Get up, stand up (Oh yeah). Stand up for your rights.

3 min read

Every March 15, we celebrate World Consumer Rights Day. Or do we? Here’s the thing: while many South Africans know their basic consumer rights, they still lack choice in one of the most important areas of all. Their finances.

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That’s why Open Banking’s a big deal. It’s going to give our banking industry a bit of fresh, new thinking. Make banking faster. Cheaper. More convenient. Give you control over how you manage your finances by working with any bank and financial service provider of your choice.

Think about it. In old-school ‘closed’ banking, each financial institution controls the information it collects about you. If you want to switch banks or open new accounts, it’s almost impossible to access … wait for it … your own financial data. With Open Banking, you take control of your own information.

Imagine you have an account with Bank X. You want to take out a loan with Bank Y. Right now, that means a world of pain. Fill out forms. Send through proof of address. Have a hard access of your credit score. But why, when that data all already sits with Bank X? Why can’t you just tell X to share your own data with Y, you ask?

And that right there, friends, is one of the reasons why Open Banking exists.

‘But wait’, we hear you say. ‘If banks are sharing data through your platform, how do I know it’s going to be safe?’ We thought you’d ask that. Relax: we only use your financial data and information when you say we can.

The only consent Spot Money asks for is to validate your identity and to access your credit score when you sign up. We don’t transfer any data to third parties. You’re in control of it.

And then, we only use your data to present you with offers that we think are right for you. You decide whether you want to engage with those offers or not. Until you engage, the third parties won’t even know you exist.

Because our Open Banking platform is backed by Mastercard and Bidvest, we’re also governed by banking regulations, the Consumer Protection Act and the Protection of Personal Information Act (POPIA). This means you can share your information without having to worry about how secure it is. A world of choice, with all the safety you need. Open Banking FTW.

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