Open Banking one year on
Money Box
BBC
4.2 • 825 Ratings
🗓️ 13 February 2019
⏱️ 29 minutes
🧾️ Download transcript
Summary
So where are we with the promised Open Banking revolution?
A little over a year ago we were teetering on the edge of radical reform after new rules meant that customers could give permission for their bank to share details of their current account with other banks and regulated companies.
The plan was that by studying your spending and income details firms will be able to offer you financial products, give you a credit rating, or suggest ways to save money.
What are you experiences? From 1pm on Wednesday 13th February you can call 03 700 100 444 or email anytime: moneybox@bbc.co.uk.
Joining Paul Lewis on the panel this week: Imran Gulamhuseinwala, Implementation Trustee for Open Banking Ltd Pamela Meadows, payments expert from the Financial Services Consumer Panel. Freddy Kelly, founder Credit Kudos.
Presenter: Paul Lewis Producer: Alex Lewis Editor: Jasper Corbett
Transcript
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| 0:00.0 | You're about to listen to a BBC podcast, but this is about something else you might enjoy. |
| 0:05.4 | My name's Katie Lecky and I'm an assistant commissioner for on demand music on BBC Sounds. |
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| 0:22.4 | helping you nod off, boogie in your kitchen, or even just a moment of calm. And they're all put |
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| 0:35.0 | check out BBC Sounds. |
| 0:41.3 | BBC Sounds, music, radio, podcasts. |
| 0:44.4 | Hello, when it was launched a year ago, |
| 0:46.8 | open banking was supposed to start a revolution in how we manage our finances. |
| 0:48.9 | It allows regulated firms to rummage around |
| 0:51.4 | in our current account and in future our credit cards and see what |
| 0:54.9 | we're spending our money on. The apps, and they will pretty much all be apps on mobile |
| 0:59.5 | devices, will then advise us on our spending habits, encourage us to save, and of course, |
| 1:04.1 | sell us stuff or perhaps make tailored offers of suitable financial products, as they |
| 1:08.4 | would probably put it. They can also help us get credit or a mortgage. |
| 1:12.1 | The possibilities we were told were as wide as the imaginations of the developers |
| 1:16.1 | who'd be offering us all these new ways to manage our money. |
| 1:19.9 | A year on, listen. |
| 1:22.9 | Well, that's not quite the sound of silence, but not very much has happened. |
| 1:27.5 | A recent poll found that three out of four of us had never even heard of open banking, never mind understood what it does. |
| 1:34.2 | So today we're here with some open banking enthusiasts to explain, and of course take your questions and points about open banking. |
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