Google was busy elsewhere, filing an amicus brief in a New York case against an aggregator called Theflyonthewall.com, for its appropriation of proprietary bank research.
Although bank officials say investment advisers typically don't receive incentives to place clients with proprietary bank funds or other products that carry higher fees, Bill Doyle, an analyst with Forrester Research, said customers should always make sure they are getting the best possible deal.
According to CEO Adrian Nazari, the company uses its proprietary, bank-level technology and security to pull in this aggregated, non-personalized data.
The data corresponds to proprietary bank-level information from a sample of 45 Spanish banks and contains quarterly bank-level (acquirer and issuer) information on payment cards, ATMs and POS terminals as well as prices for debit card transactions (interchange fees, merchant fees and annual fees).
Information scarcity and access to proprietary bank networks has made the operation of financial services a mysterious, yet defensible 'black box' capability.
Citibank is preparing a full launch of its proprietary online banking and bill presentment platform for this fall, and Chase is said to be working feverishly on developing a plan to catch up with the competition.
Therefore, to maintain their profits—and their proprietary edge the banks must constantly upgrade their products.
"Each one of these now has a strong, proprietary vote bank and total ownership of its party.
Senators Carl Levin of Michigan and Jeff Merkley of Oregon, both Democrats, said in a conference call with reporters that as currently drafted by the agencies charged with carrying out the new law, the Volcker Rule, governing a bank's proprietary trading, allows banks to amass a single, large bet as a hedge against possible declines in an entire portfolio of securities.
For example, the S.E.C. is one of the agencies charged with writing and implementing the Volcker Rule, which is meant to prevent proprietary trading by banks, and which the banks will work hard to weaken.
