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JPMorgan wants to create a dashboard for customers to pick and choose data that third-party apps access, as banks get more territorial about sharing information with fintechs

  • Jame Dimon, JPMorgan Chase CEO, said on Tuesday’s fourth-quarter earnings call that the bank is working to allow customers to dictate what data will be made available to third-party apps connecting to their bank accounts. 
  • Jennifer Piepszak, JPMorgan’s chief financial officer, said on the call that apps will only access customer information through JPMorgan’s own APIs, as the bank believes it is the “most secure way to do it.”
  • Piepszack described a dashboard-type tool that customers could use to manage data sent to third-party apps.
  • On Monday, Plaid, a startup that links financial apps to bank accounts, announced Visa intended to buy it for $5.3 billion. The San Francisco-based startup is one of the key players in the debate about customer data.
  • Click here for more BI Prime stories.

JPMorgan Chase is looking to empower customers when it comes to the data they share with the third-party apps they love to use.

Jamie Dimon, the bank’s CEO, explained on a fourth-quarter earning call how JPMorgan is working on controlling third-party applications’ access to customer data with the eventual goal that clients can dictate what is and isn’t shared.

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