Open Banking explained

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This is the discussion thread for the
Open Banking explained guide.
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Thanks folks,
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Probably a case of the splitting of hairs but if my understanding of Open Banking is correct and I think it is, you don't opt out, you opt in by entering into an agreement with a third party to share your data. The ability to share data and therefore Open Banking itself will already be present on all accounts if it isn't already there. The alternative would be for banks to add the software to individual accounts as needed: A lot of work I'd say.
Just don't use the service, simple.
Again: third party access is a facility that account-holders would need to opt in to, not out of....
I can see some lenders "suggesting" they have access to your financial information to enable to offer you the "right" loan deal.
I'd be reasonably happy about this if I had to confirm directly to the bank (e.g. through my online banking) that a named third party had my permission to access my data, or to supply the third party with some kind of password they can use to prove this to the bank. But I'm worried my bank will simply take the word of a third party that they have received my permission.
Given the value of this data for marketing purposes, it could end up like trying to opt out of direct marketing. Call centre staff will be pressurised/incentivised to get people's consent to access their financial data. Some of these staff will respond by ticking the box to say permission has been granted even when it hasn't. And if the customer wants compensation, they'll be left with the impossible burden of proving that they didn't consent....