Money Box Live: New technology and banking
Money Box
BBC
4.2 • 825 Ratings
🗓️ 15 November 2017
⏱️ 29 minutes
🧾️ Download transcript
Summary
New technology is transforming the way we handle our finances. Are you someone who uses mobile apps to keep track of how you spend your money or does the thought of it fill you with dread?
Have you signed up to text alerts informing you of when you're about to go overdrawn? Do you use Twitter and other forms of social media to communicate with your bank or would you rather visit your branch and have a chat with a real person?
Open banking, an industry wide initiative being introduced by the Competition and Markets Authority in January 2018, will mean that customers can choose to share their financial data with third party providers. The aim is to encourage more competition within financial services and provide customers with greater market choice and control over their money. Customers should be able to see a single view of their finances and receive recommendations about new financial and non-financial products such as broadband and energy tariffs. Does this prospect excite you or worry you?
Call 03700 100 444 from 1pm to 3.30pm on Wednesday 1st November or e-mail moneybox@bbc.co.uk.
Joining Louise in the studio are:
Imran Gulamhuseinwala, Global Head of FinTech at Ernst and Young and Implementation Trustee for Open Banking. Dominic Lindley, consumer campaigner and Director of Policy at think tank New City Agenda
Presenter: Louise Cooper Producer: Helena Selby Editor: Andrew Smith
Transcript
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| 0:00.0 | In Northern Ireland, from the late 70s to the early 90s, the IRA killed over 40 alleged informers. |
| 0:08.0 | But the man who often found, tortured and sometimes killed these people on behalf of the IRA |
| 0:12.0 | was himself an informer, a secret British army agent with the codename Stakeknife. |
| 0:18.0 | Who gets to play God? And why me? Why my family? |
| 0:21.3 | When lies are still being told to this day, who do you believe? |
| 0:25.1 | I wouldn't even know where to start, and I'm with the IRA. |
| 0:28.5 | Steakknife. |
| 0:29.7 | Listen first on BBC Sounds. |
| 0:32.6 | This is the BBC. |
| 0:35.0 | Welcome to the download of Moneybox Live, the program about your money. And today, it's all |
| 0:40.3 | about how technology is changing the way we bank. Millions of us are now using an app on a smartphone to pay |
| 0:46.8 | bills, check balances, or even arrange a loan. But many of us, has to be said, me included, |
| 0:52.7 | still write checks and look through our monthly paper statements. |
| 0:56.7 | But whether you are a keen early tech adopter or a cautious check writer, technology is rapidly changing how we bank. |
| 1:04.9 | And it can bring benefits. |
| 1:07.4 | Two Christmases ago, HSBC customers saved almost a million pounds in overdraft fees |
| 1:12.1 | as a result of signing up to text message alerts when their account was running low on funds. |
| 1:18.1 | But of course, there can be downsides as well. And some of the greatest concerns involve data |
| 1:22.9 | security and fraud. This program is therefore all about the technology revolution in banking and what |
| 1:30.2 | it means for you, the consumer. Do you want to embrace it or hide from it? And as usual, we want |
| 1:36.3 | to hear your experiences and opinions. So please call 0-3-700-100-144. Geographic charges from landlines and mobiles apply. Or of course, you can email us, |
| 1:48.1 | Moneybox at BBC.co.com. Or tweet at Moneybox. And Lexin has already tweeted in to say, I love new tech in |
... |
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