Need to stop open banking

Eco_Miser

Jibeddy wrote: »

Will I be opting it at the get go? Probably not. If it does seem worthwhile after a period of time then I'll look into it.

You don't opt in (or out) of open banking.
You opt in to specific TPPs having specified access to your account(s) on a one-off or ongoing basis (and can cancel the authorization for ongoing access at any time).

So if a potential lender would want to see your bank statements now, after January you could give them one-off access instead of giving them a pile of paper. I can see that giving such access could become a condition of loans.

You can also authorize a TPP to monitor your accounts and move spare money to a savings account. I can't see how this could ever be compulsory, and I wouldn't ever want it.

Eco_Miser

worried_jim wrote: »

Why would you not want access to the best value products with the least amount of hassle?

If avoiding hassle means lowering security, I'll take the hassle. How does open banking mean 'best value'?

worried_jim wrote: »

Of course the Luddites will be up in arms, but the cool kids will be all over this and there are more cool kids been born every day whilst the Luddites die out so of course it will take off and be a success.

Right up until it collapses. Spectacularly.

worried_jim wrote: »

How many of you said “i’ll never get satellite/cable, I’ll never have a smart phone, I’ll never have the internet, I’ll never go on holiday abroad etc etc” but soon enough most of us are doing it.

I never said any of those things, but I still don't have a smart phone, still don't have satellite, still never had a holiday abroad - never saw a need for them, but had internet back in the slow dial-up days, and cable since it became available.

worried_jim wrote: »

By 2022 Nationwide estimate that 22% of its customers will be using these new platforms.

Nationwide, as a major mortgage lender will be insisting that its borrowing members provide such access as part of their credit scoring procedure.

meer53

I never said any of those things, but I still don't have a smart phone, still don't have satellite, still never had a holiday abroad - never saw a need for them, but had internet back in the slow dial-up days, and cable since it became available.

There isn't a "need" for these things, but why not embrace things that enrich and make your life more pleasant ? I've been abroad many times to many different countries but i'm disappointed that there are many more that i will never have the pleasure pf visiting. My smartphone has improved my life in many ways, why would you not want that ?

Nationwide, as a major mortgage lender will be insisting that its borrowing members provide such access as part of their credit scoring procedure.

Open Banking is just a different way of accessing the information they need which is more convenient for the borrower. If you want to continue providing paper documents, you still can, just opt out.

Nick_C

AK26 wrote: »

Dear All

On an HMO facebook page the following was posted...

What have Houses in Multiple Occupation got to do with Open Banking?

I do wish people wouldn't use TLAs without explaining them on the first use.

And I'm sure I'm not only person to see the irony in someone being concerned about privacy but using Facebook. :rotfl:

Shakin_Steve

They can wedge it. I’m sticking with my mattress, abacus, and pen and paper.

18cc

Paper? You lucky lucky b....d!

Robisere

I never take an adverse stand against anything new that is as important as this, until I learn what I can about it. Therefore I found the government's own explanation:
https://www.gov.uk/government/news/open-banking-revolution-moves-closer

That's from February this year, admittedly, so here is the latest word from the "horse's mouth":
https://www.ft.com/content/55f4503e-cb95-11e7-ab18-7a9fb7d6163e

What is obvious, from the Chancellor's words last week, is that it is going to happen and we cannot opt-out: it's going to be a regulation.

On the one hand, it will open up the financial industry and allow smaller banks and finacial industries to break into the Big Banks territory, making the banking sector much more competitive for the customer.

On the other hand, unless it is done right and properly, it could result in a financial free-for-all. There is a potential for disaster, or a potential for competition to bring the more dictatorial large banks to the point of actually providing good service, without some of the superior attitudes and poor service that some are guilty of. How many MSE posts here have complained about having banking facilities withdrawn, without reason?

RG2015

Nick_C wrote: »

What have Houses in Multiple Occupation got to do with Open Banking?

I do wish people wouldn't use TLAs without explaining them on the first use.

So WTH does HMO mean?

RG2015

meer53 wrote: »

My smartphone has improved my life in many ways.

I agree that open banking may bring benefits but am intrigued as to how a smartphone would improve my life in any way.

meer53

RG2015 wrote: »

I agree that open banking may bring benefits but am intrigued as to how a smartphone would improve my life in any way.

Do you ever use a calendar, notebook, alarm clock, debit card, camera, bank account, music system ? The list goes on, my smartphone puts all these things in one place, plus it allows me to know where my teenage daughter is