Open banking

NotRichAtAll

As above i have just switched one of my old accounts to lloyds for the bonus etc and happened to notice the open banking tab on their site, having never dabbled with this before been able to see other account info from another banks app or website i thought i would first ask on here if there are any things to be cautious of and if at the end of the day is it safe to add other accounts in this way? All i would liket to do is see my account balances and maybe do a few transfers all from one place.
who on here use's it has anyone had any bad experiences using it?

thanks

born_again

We were told that the powers at be, that people who opted in. It was a way to offer people products that maybe of interest to them, but not from ourselves.
I'll let you work out what the idea behind that was.....

Chino

So, the question you need to ask yourself is, do I trust some new random start-up company that has no experience in securing customers' banking details - and is not only less than forthcoming in disclosing how it secures those details but could fold tomorrow and then who knows what happens with the customer banking data it has - with my banking details?

Only you know your answer to that question.

IvanDP

I can see that for some it could be a good idea to be able to see all their banking in one place.
Personally, i just see it as a further level of complication when it is just as easy to check online banking/banking app.
In these days of in app notifications of virtually every transaction, I really cannot see the point of it

Ben8282

The question is why bother?

born_again

Open banking is NOT just about seeing all your accounts in one place. It also allows other companies access to all your data (spend & savings) and offer you better (maybe) deals.
We were told that it can go as far as if you have a mortgage with X that Y could contact you and offer you a better deal.
I guess people fall into 2 camps.
Happy to share with any company or Not a chance.

eskbanker

born_again wrote: »

We were told that it can go as far as if you have a mortgage with X that Y could contact you and offer you a better deal.

There's a lot of paranoid drivel that gets spouted about this, so who with any credibility told us that?

https://www.openbanking.org.uk/customers/faqs/:

How do I control who has access to my information?

You choose which regulated apps and websites you want to use – so you’re always in charge. You decide what information they can access, and for how long. No one gets access unless you say so.

spingoblin

This is supposed to have been around for a couple of years but i've checked my banks websites/apps (TSB/Santander) and although they give info about it I see no way to initiate an open banking between one and the other or actually how to do it - I take it that it is way behind schedule?

born_again

eskbanker.

You choose which regulated apps and websites you want to use – so you’re always in charge. You decide what information they can access, and for how long. No one gets access unless you say so.

And how many people are actually going to limit that access, even if the app allows you to block certain types of information sharing.
The one I tried simply had "Do you agree to share your information with 3rd parties" No other option.
Got deleted straight off.

The whole idea of "Open Banking" is to allow 3rd parties access to your information so you can be offered better deals. Still your choice to take them up.

Shop around
Open Banking could transform the way you use price comparison websites: if you choose to give a regulated price comparison website access to your account information, you’ll be able to get results based on what you actually spend

https://www.openbanking.org.uk/customers/what-is-open-banking

surreysaver

I've tried to set it up, but it doesn't seem to work.

eskbanker

born_again wrote: »

And how many people are actually going to limit that access, even if the app allows you to block certain types of information sharing.
The one I tried simply had "Do you agree to share your information with 3rd parties" No other option.
Got deleted straight off.

Fair enough, I must concede that I haven't investigated actual offerings available in the market and agree that what you describe is insufficient granularity. However, I'm just challenging the apparent implication from earlier posts that the second anyone signs up to open banking it's carte blanche to be inundated with unsolicited spam and to lose control!

born_again wrote: »

The whole idea of "Open Banking" is to allow 3rd parties access to your information so you can be offered better deals. Still your choice to take them up.

I'd disagree that this is the whole point but it's certainly part of it, alongside the other aspects described at the page you linked to. It's not just your choice about taking up third party offers, it's your choice whether to seek them in the first place....