Capital One's dispute with Plaid raised questions about the ability of banks and aggregators to work together. But the end of that fight, and Capital One's deal with Finicity, show common ground can be reached — eventually.
Everyday lenders become more and more challenged to deliver a competitive modern consumer experience, expedited loan fulfillment, heightened loan quality and per loan profitability, reduced fraud, risk exposure and per loan costs.
Financial firms say the database is unreliable and would like to see it removed from public view. But the industry would also lose access to competitive insights that can be gleaned from the massive trove of consumer complaints.