Like so many things it's about a software monopoly. I just read that in Australia banks and people have to use the same software for compatibility. Our bank also, in their latest recommendations, said "'check your Open Banking settings regularly". More things to check so we get distracted from their @#$%. I cancelled our visa account; no more online shopping.
Open banking will definitely benefit customers in the form of eliminating asymmetric information... That said, it will be fintech platform(s) that will facilitate the activity between banks and customers and they will reap the most benefits. The question is who (i.e. fintech) will get there first and reach a critical mass
"Two million people in this country get ripped off in overdraft fees". This presentation is a great overview and I have learned a great deal from it, but this comment by Mr. Gulamhuseinwala reveals that he is an ideal servant to government that wants to increasingly take over business in the name of consumer advocacy, which usually erodes capitalism, the greatest system in all of history for creating wealth and opportunity. You see, if my bank must make a payment when I overdraft, that means I have asked them to use their money to pay for my expenditure. Right? So, would it not be completely fair for the bank, according to the terms that I have agreed to as their customer, to charge me a fee? Even if that fee is somewhat punitive because the bank would not prefer to see me continue in that behavior? Explain then, why is that a rip off? Surprise, fintechs, like banks, want to make money too, and they will and that is ok because we like their service. They're not altruistic organizations that seek to go defending us all against "big" (interpretation: bad) banks. They seek to make life easier while making a hefty profit. Cheers.
5 years in and still no open banking.
Fascinating... open banking is not about changing banking, it's about the changes to society.
Like so many things it's about a software monopoly. I just read that in Australia banks and people have to use the same software for compatibility. Our bank also, in their latest recommendations, said "'check your Open Banking settings regularly". More things to check so we get distracted from their @#$%. I cancelled our visa account; no more online shopping.
Video starts at 3:22
thank you,
Much appreciated, saved me the three minutes :D
Open banking will definitely benefit customers in the form of eliminating asymmetric information... That said, it will be fintech platform(s) that will facilitate the activity between banks and customers and they will reap the most benefits. The question is who (i.e. fintech) will get there first and reach a critical mass
Plaid is off to a good start!
"Two million people in this country get ripped off in overdraft fees". This presentation is a great overview and I have learned a great deal from it, but this comment by Mr. Gulamhuseinwala reveals that he is an ideal servant to government that wants to increasingly take over business in the name of consumer advocacy, which usually erodes capitalism, the greatest system in all of history for creating wealth and opportunity. You see, if my bank must make a payment when I overdraft, that means I have asked them to use their money to pay for my expenditure. Right?
So, would it not be completely fair for the bank, according to the terms that I have agreed to as their customer, to charge me a fee? Even if that fee is somewhat punitive because the bank would not prefer to see me continue in that behavior? Explain then, why is that a rip off?
Surprise, fintechs, like banks, want to make money too, and they will and that is ok because we like their service. They're not altruistic organizations that seek to go defending us all against "big" (interpretation: bad) banks. They seek to make life easier while making a hefty profit.
Cheers.
Will this gentleman help Glint Pay UK out at this time?
What is the link between open systems and open banking ?
open data.
Just 1 wish: Get better prepared for the presentation. Do not read from notes.
I was more interested in what was written in the booklet
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MrBoris007 there is no teleprompter that’s the issue
@MrBoris007 Would love to see you do better mate