You might also be interested in
Replies (11)
Please login or register to join the discussion.
elegant coupes sweeping out of the garage?
My life is incomplete without an elegant Coup-A!...
Wouldn't trust bankers with a barge pole. What did Carney say would happen after the referendum. PPI, PPI, PPI.
PPI, PPI PPI I. etc.
I'm with you on this ... what seems to be missing is the notion that banks are there to make money out of your money, for them, possibly for HMRC with whom they cosy up, but very definitely not for you.
They will manipulate the system to that end and no other.
The epithet 'Open Banking' is so blatently a propaganda title as to beggar belief and cunningly draw a veil over the dangers inherent in the concept.
To date I have only seen beguiling statements about how great it is for customers, but as with all of these things it is definitely a two-edged sword and would not have seen the light of day if the banking establishment did not believe it was in their absolute interest.
I'm not sure I should be rushing headlong into this.
First, if the MTD debacle has taught us anything it must be the benefit of sometimes sitting on our hands and waiting to see how a new technology develops. I have seen many comments from practitioners who have pushed their clients into using cloud-based software for MTD only to find that they are not well suited to it.
I suspect the same could apply here.
Of course, there's nothing wrong with this technology but the first question should be whether it suits each client?
Also, those with a vested interest in promoting new technology will always try and push us to make a quick decision - "Do it now or you will miss out" - but in fact a more measured approach is surely worthwhile.
Yes, I will embrace the technology - when it's proven to be beneficial to the client.
I cannot see the benefit of this except for organisations who want to profit from my information:
Eg, from the Openbanking.org website:
With Open Banking, you can make payments directly from your bank or building society.
Er, like I do now?
Open Banking is free. However, some regulated apps and websites may choose to charge you for their products and services.
If money has been taken from your account without your authorisation, contact your bank or building society as soon as you notice. Depending on the circumstances, they may be able to pay your money back.
"May be able" - fills me with confidence
I seem to remember the "cloning" farce, where banks said it wasn't possible and refused to reimburse.
Exactly. The last thing I want to do is change bank account or let new banks have access to all my transactions. I pay for a lot of things in cash specifically because I don't even like myself to see what I spent where on a particular day - it just feels far too open.
Very risky. I want things to be much less open, not much more open. So many people are out there trying to steal and hack data - open banking is an invitation to them all. I don't know what the CMA was thinking when it recommended it.
Yawn yawn another tech guru telling us all how to run our businesses. What would be nice about these articles is if they included a balanced discussion of the risks, some of which in this case are jumping up and down with a massive sticker RISK stuck on their foreheads.
Just like Xero et al never want to talk about the risks of going on to the Cloud.
Open banking - Greatest ever threat to businesses.
Facebook and others have been openly pushing for it. Cloud software companies are rubbing hands with glee.
One of the last remaining bastions of privacy about to be destroyed as banks are being Forced to open up. Big penalties from the government if their APIs are not in place.