Big Banks’ Clampdown on Data Puts Silicon Valley Apps on AlertBy
To secure data, banks demand apps stop logging in as customers
JPMorgan, Capital One lead shift to gateways with strict terms
The app was quickly becoming a cult favorite among penny-pinching U.S. consumers — and also a bane for their banks.
In just over a year, Paul Kesserwani’s startup Cushion has helped users win refunds on almost $1 million in fees by logging into their accounts and disputing charges with an artificial-intelligence chatbot, named Fee Fighter. The app features a cartoon robot wearing a black belt, assuring users “You relax, while I work.” It also lobbies to lower interest-rate charges on credit cards.