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Omah
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18-10-2017, 03:22 PM
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Open Banking - Who Needs It

Many FMs will have received notification from their financial institutions regarding the provision of private data to Third Party Providers (TPPs). Apparently, it's an essential part of the "Open Banking" initiative.

There are lots of descriptions of OB available, including:

https://www.openbanking.org.uk/about/

HOW DOES OPEN BANKING WORK?

Open banking will mean reliable, personalised financial advice, tailored to your particular circumstances delivered securely and confidentially.

To provide tailored advice banks and other financial service providers need to know how you use your account. At the moment, to get personalised advice, you have to hand over your confidential banking information to price comparison websites.

Open banking will use APIs (Application Programming Interfaces) to share customer information securely. This tried and trusted technology is used by many well known online brands, such as Uber providing information about the location of a taxi.

Third party providers will be able to use open banking APIs to see your transaction information to tell you what you might save when considering the current account best suited to you. Or if you run a small business you could find the best deals for your business accounts and loans.

For the life of me, I cannot see who would want to risk opening up their banking data to a multitude of "TPPs" who want to profit from other people's money .....

Surely, we are pestered enough by advertising, mailshots and spam .....
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18-10-2017, 03:27 PM
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Re: Open Banking - Who Needs It

I don't want my banking information shared with anyone neither do I need financial advice from a third party.
What small amount I have I am capable of managing myself.

I can feel another PPI scandal coming on
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18-10-2017, 03:33 PM
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Re: Open Banking - Who Needs It

Not forgetting they all want a share of your cash for providing the service.
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18-10-2017, 04:24 PM
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Re: Open Banking - Who Needs It

Sounds like madness to me, something we noticed while were living hand to mouth not a penny to spare we couldn't get rid of our bank offering budgeting advice, wanting to help us with loans etc. Since we have a little more our bank went silent but the head office has been ringing so often we had to block them wanting us to invest in various high risk things. Any risk is high risk if that's all you have IMO so I'm not impressed they might want us to do this at all.
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18-10-2017, 06:29 PM
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Re: Open Banking - Who Needs It

http://www.thisismoney.co.uk/money/s...ates-data.html

How safe is my data?

The regulation means that while institutions can share your data, those they share it with must be regulated by the Financial Conduct Authority.

This should provide a layer of security that makes any money you might lose eligible for compensation through the Financial Services Compensation Scheme under existing rules.

BUT being a regulated business doesn't mean that these firms are immune to cyber attacks that breach your data security.

Consider the latest in a long run of crippling cyber attacks: the Equifax data breach exposed 143 million Americans’ highly personal information while up to 400,000 British victims were also affected.

Who's responsible if my data is stolen?

The regulators, providers and government are still pretty unclear on this point.

According to those in the know, there are ongoing discussions between them and insurers to work out where the buck stops in the event of a cyber attack.

Do I have to allow them to share my data?

No. It's your data and you have the right to do what you want with it.

However, you may find that you've already given consent through signing up to the terms and conditions when you opened your current account, savings account, credit card, Sipp or any other financial product.

It's likely that financial providers won't just open up your data in January without telling you though.

It's probable that the government will do a big advertising campaign to raise awareness of the changes and that providers will write to you where you hold an account that's affected.

Then you can choose what to do.
I'll choose to opt out .....
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18-10-2017, 09:49 PM
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Re: Open Banking - Who Needs It

Originally Posted by Omah ->
http://www.thisismoney.co.uk/money/s...ates-data.html



I'll choose to opt out .....
And me!

It is bad enough when you go into a Bank these days and they expect to discuss things in an open atrium! No way!!
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23-10-2017, 07:12 AM
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Re: Open Banking - Who Needs It

As usual, there is always a way to beat the system, in this case, make sure all your financial transactions are on credit, then, if any cash goes missing, it will be someone else's, Simples.
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23-10-2017, 09:53 AM
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Re: Open Banking - Who Needs It

Originally Posted by spitfire ->
As usual, there is always a way to beat the system, in this case, make sure all your financial transactions are on credit, then, if any cash goes missing, it will be someone else's, Simples.
Don't you sometimes have to pay a small charge when using a 'Credit Card' Spitty?
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23-10-2017, 10:52 AM
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Re: Open Banking - Who Needs It

I received an email from one of my banks this week giving me details of Open Banking. My eyes nearly popped out of my head as I was reading it -
a Third Party Application Interface that can access your personal data and financial info from the computers of all the banks and financial institutions you deal with? aaargghh!
Isn't that just introducing another 'layer of opportunity' for hackers to access?
What could possibly go wrong?!?!

I can see it would be convenient to be able to manage all your different accounts from one platform, especially if you have your savings spread between various different banks. It may also make it more convenient for product and interest rate comparisons and opening new accounts when you are 'switching and ditching' to get the best deals.

I can imagine it would also trigger the sort of unsolicited spam you receive after you've used a price comparison web site - every car insurer in the land seems to know when my car insurance is due for renewal and I get masses of junk mail offers every year.

I fear convenience, speed and simplicity may come at the expense of losing more control of our money and data, a reduction in privacy or security and a more complex marketplace.

I'll stick to the 'First Party Finance Platform' I have summarised in my head, backed up by a very easily accessible folder in my desk drawer!
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23-10-2017, 12:53 PM
10

Re: Open Banking - Who Needs It

Surely the fact that we do direct debits to pay utility bills for example means we are sharing our details with a third party, or have I got this wrong?
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