Open Banking anyone?

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  • jonesMUFCforever
    jonesMUFCforever Posts: 28,898 Forumite
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    Until somebody can tell me what advantage this open banking is to ME - I will let it pass me by.
  • eskbanker
    eskbanker Posts: 30,820 Forumite
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    RG2015 wrote: »
    It is a sad indictment though that these days we do not appear to have any faith or trust in the banks.
    That's pretty inevitable given the global financial crisis and other scandals (LIBOR fixing, etc) but the press and media undoubtedly exacerbated the ill-feeling with all the hysterical pieces demonising the 'fat-cats' with their bonuses, etc, so we end up with banks and bankers widely being seen as pantomime villains there to be shot at.

    Having said that, they clearly don't help themselves with image-damaging activities like failing to pass on interest rate rises, ramping up overdraft costs (LBG), failing to anticipate demand for popular products (Ulster, CYBG) and so on, so it's not surprising that there's some justifiable cynicism when something like this comes along, especially when coupled with another popular bogeyman in the form of this being an EU-initiated initiative....
  • RG2015
    RG2015 Posts: 5,896 Forumite
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    eskbanker wrote: »
    That's pretty inevitable given the global financial crisis and other scandals (LIBOR fixing, etc) but the press and media undoubtedly exacerbated the ill-feeling with all the hysterical pieces demonising the 'fat-cats' with their bonuses, etc, so we end up with banks and bankers widely being seen as pantomime villains there to be shot at.

    Having said that, they clearly don't help themselves with image-damaging activities like failing to pass on interest rate rises, ramping up overdraft costs (LBG), failing to anticipate demand for popular products (Ulster, CYBG) and so on, so it's not surprising that there's some justifiable cynicism when something like this comes along, especially when coupled with another popular bogeyman in the form of this being an EU-initiated initiative....
    Very true!

    I am reminded of a conversation I had years ago with my company's RBS Relationship Manager. I had made a casual remark about bankers being the most despised group of people in the eyes of the public. He responded by saying "most despised" was a bit strong as surely that accolade must go to estate agents.

    This was actually pre 2008 and Fred Goodwin so I wonder what he would say now. :)
  • eskbanker
    eskbanker Posts: 30,820 Forumite
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    RG2015 wrote: »
    Very true!

    I am reminded of a conversation I had years ago with my company's RBS Relationship Manager. I had made a casual remark about bankers being the most despised group of people in the eyes of the public. He responded by saying "most despised" was a bit strong as surely that accolade must go to estate agents.

    This was actually pre 2008 and Fred Goodwin so I wonder what he would say now. :)
    Not many estate agents have bricks thrown through their windows at the height of their vilification!
  • RG2015
    RG2015 Posts: 5,896 Forumite
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    eskbanker wrote: »
    Not many estate agents have bricks thrown through their windows at the height of their vilification!
    Yes, they're in a league of their own now.
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