DBUpdate Thoughts

On the face of it, the Open Banking Product (OB) API is a great idea. Every banks product data in the public domain using a common and computer-friendly format updated in a timely fashion. However, like any standards implementation, the devil is in the details. It goes without saying that an API Standard must be usable by the intended audience for it's intended purpose. If the purpose is for parties to be able to download bank product information in a computer-friendly format to massage and display to consumers then the complete information must be available. The following is our list of issues that we feel deviate from this purpose. Note: Since we are in Australia, we are going by the  Consumer Data Rights . Lack of data totality There is nothing in the Standard that states a required minimum data-set. The Standard states that it is a complicated task to define a Standard which can encompass the vast range of financial product options, and we agree in principle but certainly not i...

One of the added benefits to Open Banking is the fact that we now have a public Source of Truth (SoT) for bank products (under the Products API). It's not perfect as banks will only ever do the minimum required by any regulations. But it is certainly enough to be useful. Your own Product Source-of-Truth In order for the banks to publish all this data on their products probably means, based on how big and complicated most banks are, that they would need to compile all this information from a variety of internal systems and data repositories. Not necessarily an easy job, both to compile this information and to maintain it's accuracy. But now that the banks have a central repository with all their product data, it's guaranteed to be up-to-date, and in a computer-software-friendly format (JSON), then possibilities open-up as to how they can use this data within their own internal systems. In fact it can be treated, for business purposes, as a single SoT database; an enterprise ...

Systemising Your Business Subtitle: OMG! My business is killing me! When it comes right down to it there are only 2 functions for any business: 1) Servicing existing customers 2) Attracting new customers You spend resources to attract and sign-up a customer to your products and/or services, and once they are a customer, you must provide those products and services to them, and support them whilst doing so. That's it. Seems easy. Notice how both of those functions involve external parties: the customer. But dealing with customers can be somewhat chaotic because of the fact that, well, customers are human. And because customers are human, we will spend a great deal of resources supporting these customers. And that's fair, because as of above, the #1 function of a business is to service the customers. As we all know, customers who perceive a lack of support will leave. So because dealing with customers is chaotic, we need to make sure that the activities that we can contro...