PNC Considers Charging Fintechs for Access to Customer Data (1)

PNC Financial Services Group Inc. is considering charging financial-technology companies for access to valuable customer data, following the lead of JPMorgan Chase & Co., Chief Executive Officer Bill Demchak said.

The bank is in “discussions” to determine what actions to take, Demchak said Wednesday during a second-quarter earnings call with analysts.

JPMorgan has sent pricing sheets to data aggregators outlining proposed charges that could amount to hundreds of millions of dollars, sources familiar with the matter said earlier this month.

CEO William Demchak

Photographer: Al Drago/Bloomberg

“I applaud” what JPMorgan did, Demchak said. “There’s a big cost to keeping this data secure and producing ...