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Open Banking Commentary from Moneyhub
Dave Tonge, Chief Technology Officer at Moneyhub Enterprise, comments on Open Banking:
“Technology is transforming financial services and will bring huge benefit to consumers, particularly in how they organise and take control of their finances, but one of the biggest barriers remains fear around sharing data. This reflects legacy issues within the sector and also how difficult banks have made it for consumers and new entrants including third-party money management tools. In reality, secure data management protocols including those within Open Banking and PSD2 legislation are as, if not more, robust than trusted protocols such as for direct debits. Most importantly, this legislation will bring a strengthening of data governance by ensuring every business explicitly asks a customer to opt-in to share their data. This consent will have to be renewed every three months resulting in far greater protection of consumers’ data and privacy. This is good for consumers and, by opening up the sector to new tech-driven entrants, it is good for the industry as a whole.”
“Historically, banks have not invested in APIs and let third parties operate in a ‘legal grey area’ in a bid to prevent their competition accessing their customers’ data. It has taken government to intervene and introduce the Open Banking legislation to force banks to implement APIs and work with innovative businesses to the benefit of their customers. However, there is still an education piece needed to bring consumers up to speed with just how much Open Banking can improve their financial interaction, through monitoring spending and making better saving and investing decisions. The legislation will be transformational by enabling consumers, rather than banks, to control their own data and take smart steps to managing their money which in turn will have lasting impact in improving financial wellbeing.”
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