If I buy a house, I can take a credit on that house.
If I bought some stock, banks will let me take a loan on them afaik.
I can also borrow some money and choose something expensive that I own for a collateral.
Maybe crypto makes the last one easier, but then it will lead to a lot of fraud, because veryifing that the item I set as collateral is the difficult and expensive part.
Other companies like mint and byallaccounts largely did the same thing and were aquired at $170 per account and $33 per account respectively. So obviously someone is making money on keeping your data gatekept.
Maybe they don't offer the information in the specific way that you want, but that can also happen in web3(Propertery API, OAUTH2 which means you have to have static ip server for authentification,etc.).
You pay for the convenience of having your data aggregated in the specified format.
That aside, banks in the EU are forced to offer api services, as specified in the PSD2 standard.
I just don't see how doing everything in a web3 solves anything better than regulations.
Maybe - but then, good luck getting every single country in the world, to agree on identical, completely open regulations way, way more advanced than PSD2. This is what ""web3"" (or more accurately, open and composable finance primitives such as Ethereum/alt-L1s and the surrounding ecosystem) achieves.
The reason you wouldn't be able to simply start a website offering people loans would be because of laws, I see no argument that if you somehow use a different technology it is suddenly legal.