Wow, does that mean that banks will have to actually add value to get customers?
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Challenger business Bank
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Freeagent, Xero, Sage, all good products...
Originally posted by northernladuk View PostDoesn't Freeagent do that already?Comment
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Open Banking
Originally posted by Cirrus View PostOur condolences to Alex Speller - one time Freelance CTO and still on your website.
Is all this to do with https://www.evry.com/en/news/article...as-we-know-it/?
Open banking is really exciting. Here's an article I wrote on it: Open banking will give freelancers a wealthier future. — hubbul
We're going to form part of the banking infrastructure and will be open ourselves. We want to work closely with the developer community to innovate.
Our customers will also benefit from high street banks being more open under the Open Banking or PSD2 rules. For example, we will access to data from your existing bank accounts where authorised. This lends itself to some cool features like deducting part of your mortgage/rent payments from your tax bill automatically.
SamLast edited by soconnor; 6 June 2017, 17:08.Comment
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Yeah
Originally posted by SeanT View PostWow, does that mean that banks will have to actually add value to get customers?
It's about time banks did more for customers!Comment
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Originally posted by soconnor View PostOpen banking is really exciting. Here's an article I wrote on it: Open banking will give freelancers a wealthier future. — hubbul
We're going to form part of the banking infrastructure and will be open ourselves. We want to work closely with the developer community to innovate.
Our customers will also benefit from high street banks being more open under the Open Banking or PSD2 rules. For example, we will access to data from your existing bank accounts where authorised. This lends itself to some cool features like deducting part of your mortgage/rent payments from your tax bill automatically.
SamYou're awesome! Get yourself a t-shirt.Comment
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More Pie in The Sky
Originally posted by soconnor View PostOpen banking is really exciting. Here's an article I wrote on it: Open banking will give freelancers a wealthier future. — hubbul
Accounting providers already have APIs. The problem is however, they are accounting providers not insurance providers. We could never find the data we needed and there was always the fundamental problem that people are not motivated to provide data that suits you rather than is essential to their objectives.
With banks you will have some data but good luck with trying to turn that into useful information.
You'll have company account transactions (which don't directly relate to disposable income). You'll have to work out from the very limited descriptions what these are. Then of course you've got to look at personal accounts and do the same thing again. I have six bank accounts that contracting money flows through (mixed current, immediate access savings, 30-day savings, all times 2 for company and personal.). Then how do you evaluate wealth being stashed up as liquid assets - there's a big tax calculation challenge there?
Please don't bet your house on this. The current AI and FinTech bubbles are just fanciful."Don't part with your illusions; when they are gone you may still exist, but you have ceased to live" Mark TwainComment
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Open banking: short-term benefits overstated, long-term benefits understated
Originally posted by Cirrus View PostApart from being a naturally sceptical person I happened to have managed an API project recently. It was for small companies like contractors. The idea was your insurances could be adjusted to match your turnover, number of employees, type of business etc. This information would come from your accounting provider.
Accounting providers already have APIs. The problem is however, they are accounting providers not insurance providers. We could never find the data we needed and there was always the fundamental problem that people are not motivated to provide data that suits you rather than is essential to their objectives.
With banks you will have some data but good luck with trying to turn that into useful information.
Please don't bet your house on this. The current AI and FinTech bubbles are just fanciful.
That's why we're offering a bank account rather than relying on open banking. It means we get rich, real-time payments data that banks currently throw away. (Banks' management of data won't be solved by open banking).
Open Banking is a step in the right direction to make banks more competitive. But in the meantime challengers will create the value.
I'd also be really interested to chat to you if you have time. I'm on sam at get coconut dot com.Last edited by soconnor; 7 June 2017, 21:15.Comment
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Are you involved in Open Banking at all?
Originally posted by squarepeg View PostAgreed. PSD2 is something that will change the FS industry, but I would advise anyone who is thinking of using the new APIs to carefully read the legislation and get in touch with OpenBanking.org.uk asap to find out what the legal and the regulatory requirements will be.Comment
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What are the charges for this service, or is it free banking as Santander used to offer (and still do for existing customers) ?______________________
Don't get mad...get even...Comment
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Originally posted by soconnor View PostHey I run a Slack group for Fintech startups that working with Open Banking. If you're involved in a startup and interested I'd be happy to add you.Comment
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