It’s interesting to me how quickly I’ve soured on the concept of open banking, which on paper sounds fantastic and originally I was very much in favour of. And which I’ve used personally to make it easier to extract my own data for my own use.
However more often than not now I’m seeing it used for really invasive applications. Such as when I rented my most recent apartment and they asked to use open banking to verify our finances, which as far as I know would have given them access to every single transaction going back a decade or so. The agent was confused as to why I wouldn’t go ahead with it and ultimately let us opt out, but I do worry that at some point I won’t have much choice but to accept.
I’ve also seen credit scoring companies that suggest you’ll get a better credit score if you use open banking to hand over your transactions. I have no need to use that but I suspect others who are desperate to increase their chances of getting a mortgage, etc, won’t have much of a choice.