Survey finds money saving product recommendations will drive adoption of open banking

Brits cite money saving product recommendations as the biggest incentive to use open banking — Equifax — “Two fifths (40%) of Brits willing to share their bank transaction data with a new lender would do so if it provided them with product recommendations which save them money. Other motivations to share transaction data through open banking include the ability to easily compare products from different financial institutions (36%), being offered tailored incentives for switching to a new provider (34%), and a streamlined process when applying for mortgages (28%) and loans (25%).”


US government to explore new national ID concepts

The White House and Equifax agree: Social security numbers should go — Bloomberg — “The Trump administration is exploring ways to replace the use of Social Security numbers as the main method of assuring people’s identities in the wake of consumer credit agency Equifax Inc’s massive data breach. The administration has called on federal departments and agencies to look into the vulnerabilities of employing the identifier tied to retirement benefits, as well as how to replace the existing system.”


Federal Trade Commission to investigate Equifax data breach

FTC probes Equifax, top Democrat likens it to Enron — Reuters — “The US Federal Trade Commission said on Thursday it was investigating Equifax Inc’s massive data breach, and a top Democrat suggested the credit monitoring company’s corporate leaders might need to resign… Senate Democratic leader Chuck Schumer compared Equifax to Enron, the US energy company that filed for bankruptcy in 2001 after revelations of a widespread accounting fraud.”






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