"The PSD2 'Open Banking' regulation has forced banks to open up consumer data via APIs..."
...so that companies can now exploit yet another category of personal information - bank transaction data - for marketing surveillance (and credit assessment etc).
rippll.com/index#open
...so that companies can now exploit yet another category of personal information - bank transaction data - for marketing surveillance (and credit assessment etc).
rippll.com/index#open
I disagree. Practically, most people won't get "power over their banking data". In most cases, predatory data and fintech companies will get power over their banking data.
https://twitter.com/Javier_Pimentel/status/1351673541381517316
I'm not cynical, the companies who exploit data are. PSD2 and 'open banking' are now used by all kinds of actors to exploit banking data for everything from marketing surveillance to credit scoring and even tenant screening.
Next, big tech will take over.
Next, big tech will take over.
https://twitter.com/Javier_Pimentel/status/1351680647698538497
Establishing markets cannot be an end to itself. Mandating personal data interoperability *can* make sense, but without strictly enforced limits and considering the political economy of data it will lead to yet another cesspool of data exploitation by both small and large firms.
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