JPMorgan Chase plans to block fintechs from screen scraping as they believe the practice is putting the bank at greater risk; “This is the latest phase of our strategy to help protect our customers’ financial data and give them more visibility and control as they use financial apps,” Bill Wallace, Head of Digital at JPMorgan, said in an emailed statement to American Banker. “Using a token and our AccountSafe dashboard, our customers will be able to see what information is being shared and manage who they share it with.”; JPMorgan Chase is not the only bank to make the move as Bank of America, PNC Bank, Citigroup and Wells Fargo have all started to stop screen scraping and create their own API based dashboards; the move could hurt small banks and fintechs that are not connected through the large aggregators. American Banker
