Finance
European Banks Forced to Open the (Data) Vault
The new rule will force lenders to provide their coveted customer data to fintech challengers.
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The castle walls are about to come down.
For years, European banks have been self-contained fortresses that plied their customers with everything from checking accounts to credit cards to mortgages, while stockpiling terabytes of data on their spending habits. Now these institutions are about to open up like never before as lawmakers seek to foster competition.