RE: psd2 could be great for open banking but also who picked that god damn name, what is this photoshop files v2? — an EU directive we will have after Brexit anyway?
I personally don't see how PSD2 is going to make a great deal of difference in the short term and in fact, over the long term, I can see it being more expensive for consumers to access all types of banking service. Choice does not always mean cheap. Banks haven't been 'forced' to open their data, they'd love to sell access to it, but for huge amounts of money, money that would have to be recouped by the purchaser.
The main people this will benefit are the loan sellers, the scummy payday loan companies, insurance companies all begging for your business. Bloated charities sending you messages how they noticed you had 3 quid left in your account last month and could you please give it to us....I prefer privacy to saving a few coins any day of the week.
And what about government? Now they can legally have a look at your financial data just by paying the bank, they don't need court orders or sneaky spying.
If people like Equifax can have their data compromised, anyone can.
I see very few upsides here, except maybe quicker and more direct transactions. Location data, where did you buy your coffee this morning / How did you get there? I allow access to my personal data simply on a need to know basis....scummy payday loan companies don't!
Typed by a man who hasn't had a traditional bank account for 12 years or a credit card for 20 years.
Its getting more Orwellian by the day :-(
Have a great day Mr Humble :-)
i always have a great day! but thanks for saying so! :)
we spent our 'privacy' over 'choice' years ago, privacy is an illusion personally for me knowing all the failures in the chain of technology over the years. the government has always done whatever it wanted regardless in my eyes ;)
1984 man, everyday! :) -- yeah i don't have a 'bank' as such but i do have one of these new fangled cards from these new fintech app companies. i'm just interested in the process of going through it. i don't have a phone number so i don't get scummy payday loans or any of that shit at least.
thank you for replying! :)
Make no mistake, the new 'fintech app companies' are very close to 'real' banks with full FCA licenses, some will be very shortly. Your Revolut is currently applying for a full European Banking License in Lithuania for example. My beloved Monese is a banking 'service' registered with the FCA so these new challenger banks are leading the charge against the traditional banks. And it is with these new banks I trust :-)
Youre right about privacy of course, it's an illusion but it's an illusion that is fading slowly but surely just as long as we fight back and actually care about, and control what happens to our personal data !
Regards :-)
i ain't got nothing to hide, anything digital is lost straight away in my mind or can be manipulated -- at that stage do we simply get under the bed with our paper notes and FIGHT the power? dunno. i think it's just a game, a game where we take part and lose from time to time and celebrate the small wins :)
also 'Lithuania' and 'Banking' is not something that falls of the tongue easily! lol.
lol...Monese uses Estonian banks.....what will happen after Brexit is anyones guess but it will be sad if it forces the fintech scene out of the UK.