Open Banking

mije1983

Anthorn wrote: »

I asked for evidence of what was posted.

That's fair enough.


Although I still can't see when 18cc suggested that data can be accessed without permission though. Seems an odd thing to add to the discussion when it wasn't an issue raised.

Anthorn wrote: »

Not true: No-one can access your data without your permission

Open Banking can't make you a cup of tea. I'll have to keep my kettle.

18cc

Sorry I should have said that of course they cannot force you to allow access to your bank account in order to get a loan they will simply say if you want a loan then please let me access your bank account

well you'll be lucky if they say please....

18cc

https://www.google.com/amp/s/www.express.co.uk/life-style/life/844440/loan-mortgage-credit-score-open-banking/amp

eskbanker

18cc wrote: »

Sorry I should have said that of course they cannot force you to allow access to your bank account in order to get a loan they will simply say if you want a loan then please let me access your bank account

well you'll be lucky if they say please....

18cc wrote: »

https://www.google.com/amp/s/www.express.co.uk/life-style/life/844440/loan-mortgage-credit-score-open-banking/amp

You should also have said that you were referring to an inevitably sensationalised and speculative piece in the Daily Express from before the launch of open banking, saying that this might be the way it works in future, rather than it currently being the case as you were clearly suggesting earlier:

Alastair Douglas, CEO of TotallyMoney.com, told Express.co.uk he expected the development to become the norm !!!8220;within one or two years!!!8221;.

Explaining how it might work, he said: !!!8220;Open banking is just starting, and within one or two years you will be able to allow financial institutions to access your bank in order to look at your spending patterns themselves in a secure way.

Anthorn

18cc wrote: »

https://www.google.com/amp/s/www.express.co.uk/life-style/life/844440/loan-mortgage-credit-score-open-banking/amp

It's both sensationalist and speculative in which its scare tactics in turn is used to promote a new service from totallymoney.com. I was thinking more in terms of actual use of Open Banking to delve into one's financial history.

When I got my flat earlier this year the building society delved into every aspect of my finances including bank statements. I think it was more rigorous for me because I was 67 years old at the time. But they didn't need Open Banking to do it. If they had used Open Banking I would know about it because I would have had to authorise it.

Just about everyone who has ever secured a mortgage will know that their financial background is investigated. Perhaps using Open Banking for that will be a benefit which will save time for all parties. That's to the credit of Open Banking and not an indictment.

18cc

I don't think the piece in the Express was sensationalist I think that like the post I made it was simply saying this is the way it will go in the future

the days of posting off bank statements will be gone and they will do it via the open banking apis by looking directly at your accounts


Thus if you are thinking of applying for a mortgage for example you need to keep an eye on what goes through your bank account

as per the OPs original post this is one of the benefits of open banking

so I suggest you calm down ...

Anthorn

18cc wrote: »

I don't think the piece in the Express was sensationalist I think that like the post I made it was simply saying this is the way it will go in the future

the days of posting off bank statements will be gone and they will do it via the open banking apis by looking directly at your accounts


Thus if you are thinking of applying for a mortgage for example you need to keep an eye on what goes through your bank account

as per the OPs original post this is one of the benefits of open banking

so I suggest you calm down ...

I read the article. Did you read it? It's a promotion for a new service.

Re. the rest of your post, I don't see what's so bad about that. When we apply for a mortgage or indeed any form of significant credit we have to watch our credit profile and that includes our bank account. If Open Banking can simplify that then I'll support it.

eskbanker

18cc wrote: »

I don't think the piece in the Express was sensationalist I think that like the post I made it was simply saying this is the way it will go in the future

the days of posting off bank statements will be gone and they will do it via the open banking apis by looking directly at your accounts


Thus if you are thinking of applying for a mortgage for example you need to keep an eye on what goes through your bank account

as per the OPs original post this is one of the benefits of open banking

so I suggest you calm down ...

Not sure if your remarks were aimed at me or Anthorn but the wording of your earlier post clearly suggested that institutions will request API access when dealing with credit applications, or could actually be read as implying that this is already happening (which is how I'd interpreted it). If you were relying on that Express piece to support either assertion then it would obviously have been more accurate to say that this is what might happen, for those choosing to participate....

18cc wrote: »

Yes one of the 'benefits' of open banking is that when you apply for any form of credit for example a mortgage, credit card or a loan the institution will ask for the last 12 months access via the API to all your bank accounts

18cc

Well they will! Maybe not today or this week, but it is coming....

I am also serious about when you put through your bank account. Every transaction will be scrutinised (yes, I am assuming you apply for a mortgage and you give them api permission)

If you don't like the Express here is an experian article, together with other ways Open Banking will 'help' the consumer...

By the way I put 'benefit' in quotes because it is a two-edged sword. If you apply for a mortgage and all that goes put of your bank account are donations to charity and a standing order to a savings account then you will love the system. If, however, you have a long list of debit card transactions all of which say 'Starbucks' you might wish you'd paid cash for your coffees...

https://www.experian.co.uk/blogs/latest-thinking/decisions-and-credit-risk/financial-management-6-examples-of-how-open-banking-will-help-us-manage-our-finances-better/

eskbanker

My point remains, i.e. that you (and Experian, Daily Express et al) are still just speculating about how open banking might ultimately be used, rather than this being confirmed certainty or current practice.

I wouldn't necessarily disagree with your opinion that large volumes of gambling transactions might be perceived as a negative by prospective lenders but would be surprised if they'd be the slightest bit interested in spending in Starbucks!