I would argue, the issue is that they had exclusive control over the customers bank accounts. I have no problem with fintech that integrates with existing accounts over the top.
The issue is with fintechs that are not really banks, so they keep your money in a "program bank" where you are not the direct customer. You can't go to the program bank and say Fintech XYZ went belly up and I want my money, because you are not the banks direct customer (even though in some cases your name is legally on the account for FDIC insurance reasons).
Open banking tech is way more about the former than the latter.
The issue is with fintechs that are not really banks, so they keep your money in a "program bank" where you are not the direct customer. You can't go to the program bank and say Fintech XYZ went belly up and I want my money, because you are not the banks direct customer (even though in some cases your name is legally on the account for FDIC insurance reasons).
Open banking tech is way more about the former than the latter.