Open banking. Sounds great, doesn’t it? An end to all that secrecy and confusion. Banks are finally going to open up, tell us how they work, how their baffling security procedures are formulated and how they calculate their interest rates, right? If only. Open banking just means you – the consumer – being more open with your own data.
The scheme, which allows banks to reveal your financial information to other companies, with your permission, is coming in less than a week. It’s meant to mean you can access better deals and is widely touted as a power shift in favour of consumers. But it could also make life much more expensive for some of society’s most vulnerable groups: the poor, elderly and less digitally literate.
For a start, those who prefer to stick to branches and letters through the post will effectively be excluded. Britain’s dwindling army of analogue stalwarts might think this...
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