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No, the financial services industry needs some serious disruption. Banks need to be MORE conservative. Not less. "Disruption" in banking is whats caused previou
by ian0 8y ago
No, the financial services industry needs some serious disruption. Banks need to be MORE conservative. Not less. "Disruption" in banking is whats caused previous financial crisis.
Managing user interfaces to sell financial products is not the same as running a bank. This is why API's are so important. They allow innovation in the sale of financial products while keeping the actual risk calculations on deposits and loans heavily regulated.
Of course, banks don't like them. In the same way internet providers don't like net neutrality. Nobody wants to be commoditised. But this segregating of responsibility is the only way you can ensure positive change for consumers/businesses without introducing a bunch of risk into a critical piece of the economy.
- VikingCoder 8y agoI want my bank to offer me the ability to generate Access Control Lists, with generated accounts. I want to make an account with read-only access to all of my financial information. I want to monitor all of my assets in real time, with alerts going to my phone for suspicious activity. That's MORE conservative. But it's only enabled through intelligent APIs, which banks in the US don't have. With Mint, you passed over your full banking credentials, which was absurd. I'd also like to remove the ability to PULL money from my credit / debit cards. I want only to PUSH money from my bank. Allowing companies to pull is what allows the vast majority of identity theft. That's the kind of disruption I want. Give ME the control to organize, monitor, and control access to my funds.