If that were the case, it'd be a more convenient alternative to sharing statements as opposed to a massive violation of privacy.

[1] https://basiq.io/blog/the-definitive-guide-to-open-banking-i...

[2] https://dassanawijesekara.medium.com/the-developers-view-of-...

Not quite what you're asking for but access does need to be regranted every 3 months.

A separate regulation - the GDPR - would cover that but raising a complaint is very difficult and a complaint would involve the subject being aware of their data being misused; you can't complain about something you don't see.

My worry about Open Banking is that it makes it much easier for companies to collect a lot more data and would normalize the practice even more.

Currently there's already no reason for a credit check to be required for a lot of services such as internet or phone service (those aren't lending any money and can cut off the service in case of non-payment), but at least a credit check gives them very little personal data compared to Open Banking - I'd rather not have to give them even more data.

...until it is no longer possible to function as a normal economically active member of your society without "consenting" to the data sharing. As others have said that might mean that you can no longer get a phone or a mortgage in some cases. Given the financial services industry doesn't exactly have a glowing reputation for either responsible handling of personal data or fair and rational decision-making processes some middle ground will need to evolve here if widespread abuse is not to be an inevitability.

Now I'm avoiding all this stuff like the plague. I'll never hand out access to my bank account through API to anyone. No inter-banking features or cool fintech apps for me, but oh well. My bank has good enough offer and the app is nice too.

I'm sick of regulated solutions and generally moving toward more governmental reliance.

I wouldn't need a student loan or a mortgage if the government wouldn't cause inflation and back loans for every milestone of adulthood.

College and homes used to just be affordable. Everytime we bring in governmental assistance and regulation, we all just lose--well, not the players in the regulated and Frankensteined market, but normal people all just lose.

Previously 'governmental assistance' of council house building was the major house builder in the UK.

https://www.fhfa.gov/about-fannie-mae-freddie-mac

> Fannie Mae and Freddie Mac were created by Congress. They perform an important role in the nation’s housing finance system – to provide liquidity, stability and affordability to the mortgage market. They provide liquidity (ready access to funds on reasonable terms) to the thousands of banks, savings and loans, and mortgage companies that make loans to finance housing.

At some point we will have to allow housing to correct. It’s up there with social security running at a loss as problems we leaving for the next generation.