Ultimately you will be able to manage all of your accounts from one app or account (i.e. move funds etc without needing to visit each respective bank’s app or website), but this depends on the provider of that app having clearance from the FCA as an AISP (Account Information Service Provider).
Cheers Bradley. That functionality is already available through apps like Money Dashboard (which has started to push Open Banking lately).
The upside for customers seems to be marginal at the moment, especially in comparison to what’s in it for banks, and other 3rd parties who can access the data
Why would I want any company or bank to see my confidential information? Apart from secrecy many organisations & banks have been negligent in safeguarding personal data. I can’t see any reason for open banking and why could I not just get a great deal myself without using open banking?
Then don’t use it. It’s optional.
I was asking the serious question for the author as an expert on Open Banking to reply and to convince me otherwise. No need for the one liner @gmclean as I know it’s optional.
To move funds the app would need PISP authorisation, not just AISP authorisation.
The benefit is you’re freeing your data from the confines and constraints of a single app or bank, giving yourself freedom in to view and leverage it elsewhere if you wish.
Apologies, having read through the thread I presumed your question had already been answered by previous responses.
I have posted an Open Banking query on here PSD2 / Dynamic Client Registration - would it be possible for you to take a look?
I had a look. Hope that helps.
Any idea why Monzo isn’t listed as having Open Banking on Open Banking Implementation Entity’s site?
How can I opt out of an Open Banking consent that I gave on Monzo?
If it’s not under the ‘privacy and security’ settings in your app then just delete your connected card and that should be it
So depends on where you are trying to opt out your OB consent.
Thanks for the replies. Still struggling to see the benefit to me as a customer of Open Banking. On a different/slightly related topic I did have a look at the monzo plus and it seems to be largely built on signing up for Open Banking too. Don’t think MP is for me atm, I guess it might change at some point in the future but hard to see the benefits of it (or the value in paying £5/month for MP)