cancel
Showing results for 
Search instead for 
Did you mean: 

Am I paranoid - but this worries me

Community Veteran
Posts: 38,251
Thanks: 937
Fixes: 56
Registered: 15-06-2007

Am I paranoid - but this worries me

http://www.bbc.co.uk/news/business-37014133

After a two-year inquiry, the Competition and Markets Authority (CMA) concluded that new phone-based apps should be brought in by early 2018.

These apps will show customers which banks may offer the best account based on their borrowing patterns.

 

Under what the CMA calls its "Open Banking programme", banks will be required to make it possible to share customers' data on new apps.

Individual customers will have to give their consent before this happens.

The technology - called Application Programming Interface (API) - is used by the likes of Facebook and Uber.

It will enable customers to see information about prices, standards and the location of High Street branches.

8 REPLIES
Community Veteran
Posts: 4,769
Thanks: 1,052
Fixes: 27
Registered: 16-10-2014

Re: Am I paranoid - but this worries me

Well this statement is exceedingly confusing :

The technology - called Application Programming Interface (API) - is used by the likes of Facebook and Uber.

I use APIs everyday in my work and I don't have access to anyone's banking details, or their Facebook info, quite a random thing to say to be honest.

I'm just glad I don't own a mobile phone and even if I did I wouldn't be using it for online banking. Of course there is no compulsion to install these applications, unless they are to be part of the bank's online banking offering. However, from the article it implies to me that these are stand alone applications.

 

Community Veteran
Posts: 38,251
Thanks: 937
Fixes: 56
Registered: 15-06-2007

Re: Am I paranoid - but this worries me

this is from todays Times

“Open banking will enable personal customers and small businesses to share their data securely with other banks and with third parties, enabling them to manage their accounts with multiple providers through a single digital ‘app’,” the regulator said in its final report into retail banking published today.

Community Veteran
Posts: 4,769
Thanks: 1,052
Fixes: 27
Registered: 16-10-2014

Re: Am I paranoid - but this worries me

Oh! Is there really any need for that? The banks are the first one to say you should never share any of your information with others regardless of who they are and here they appear to be adopting a system that will do just that. Crazy2

Community Veteran
Posts: 13,923
Thanks: 515
Fixes: 7
Registered: 01-08-2007

Re: Am I paranoid - but this worries me

Well finance is the only business the government is interested in... it was only a matter of time until the banks were given more freedom from the DPA than other companies.

 

I won't be using any banking apps.. there is no need for bank Z to know what my affairs are with bank A and likewise the CMA have no right to determine that my data should be shared among them to try and bring me a better deal - i'm more than capable of finding that myself. If they're suggesting that i'm not then it shows the banking system has become too complicated and needs sorting out. As for trying to take that information from me without my consent using my own phone they can flaming forget it. My phone is mine, not theirs, it isn't a data mine for them its MY PHONE.

 

Interesting how they've not decided that Tesco should have access to our shopping information with ASDA isn't it.

I need a new signature... i'm bored of the old one!
jab1
Seasoned Pro
Posts: 1,495
Thanks: 264
Fixes: 5
Registered: 24-02-2012

Re: Am I paranoid - but this worries me

I haven't read the report, or any in-depth analysis, but from what I have seen here , on the BBC news site and a couple of other forums, this seems like another ill-informed Government attempt to 'help' the general public by making things more complicated

John
Community Veteran
Posts: 38,251
Thanks: 937
Fixes: 56
Registered: 15-06-2007

Re: Am I paranoid - but this worries me

But the British Chambers of Commerce (BCC) warned about the dangers of sharing data.

Suren Thiru, Head of Economics and Business Finance at the BCC said the CMA should "tread carefully in the sharing of data by finance providers via the Open Banking programme, to ensure that businesses retain control over who has access to their data - otherwise any trust between lenders and businesses could be destroyed."

Rejecting radical measures such as breaking up big banks or putting an end to free in-credit banking, the Competition and Markets Authority today ordered banks to share their customers’ information with third parties from 2018 to make it easier for them to find better deals.

My point exactly - I think

Community Veteran
Posts: 2,556
Thanks: 171
Fixes: 2
Registered: 27-05-2011

Re: Am I paranoid - but this worries me

I seem to remember when reading about this earlier that it's another EU dictat so maybe now will never happen
To do is to be - Neitzsche
To be is to do - Kant
do be do be do - Sinatra
Community Veteran
Posts: 7,920
Thanks: 597
Fixes: 8
Registered: 02-08-2007

Re: Am I paranoid - but this worries me

Why stop at the Banks ?

If this goes ahead the next step might be power companies, supermarkets etc so they could all inform you of the best price.

Think of the savings !

Well not for me thanks, if people are too lazy to do a bit of research and find the best deal for their own circumstances then tough.

Talking of Banks they will go the same way as the Post Offices.