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Are Consumers Ditching their Banking App for Fintech Apps?

Scrapegators, what’s that? According to Malauzai Software, that’s the term used for vendors that “scrape” digital banking apps on the internet to gather data and then provide that data to fintechs. In other words, they are aggregators. Think Mint, Yodlee and Intuit, who, according to Malauzai Software’s Monkey Insights February 2018 report, are the largest scrapegators in the U.S.

Scrapegating is a direct result of the advent of open banking and APIs in the banking industry. According to the Malauzai report, scrapegators point to another important change in the banking ecosystem. That change being that increasingly more and more consumers are relying on non-banking apps to meet certain banking needs. Think P2P apps or PFM apps.

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