dh1
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Post by dh1 on Aug 17, 2021 18:23:05 GMT
Not sure how others feel about this, hence the post!
If you want or need to change the account linked to a p2p platform - SoMo or anyone else - how would you feel about giving full Open Banking permissions to achieve this?
Just for background, "Open Banking" means that I give somebody (a credit reference agency or data cruncher, for example) access to see all my current account transactions for some period and then do stuff with that data. This is a thoroughly Government backed and promoted initiative which also has the big bank blessing.
There are arguments to and fro on this sort of access and I can see that especially for people who are struggling to gain access to financial services, it may be a benefit. Sadly, perhaps, I personally rather strenuously disagree with giving that sort of data away as there is no benefit to me, just marketing opportunities for all and sundry.
It has been suggested that Open Banking is a way of verifiying identity and ownership of an account; that may be true but it can be done in other ways which are far less intrusive than full Open Banking permissions.
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ant1
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Post by ant1 on Aug 18, 2021 9:08:22 GMT
I was not aware that this was being proposed by SoMo. Is this something they have indicated they are looking to introduce?
And would this post not be better placed in the general P2P discussion section?
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dh1
Member of DD Central
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Post by dh1 on Aug 18, 2021 22:11:51 GMT
Yes, ant1. I am going through it right now although I have declined the Open Banking route! |
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aj
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Post by aj on Aug 19, 2021 15:44:23 GMT
I'm all for any verification process that ensures the account is mine with the minimum of time/effort on my end.
Anyone looking to mine my account for market research will be sadly disappointed, 99% of my everyday spending is on 'reward' credit cards so obscured from my bank statements. Are there not rules against using your open banking info for marketing purposes?
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dh1
Member of DD Central
Posts: 373
Likes: 383
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Post by dh1 on Aug 19, 2021 18:45:49 GMT
Nice one, aj. Open Banking seems to be about permitting, encouraging, expanding marketing, not shutting it down. Hence my fairly intense dislike of the process.
BC's alternative approach to doing whatever it is they think they need to do to check my bank account details involved it attempting to shoulder surf whilst I was logging onto the bank account, via a Zoom session. I was and remain amazed that they even suggested this, given my obligations to my bank to not disclose any "security details" whatever to anybody else. I eventually worked around it by sharing the logon screen - without credentials entered, disconnecting the sharing, logging on and obscuring all the security details (including URL's, balances, etc) before sharing again. Then stopping sharing, of course.
I have no idea what BC hoped to achieve by any of this other than to cause me endless hassle.
Perhaps a helpful lesson to all other lenders - don't change your BC current account details!
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Post by giammy on Nov 22, 2021 22:26:20 GMT
I have provided new bank details to SM but I cannot see whether these have been updated nor they reply to emails
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