Only On The Walters Post
These are my own thoughts from what I’ve seen and lived through. I’m sharing them to spark some thinking and honest conversation, not because I have all the answers.
I caught something on the news the other morning, just after the weather. They were talking about a new system called Open Banking. It’s meant to give folks the ability to share their financial information with companies outside their bank. That way, you could see all your accounts in one place, manage your money through different apps, maybe even build credit just by paying your rent on time.
Sounds like a good deal at first. But the more I listened, the more it felt like there was something beneath the surface.
Turns out the government passed part of the law to get it rolling, but the rest … the part that sets the rules and says who’s watching over it well, it’s still missing. Nothing’s clear yet. Then after the election, they stopped mentioning it altogether. It wasn’t in the party platform, and the spring budget didn’t touch it either.
When something that big gets quiet all of a sudden, I start to wonder why.
They’re calling it “consumer-driven banking,” but I don’t see anyone asking the consumers what they think. Meanwhile, private tech companies are ready and waiting. Once your financial data is in their hands, there’s no getting it back. They say it’s secure. They say it helps, but here’s the thing, most people don’t read the fine print these days, and that’s where the trouble begins.
It’s not that the idea is bad, and it might work, for some. But when the people pushing it aren’t talking straight, and the rules aren’t nailed down, you’ve got to ask who’s really set to gain.
So if you hear about it too, maybe take a second look. Because once that door opens, it might not be you holding the handle.
Until the next time: Keep Your Minds Open & Your Stories Alive. GW