Poket Information

You're probably wondering exactly what Open Banking is. Essentially, it's a set of objectives for how the banking system should work. There are a few important improvements it proposes, but let's stick to the part that the government around the world is currently reviewing: information sharing. Open Banking would mean that you decide how, and when, and with whom to share your financial data. A lot of people think that's already the way it works — but they're wrong. What it absolutely would not mean (though it's how those folks who are opposed to Open Banking spin it, probably to scare you) is banks being forced to give customer data to anyone who wants it — privacy and security be damned.