Banks must educate consumers on Open Banking and the implementation of APIs, a leading banking figure has claimed.
Speaking at an Open Banking panel discussion at the Dorfman Theatre in London, Anne Boden, CEO at Starling Bank, said: “I feel quite passionate about the fact that unless we are very, very careful, we will scare consumers away by talking about APIs and data care in the wrong way.”
Anne featured in a two-part panel debate alongside Marjan Delatinne, global head of banking at Ripple; Martin Hargreaves, head of product and strategy international at VocaLink; Phillip Mind, principal in the payments policy division at UK Finance; Miles Cheetham, head of proposition at Open Banking; and Nick Cerise, global head of product and marketing at Travelex.
“I think that we have an obligation to educate people, not in a patronising way, not in a scaremongering way, and assure people that sharing their credentials – their passwords and IDs – is not a good idea, but using APIs is,” added Anne.
However, Nick added: “Customers are never going to trust APIs…”
“I think that where trust will come is from brands and I think there is a lot of belief that Open Banking is going to drive a lot of start-up, fintech innovation.
Nick added that Open Banking would cause a lot of recognisable, trusted brands to innovate.
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