OBL was pleased to be featured on BBC Morning Live today, shedding light on how open banking-powered money management apps are revolutionising the savings market and supporting millions to save more. With over 9 million active users and gaining 1 million first-time users every month, the benefits of this innovative technology are undeniable. Watch the clip >> #BBC #openbanking #moneysavingapps #gains
Yes a simple explanation of #OpenBanking is what works for the consumer. Most critical it is your bank that is at the forefront / responsible as you request data sharing with a regulated or sponsored open banking app. Your trust in your bank is prime and that is the starting point when it comes to sharing data onwards within the Open Banking eco system.
Isn't this a catch 22? For example.... someone is a low earner.... and is stretched financially every month due to the economic situation we have created..... and then they need a loan. Well, open banking will look at spending habits and how much income you have in/out every month.. So it just has the potential to introduce bias. Because at face value.... it will see that you have no money.... and that you spend all of your money... (even if it was all on bills) So when open banking is used for the purpose of analyzing eligibility for loans or credit cards..... It will say no..... I can't give you money.... because you don't have money. When the person is trying to take out a loan... because they need money How does that work?......... 🤣
I can't agree more; it's a stepping stone to reach true Open Finance...
It’s happening…
Bring on open finance!
Wow
There is an important misrepresentation here which is that apps that can access your financial information have to regulated by the FCA. That’s not true at all. PISPS/AISP have to but they can then license their tech to other companies that don’t have to be regulated. This creates a secondary effect that becomes impossible to monitor at scale And because I have been under DD at the early days of Magic ID, I know that the checks are superficial at best. I don’t have data showing how many OB apps are actually regulated but this statement on TV is borderline dangerous
Supporting the mortgage and property industry through digital transformation. Chair of Open Property Data Association, NED at UTB and GenH, board advisor for Coreco, FinTech North, and Plotify
1yFabulous to see open banking being described in consumer friendly terms and focusing on how it keeps them and their data safe!