The coming war over your financial data
A growing number of consumers are embracing apps that mine their online saving and spending habits, and then recommend better financial decisions. Mint, Expensify, and Venmo are helping millions of users move money, invest, and plan their future.
But the picture is much bigger: The firms making these apps, part of the world known collectively as "fintech," collect, store and then sell their users' anonymized data, an industry previously controlled solely by traditional banks. Now, fintech firms and banks are locked in the opening salvos of a war for control of the consumer financial data, and the billions of dollars in fees that they earn.