Traditionally Banks have argued that any customer data belonged to them and access was given to that data only to customers. This changed in 2016 with the advent of regulations like PSD2 (Payment Services Directive 2) which is part of the larger Open Banking reforms. It was emphasized that customers need to have the control on their data and should be able to share it with any regulated third parties for their own benefit.…
We’ve all heard of them, seen their florescent cards, admired their ads on the tube: App-Based Banks. They don’t have branches, if you need to speak to customer services, just open a chat on the app. These banks can be fantastic. They give you live spending notifications, round up your purchases to save up, and help you create a budget. Live Notifications One of my biggest issues with banking, while I was at University, was…
With the rise in ‘new-fashioned’ banking, switching banks can be quite tempting. There are plenty of incentives out there – from interest rates and overdrafts, to cold hard cash. But should you do it? Let’s take a look at the advantages and disadvantages. Advantages Cash Incentives Cash incentives are one of the best ways for banks to pull people in – they will often require you to perform a full switch (not just open…
