Big Banks Are Attacking Personal Finance Apps Like Mint

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By Ethan Wolff-Mann

Personal finance services like Intuit’s Mint provide a convenient heads-up display to track and manage your spending, credit card usage, bank accounts, and budget. These services, which many people call aggregators, can make sense of the chaos, offering a way to zoom in on your entire financial situation.
Big banks like J.P. Morgan and Wells Fargo aren’t fans of the likes of Mint, which is effectively a competitor to the banks because their services often overlap. In fact, some big banks have their own aggregating partners that compete directly with Mint. Recently, both banks have briefly cut off non-partner aggregators for a few days by keeping their data off limits, according to theWall Street Journal
The public rationale behind the banks’ move isn’t overtly about the competition, but instead focuses on security concerns about hacking as well as the overloading of bank servers with tons of data requests.
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