The Logic of the Alternative
The Open Banking framework is enabled by regulation in regions like the UK and EU, with the intention of increasing competition, innovation, and individual consumer control across personal financial services.
Through Open Banking, users can access new tools for budgeting, payments, and financial planning by giving permission to financial institutions and fintechs, allowing controlled access to their account information.
It is intended to shift the ownership of data to the consumer, with the promise of promoting transparency and empowering smarter choices. Security and consent are central to the process, ensuring that data sharing occurs only with explicit permission and under regulated frameworks.
There doesn’t appear to be an Open Banking logo
This surprised me …
I checked out the Open Banking website, looking for inspiration, and a logo to insert top right on this page. There are sections telling my why Open Banking is safe, which I would not dispute, there are sections that describe the Open Banking ecosystem, and there is a section on the Open Banking Customer Journey I couldn’t see anything on the subject of brand management, and so I wonder about how the consumer is expected to recognise the availability of an alternative payment option that is of no direct benefit to them.
This is going to be especially important if the Open Banking payment facility is to become widely available in bricks and mortar retail – just take a look at the power of the card scheme logos.
Open Banking at the Point of Sale
Open Banking payments are ill suited to the face to face environment of the High Street retailer, and this is recognised in the UK National Payments Vision [3.15].
Let me first explain how I would go about developing an alternative to current retail face-to-face payments, by suspending some of the practical considerations associated with transaction processing, and then I will explain the practical considerations – press the Orange Button for Part One.
It’s only a payment, how hard can it be?
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