Open banking is a relatively new term which sounds like a dream come true. In this system financial information is networked and accessed through communications software so that the borrower and the lender can see clearly what the individual’s financial situation is. It simplifies transfers of money and requires banks to set out their products clearly so that comparisons can be made between banks. We will all tell the truth and nothing but the truth.
All the data is there and it can be accessed from your phone. Here we are again, caught between the wondrous simplicity and transparency that a modern IT system can provide, and the anxiety about security and privacy and IT crashes. Oh and the onselling of data to other interested parties is also a concern. Does this all sound familiar?
I am sure both banks and customers will figure out ways to get around the truth requirements while the hackers work out how to access the data.
Something that relies on honesty and IT competence in the financial world seems a bit unbelievable just at the moment.