There are “people who improperly use data that’s being given to them, like Plaid,” Dimon told analysts. [0]
Amazing how openly CEO's like Dimon will fear-monger about start-ups, when in reality they're just not satisfied with their own team's progress in doing the same exact thing. But of course it's OK when they eventually launch the product.
Plaid wouldn't exist if there had been practical open banking APIs.
Remember their original use case was to offer third-party services something with a little more guiderails than "enter your ACH info and cross your fingers" and a little less clumsy than "we'll take that info and make some test deposits that you have to read back to confirm it's your account."
Amazing how openly CEO's like Dimon will fear-monger about start-ups, when in reality they're just not satisfied with their own team's progress in doing the same exact thing. But of course it's OK when they eventually launch the product.
[0]https://www.finextra.com/newsarticle/37293/dimon-scared-shit...