I would wager that 90% of the business for Plaid, Yodlee, and Intuit is account verification; the thing that you used to do by having small ACH transfers of random amounts that you verify. The fact is that 90% of running a fintech business is identifying and bounding fraud risk, and these "banking API" companies are able to move the needle down a couple of basis points.
edit It's shit like this that just screams for the Fed to force FIs to implement a standard API for verifying accounts and making transfers. I bet half of fintech would collapse overnight, but the collective cost savings would be in the billions.
edit It's shit like this that just screams for the Fed to force FIs to implement a standard API for verifying accounts and making transfers. I bet half of fintech would collapse overnight, but the collective cost savings would be in the billions.