Am I The Only Person Who Doesn't Use Open Banking and Doesn't Want To Download Banking Apps?

surreysaver

18cc wrote: »

Open banking is of use to for example mortgage and finance companies y

you apply for a loan or mortgage and as a condition of that application they ask for open banking access to your current accounts so that they can see what you have been spending your money on over the last 6 months before granting the loan

The equivalent I suppose of providing 6 months worth of bank statements on paper

Is that allowed? Wouldn't that be unlawful under the Data Protection Act to have to allow access under open banking as a condition?

antrobus

surreysaver wrote: »

Is that allowed? Wouldn't that be unlawful under the Data Protection Act to have to allow access under open banking as a condition?

Nope.

It's perfectly lawful, and very normal to only offer credit on condition that you allow access to your credit records with CRAs. The GDPR simply requires your consent to share the data. If a bank, for example says, we'll only consider your mortgage application if you allow us access to the data from your bank account, they are free to do so. You always have the option of saying 'no'.

surreysaver

antrobus wrote: »

Nope.

It's perfectly lawful, and very normal to only offer credit on condition that you allow access to your credit records with CRAs. The GDPR simply requires your consent to share the data. If a bank, for example says, we'll only consider your mortgage application if you allow us access to the data from your bank account, they are free to do so. You always have the option of saying 'no'.

Allowing access to credit data via a CRA is different to allowing access under open banking. The GDPR is quite explicit that consent under duress by threat of not providing a service isn't valid consent, and therefore unlawful. And what happens after a customer withdraws that access after a mortgage has been provided?

JES_F1

I have the apps on my mobile for my bank accounts and credit cards, and find them quicker and easier to use than the websites on my laptop. I think they're great and wouldn't be without them!

20SmthngSver

Same, doesn't appeal to me to have everything in one place at all.

badger09

I have no need for Open Banking.

I have 14 banking/financial services apps on my mobile, 6 of which are used frequently. I much prefer the login process of the apps to the more complicated online banking.

The main advantage for me is to be able to make transactions when I'm away from home without having to enter OLB details on my small screen iPhone.

I'm more likely to have my purse stolen than my 3 year old iPhone SE:cool:

Eco_Miser

Don't have (or want) a smartphone, so no apps. Wouldn't touch open banking with a bargepole.

caledonian_princess

I don't use open banking but I do have apps for my current accounts and CCs. I like the apps, I check in every morning to make sure nothing unexpected has happened on any of them.

MEM62

Am I The Only Person Who Doesn't Use Open Banking and Doesn't Want To Download Banking Apps?

Nope, my father is adverse to all such progress too..... but then he is 84.

blue.peter

I'd use it if I knew of a service that met my needs, but, as it is, it looks useless to me.

I have only one current account. It's currently with RBS (but likely to move on next summer, when I get the £50 for staying with them for a year*). Their app will, according to their web site, allow me to "view [my] current account and selected savings account balances with other banks".

There are fewer than a dozen "selected banks", though they do claim to be adding more. Inevitably, the bank with which I currently have my cash savings isn't one of them.

The bulk of my savings is in a stocks & shares ISA, so being able to see that in the RBS app (or any other?) is a non-starter.

And then there are my credit cards, which are with two other companies.

If I still had a mortgage, or any other loans, I'd want to include them, too.

It'd be nice to be able to see all of these in one place, but, as far as I know, nobody's offering that.

I used to use First Direct's Internet Banking Plus service. That was pretty good in its day, but, as I recall it, it couldn't cope with two-stage logins, and so became decreasingly useful. Anyway, that's now been withdrawn. If that had been updated, it'd be good.






*I moved to RBS in late June of this year, when they offered a £125 sweetener for joining, and a further £50 for staying a year. The experience that I've had with them has not been a happy one. There's been nothing that justifies a complaint, but I've suffered a stream of minor irritations. The cumulative effect of these has been a feeling of dissatisfaction, hence my intention to leave them.