https://www.racingpost.com/news/insi...olution/579537
Just read the following two paragraphs from this article which has made me laugh.
To say this:
"We are talking about very meaningful numbers for operators and these are by definition the high spenders who are churning because you are not asking ?5 punters for their bank statements. This adds up to some serious, serious revenue lost.
Followed by this:
"This isn't about snooping on your finances, it is not about evil operators trying to find out how to make you lose loads of money. It's simple in other industries, why can't we make it simple here?"
In my view it is absolutely about snooping on your finances in the long run and I guarantee people won’t even know it’s happening.
I have recently reviewed open banking as a payment method for work related stuff and there are definitely pros and cons. As far as I’ve learnt it is split into two main sections:
PIS (Payment initiation services)
AIS (Account information services)
PIS is a great benefit. It basically replaces bank transfers and makes it much quicker to move funds around with less verification barriers. Instead of having to type in sort code and account numbers you select to make a payment by open banking (assuming this is set up with your mobile banking app) it will take you to that banking app, a quick Face ID (or similar) and away you go. This seems ok since all you are really consenting to share is your sort code and account number.
AIS on the other hand, in the context of how I guess the enemy will use it, is less attractive. The reason being is that you give consent to all your financial information at the click of a button. The parameters to this consent seem open ended and it would also give bookmakers view of what you are doing with other bookies. Yes this article talks about a quick verification check that gives everyone a better experience. However they would be foolish if they didn’t study each individual to identify patterns etc and that is the part which I feel is unspoken here. If you send a scan of a bank statement (I never intend on doing this) you know exactly what you have given them in this one document. However if you consent to AIS how on earth do you control what they are looking at? How far back can they go?
Makes verification quicker? Yes it would.
But to say you wouldn’t be ‘snooping’ to grow revenue is a flat out lie if you ask me and I can’t believe he’s said it. If the enemy is given an edge, they will use it against you.
Sorry to bore people on affordability checks but would be interested to know others opinions on this.
Just read the following two paragraphs from this article which has made me laugh.
To say this:
"We are talking about very meaningful numbers for operators and these are by definition the high spenders who are churning because you are not asking ?5 punters for their bank statements. This adds up to some serious, serious revenue lost.
Followed by this:
"This isn't about snooping on your finances, it is not about evil operators trying to find out how to make you lose loads of money. It's simple in other industries, why can't we make it simple here?"
In my view it is absolutely about snooping on your finances in the long run and I guarantee people won’t even know it’s happening.
I have recently reviewed open banking as a payment method for work related stuff and there are definitely pros and cons. As far as I’ve learnt it is split into two main sections:
PIS (Payment initiation services)
AIS (Account information services)
PIS is a great benefit. It basically replaces bank transfers and makes it much quicker to move funds around with less verification barriers. Instead of having to type in sort code and account numbers you select to make a payment by open banking (assuming this is set up with your mobile banking app) it will take you to that banking app, a quick Face ID (or similar) and away you go. This seems ok since all you are really consenting to share is your sort code and account number.
AIS on the other hand, in the context of how I guess the enemy will use it, is less attractive. The reason being is that you give consent to all your financial information at the click of a button. The parameters to this consent seem open ended and it would also give bookmakers view of what you are doing with other bookies. Yes this article talks about a quick verification check that gives everyone a better experience. However they would be foolish if they didn’t study each individual to identify patterns etc and that is the part which I feel is unspoken here. If you send a scan of a bank statement (I never intend on doing this) you know exactly what you have given them in this one document. However if you consent to AIS how on earth do you control what they are looking at? How far back can they go?
Makes verification quicker? Yes it would.
But to say you wouldn’t be ‘snooping’ to grow revenue is a flat out lie if you ask me and I can’t believe he’s said it. If the enemy is given an edge, they will use it against you.
Sorry to bore people on affordability checks but would be interested to know others opinions on this.
