselves to embrace Plaid, Finicity, Decisionlogic, Yodlee and all their ilk because failure to do so will result in the departure of their customers to a bank that supports all the new fintech apps that rely on these API providers.



No, if anything banks have been catching on to Plaid and many have decided to stop supporting it e.g. Capital One has been on/off it for years.

Banks aren't exactly happy that their API is basically scraping their website, for very valid reasons, including the customer's own security.

If enough of the big banks decided they had enough of Plaid then it would present a massive existential threat to the business. If anything, I think that threat is a reason why they wanted an exit sooner rather than later.


Capital One removed common banking functions on my account about a year or so ago. I can no longer bill pay vendors and exported statements don't even match the UI. So I wouldn't use them as a model. Their online Spark account is terrible.


I guess this is part of why they would welcome an acquisition by VISA. They instantly have a generous benefactor to open all the doors to the various banks.


Or PSD2 will make their tech outdated. Europe’s push for open banking may not be fast but it is relentless.


Big Banks want to block all this stuff. It’s both a security risk and also reduces the friction to migrate banks. Alternative to plaids ach verification is micro deposits which takes at least 1 days to verify the account. Banks have negative NPS score and people don’t move because it’s a lot of effort including moving all your bill pay info etc.




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