JPMorgan Tells Fintechs They Have to Pay Up for Customer Data

This certainly feels like a “the cows have mostly escaped, close the barn doors!” moment. I imagine this will proceed similarly to other incumbent businesses trying to milk their younger “partners”, and those will quickly turn into direct competitors instead.

The cows are the customers. Have they really bolted? Or is this a reflection of the failure of the fintechs to do anything useful, revenue wise?