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Open banking - what do you think?

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duhawkz
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PostPosted: 18:14 - 13 Jan 2018    Post subject: Open banking - what do you think? Reply with quote

http://www.bbc.co.uk/news/business-42655716

Banks are launching open banking, where you can give registered companies access to your banking information so they can use it 'help' you get better deals on things, based on your spending habbits, and how you manage your account etc.

I assume it works in a similar way to apps that access your facebook profile

What do you thing, are you ready to all that level of access to your bank account.
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Wafer_Thin_Ham
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PostPosted: 18:29 - 13 Jan 2018    Post subject: Reply with quote

It's a tricky one. They're doing it to make more money no doubt about that. However if they're also giving us a better deal than they would have before then everyone wins?
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Rogerborg
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PostPosted: 18:41 - 13 Jan 2018    Post subject: Reply with quote

Moar credit 4 moar stuff we don't need.
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Wafer_Thin_Ham
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PostPosted: 18:46 - 13 Jan 2018    Post subject: Reply with quote

Rogerborg wrote:
Moar credit 4 moar stuff we don't need.


Only some people. If you can exercise a little self control you could use it to your advantage no?

I wonder if people would feel comfortable with companies accessing their account to see how much they spend on strong pornography or something. Laughing
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Ste
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PostPosted: 18:47 - 13 Jan 2018    Post subject: Reply with quote

"Examples of new services include:
Money management apps that give tips and advice based on how your current account is used

An app that monitors your balance and warns you if you are going overdrawn

Third parties, such as a price comparison websites, analyse spending patterns and recommend products based on this, such as a cheaper overdraft, or a better credit card"

Do not want.
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Wafer_Thin_Ham
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PostPosted: 18:49 - 13 Jan 2018    Post subject: Reply with quote

Ste wrote:
"Examples of new services include:
Money management apps that give tips and advice based on how your current account is used

An app that monitors your balance and warns you if you are going overdrawn

Third parties, such as a price comparison websites, analyse spending patterns and recommend products based on this, such as a cheaper overdraft, or a better credit card"

Do not want.


Aaa, so it's about targeting those that have money problems with "cheap" credit. Righto. Thumbs Up
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Tracey Suntan-King
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PostPosted: 18:54 - 13 Jan 2018    Post subject: Reply with quote

Article in today's Guardian saying that it is by no means clear who will cough up if things go wrong since several/many institutions will link your personal financial info.

It even goes so far as to quote Nat West

Quote:
Then there’s the risk that, with third parties having access to bank accounts, that a scammer will attempt to insert themselves into this relationship, says NatWest. “A scammer could hack into a third party provider to gain access to information held in current account statements or pose as a third party in correspondence to extort information. This could then allow them to fraudulently access customers’ money.”


So for me, with even a major bank saying there might be holes in it, no thanks.
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duhawkz
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PostPosted: 20:27 - 13 Jan 2018    Post subject: Reply with quote

as long as it dosen't become a condition of doing business with companies. Imaging trying to get insurance, and having to let them connect to your bank account then finding your quote for insurance and gone from £200 to £2000 because you frequently use your bank card in a night club at 2am then use it by petrol at 9:30am later that day, or they've deemed some other aspect of of your life style high risk.

Or perhaps a company might decide to give you preferential treatment based your wealth or reduced service based on your lack of it.

I imagine you can build quite an interesting picture of someone life based on their bank statements, I dont want to share that level of detail with anyone if I can avoid it.
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Rogerborg
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PostPosted: 10:51 - 14 Jan 2018    Post subject: Reply with quote

Ste wrote:
recommend products based on this, such as a cheaper overdraft, or a better credit card"

See previous comment.

This is not about saving people money, it's about getting them to spend more.
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Jewlio Rides Again LLB
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PostPosted: 11:11 - 14 Jan 2018    Post subject: Reply with quote

Wouldn't have this problem with Bitcoin. Whistle
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pepperami
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PostPosted: 12:26 - 14 Jan 2018    Post subject: Re: Open banking - what do you think? Reply with quote

duhawkz wrote:
http://www.bbc.co.uk/news/business-42655716

Banks are launching open banking, where you can give registered companies access to your banking information so they can use it 'help' you get better deals on things, based on your spending habbits, and how you manage your account etc.

I assume it works in a similar way to apps that access your facebook profile

What do you thing, are you ready to all that level of access to your bank account.


I don’t have a Facebook account , so that’s not gonna help them.
I’m certainly not ready for a third party to have that level of access to my bank account
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stinkwheel
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PostPosted: 13:51 - 14 Jan 2018    Post subject: Reply with quote

I have thus far strenuously and successfully resisted having any part of my formal banking online. The one exception being paypal.

It turns out I can even do BACS payments in person in my local branch, of which there are many since I switched to the Cumberland Building Society.
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Joncrete Cungle
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PostPosted: 19:19 - 14 Jan 2018    Post subject: Reply with quote

Can't people manage to do that terribly old fashioned thing called budgeting anymore? Why do people need an app to tell them they are going overdrawn, are they fucking stupid? Rolling Eyes
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Pjay
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PostPosted: 19:23 - 14 Jan 2018    Post subject: Reply with quote

This is a great reason to use Crypto for purchases over the coming years.

Own goal banks.
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Ste
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PostPosted: 19:30 - 14 Jan 2018    Post subject: Reply with quote

Or cash. Razz
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Rogerborg
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PostPosted: 21:40 - 14 Jan 2018    Post subject: Reply with quote

Ste wrote:
Or cash. Razz

Plus you can lick cash to get a quick coke hit.
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Robby
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PostPosted: 23:12 - 14 Jan 2018    Post subject: Reply with quote

There are a few minor examples where I could imagine this being vaguely useful.
Bike insurance is due, magic banking app runs my quote for me, give me a 1-click buy it now.
Utilities are due a switch, magic app does the USwitch thing for me.

These things already exist, but are a bit clunky. Making them less clunky would be nice. The problem is that this requires access to lots of information. I know the information isn't accurate. I don't trust the companies that want to access it now - and when GDPR comes into play, I'll have to give consent every 5 seconds as they come up with a new way to (mis)use my information.

However. If I had never compared insurance quotes, switched utilities, or moved credit cards - this could save me a lot of money. So there are potential winners - and they are just the same people where the comparison sites don't yet have their data, so it's worth putting some effort into targeting them.
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duhawkz
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PostPosted: 23:21 - 14 Jan 2018    Post subject: Reply with quote

Robby wrote:
There are a few minor examples where I could imagine this being vaguely useful.
Bike insurance is due, magic banking app runs my quote for me, give me a 1-click buy it now.
Utilities are due a switch, magic app does the USwitch thing for me.


These things already exist, but are a bit clunky. Making them less clunky would be nice. The problem is that this requires access to lots of information. I know the information isn't accurate. I don't trust the companies that want to access it now - and when GDPR comes into play, I'll have to give consent every 5 seconds as they come up with a new way to (mis)use my information.

However. If I had never compared insurance quotes, switched utilities, or moved credit cards - this could save me a lot of money. So there are potential winners - and they are just the same people where the comparison sites don't yet have their data, so it's worth putting some effort into targeting them.


Neither of those require access to your financial transactions, in fact they're not even relevant unless, as I said above insurance companies plan on using it to try and do some kind of profiling based on the data they can access.

For energy switching all they need is the number gas and electric units used over the last 12 months and the price paid, then a payment method.
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Lord Percy
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PostPosted: 05:02 - 15 Jan 2018    Post subject: Reply with quote

Sounds like a big data mining project to me.

Get people to volunteer their private financial information, then use it to understand social attitudes towards spending/saving like never before.

Quite interesting in a way. I can see how it might help consumers too, for example via apps which have access to all of the user's spending history could give quite good insights, advice etc.

The 'make them spend more' concern is not that big of an issue in my eyes. At best it'll allow for more targeted advertising. I suppose it could allow predatory companies to hand pick the people who are most likely to spend silly amounts and risk financial hardship or bankruptcy. A lot of this is happening already though. "Quick Quid" etc.
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skatefreak
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PostPosted: 20:37 - 15 Jan 2018    Post subject: Reply with quote

Sounds like the highway to individual pricing...
Still unsure if that's legal but it no doubt shuffled into law if needed when big business want's to start screwing us just that little bit harder...

Google & co wrote:
buy engine oil frequently...? well let's just slap a 500% mark up on every online vendor
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Rogerborg
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PostPosted: 22:54 - 15 Jan 2018    Post subject: Reply with quote

skatefreak wrote:
Sounds like the highway to individual pricing...
Still unsure if that's legal

Is it because I is from a sociologically disadvantaged heritage?

I'm thinking it wouldn't last too long.
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iooi
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PostPosted: 22:03 - 16 Jan 2018    Post subject: Re: Open banking - what do you think? Reply with quote

duhawkz wrote:


What do you thing, are you ready to all that level of access to your bank account.


Well they are not getting my approval to share data with unknown 3rd parties.....

Far to many systems are tacked together an bodged on. The whole banking system want's re writing from the arse up. Or adding more stuff like this will see more and more issues and crashes. Twisted Evil
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Rogerborg
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PostPosted: 10:12 - 17 Jan 2018    Post subject: Reply with quote

Oh, I assume it's a given that DWP will insist on access as a condition of claiming benefits, HMRC for taxation purposes, and your local Council just because they're a bunch of Stalinist cvnts.
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Courier265
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PostPosted: 18:29 - 17 Jan 2018    Post subject: Reply with quote

no thank you, sounds a tad dodgy to me...
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Ste
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PostPosted: 18:41 - 17 Jan 2018    Post subject: Reply with quote

It'll be fun when they try to make Hetzer use Open Banking. Razz
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