OT - Open Banking

[Michael Chare]

Is this something that you welcome?

Does it increase the risk of fraud?

[New OAP ...]

always pay cash at a Paki run petrol station........

[Bob Minchin]

Well I can't quite see how it would be of significant benefit to me and any increase in flow/spread of personal info has got to increase the possibility of a leak and hence fraud. It could possibly open the door to unsolicited offers to move bank accounts and other financial products but we have a large recycling bin!

I would hope that open banking will have an opt out for customers but not confident of this. Contactless payment cards didn't have an opt out unless you decline the cards or perform surgery with a craft knife.

[Mark]

Racist.

[New OAP ...]

fact

[tim...]

nope

haven't the faintest idea what it is supposed to do for me (and that isn't because I haven't looked)

difficult to see how it wont

tim

[tim...]

it is supposed to have

tim

[Michael Chare]

Barclays do not appear to have an opt out option. They just say don't tell other companies they can access your account.

[Bob Minchin]

Yes I have now found this site

which says "Consumers first must agree to share their personal data to get recommendations for the banking, credit or insurance products most suitable to their personal financial circumstances. "

[Mark]

Also says "While open banking sounds great in theory ...".

No. It doesn't.

[Mark]

It won't do anything useful for the customer. It will only allow banks to harvest more of our personal data.

Of course it will increase the risk of fraud.

[Mark]

I'm glad you agree with me.

[Brian Gaff]

What is Open banking?

I don't like using cash machines even though we now have talking ones with headsets. When you cannot see you cannot know if anyone is hovering waiting to pounce. I want a person involved, and I certainly don't like any idea where security can be compromised. So as I say, what is Open banking? Brian

[Brian Gaff]

Seriously though, one problem we all now have to bear in mind is that with so many people in this country using other languages, they could all be discussing you and you would not know it. If you have ever gone into a small country bar in certain parts of Wales, its amazing how many start to speak in welsh. Brian

[Rob Morley]

It's supposed to provide better access to "financial products" from a broad range of suppliers rather than just your own bank, by letting banks and finance companies share customer information. It's a bit like the online insurance and energy supplier comparison sites, for banks.

[Andy Burns]

[Tim Streater]

What is "open banking"?

[Tim Streater]

Thanks for that. I checked out the supposed benefits and there is nothing there for me.

[Mark]

FSVO "supposed".

I don't consider it to be comparible with comparison sites. It's more about banks trying to advertise and attempt to sell you more stuff you don't need.

[Bill Wright]

If he's speaking from prejudice he's a racist. If he's speaking from personal experience he's a realist. You didn't know which category he was in so you had no right to call him an offensive name.

Bill