Open banking.

Bazzalona13295

I supplement my income with a few secret shops and tomorrow I have one with a major High St bank.

Since coming on here more often I've learned a lot, one thing being Yougov Finance which incorporates open banking, I'm fine with that.

But I wondered, during this meeting tomorrow I wasn't going to go into chapter and verse about various accounts as I need THEM to advise me, so as this bank is part of the open banking network will they be able to immediately access information on me?

PRAISETHESUN

The way open banking works is that you specifically need to consent to data sharing on a case by case basis. Just because you've consented to share your data with one company (eg. YouGov finance) doesn't mean that any other bank will have access to that data, and even if you've shared to multiple banks it doesn't necessarily mean you've consented to sharing the same data. Unless you've explicitly shared data with the bank in question, then they won't have access to it. Even if you have, I doubt they'll have it in a human-accessible format for your visit tomorrow.

Bazzalona13295

PRAISETHESUN said:

The way open banking works is that you specifically need to consent to data sharing on a case by case basis. Just because you've consented to share your data with one company (eg. YouGov finance) doesn't mean that any other bank will have access to that data, and even if you've shared to multiple banks it doesn't necessarily mean you've consented to sharing the same data. Unless you've explicitly shared data with the bank in question, then they won't have access to it. Even if you have, I doubt they'll have it in a human-accessible format for your visit tomorrow.

Thankyou for that, it wasn't a privacy concern, more me wanting to know how much I need to go into things, laziness in effect.

Thanks again.

PRAISETHESUN

There's the privacy aspect, but also the fact that the bank in question won't have any information unless you've chosen to give it to them.

If you actually want good advice then it will help to paint a complete picture of your financial situation, but personally I'd choose an IFA for this, rather than a high street sale rep who will only recommend products that their particular bank offers.

Bazzalona13295

PRAISETHESUN said:

There's the privacy aspect, but also the fact that the bank in question won't have any information unless you've chosen to give it to them.

If you actually want good advice then it will help to paint a complete picture of your financial situation, but personally I'd choose an IFA for this, rather than a high street sale rep who will only recommend products that their particular bank offers.

No its only a secret shop - I just thought that if they see how many different financial products I do have (most thanks to MSE) they might start to wonder why I need a review.

Funnily enough the one and only time I used an IFA - as a much younger man railroaded by my big sister - I found him to be about as independent as a high street bank.

Put me off them for life!

But thanks again for your advice 😀

jimjames

Bazzalona13295 said:

PRAISETHESUN said:

There's the privacy aspect, but also the fact that the bank in question won't have any information unless you've chosen to give it to them.

If you actually want good advice then it will help to paint a complete picture of your financial situation, but personally I'd choose an IFA for this, rather than a high street sale rep who will only recommend products that their particular bank offers.

No its only a secret shop - I just thought that if they see how many different financial products I do have (most thanks to MSE) they might start to wonder why I need a review

They won't be able to see products via Open Banking but they might be able to see accounts you have via your credit record.

masonic

They would need to do a hard credit search to get any meaningful information about your financial accounts unless you explicitly tell them about who else you hold financial products with. Open Banking only works when you point it at your accounts, it cannot determine who you bank with. Presumably you aren't using this bank to monitor your other accounts through Open Banking already?

Bazzalona13295

masonic said:

They would need to do a hard credit search to get any meaningful information about your financial accounts unless you explicitly tell them about who else you hold financial products with. Open Banking only works when you point it at your accounts, it cannot determine who you bank with. Presumably you aren't using this bank to monitor your other accounts through Open Banking already?

They are one of the banks I get my 500pts every 90 days from Yougov Finance if that is what you mean? Its also the bank I probably use the least but this job is relatively straightforward so I thought why not.....

It does not require a credit search, its really just to ascertain how they deal with the original enquiry instore then any follow up.

Its only the equivalent of beer money but I didn't want to lose it/mess the job up by telling them a certain amount of detail only to be 'sussed' as having more. As I mentioned earlier its far more to do with me simply knowing what they may already know rather than privacy, I enjoy these little jobs and so far have found them quite easy to do.

masonic

Bazzalona13295 said:

masonic said:

They would need to do a hard credit search to get any meaningful information about your financial accounts unless you explicitly tell them about who else you hold financial products with. Open Banking only works when you point it at your accounts, it cannot determine who you bank with. Presumably you aren't using this bank to monitor your other accounts through Open Banking already?

They are one of the banks I get my 500pts every 90 days from Yougov Finance if that is what you mean? Its also the bank I probably use the least but this job is relatively straightforward so I thought why not.....

It does not require a credit search, its really just to ascertain how they deal with the original enquiry instore then any follow up.

Its only the equivalent of beer money but I didn't want to lose it/mess the job up by telling them a certain amount of detail only to be 'sussed' as having more. As I mentioned earlier its far more to do with me simply knowing what they may already know rather than privacy, I enjoy these little jobs and so far have found them quite easy to do.

That wouldn't matter. Only if this bank offered you the facility to see your other accounts from their banking app/website and you added them.

Bazzalona13295

masonic said:

Bazzalona13295 said:

masonic said:

They would need to do a hard credit search to get any meaningful information about your financial accounts unless you explicitly tell them about who else you hold financial products with. Open Banking only works when you point it at your accounts, it cannot determine who you bank with. Presumably you aren't using this bank to monitor your other accounts through Open Banking already?

They are one of the banks I get my 500pts every 90 days from Yougov Finance if that is what you mean? Its also the bank I probably use the least but this job is relatively straightforward so I thought why not.....

It does not require a credit search, its really just to ascertain how they deal with the original enquiry instore then any follow up.

Its only the equivalent of beer money but I didn't want to lose it/mess the job up by telling them a certain amount of detail only to be 'sussed' as having more. As I mentioned earlier its far more to do with me simply knowing what they may already know rather than privacy, I enjoy these little jobs and so far have found them quite easy to do.

That wouldn't matter. Only if this bank offered you the facility to see your other accounts from their banking app/website and you added them.

No definitely haven't done that so thankyou.