Open Banking

I came across this by chance, and after reading some articles about it, I think it is a mind-blowing idea. Open Banking has the potential to give power back to the bank-customer. Very little, but still, at least the customer will be able to shop around for better deals.

I doubt it will come to Canada in the way it should, because the banks here will certainly go out of their way to squash it thoroughly. I mean, just look at what happened to Tangerine Bank, formerly ING Direct Canada.

Here’s the BBC on Open Banking. Wikipedia on the same topic.

Wired has an excellent primer on Open Banking.  There’s this interview with the man at the centre of Open Banking in the UK.

Thoughts?

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