Buzz from the Beehive
It’s the announcement we saw coming when Newshub revealed the Government was poised to announce a major change to banking, “which experts say will slash their profits”.
This news was broadcast as Prime Minister Jacinda Ardern was adding her voice to the populist chorus of disapproval about those profits.
It so happened the government was working on a concept called “open banking”, whereby customers can move their bank accounts, direct debits and what-have-you between banks.
Simplicity CEO Sam Stubbs said this data sharing is common overseas, encourages competition and brings bank profits down. Whether crimping bank profits should be encouraged is open to question, but hey – the government has been taking a battering in political polls and most people reckon bankers are bastards. Continue reading “Clark enlightens us about open banking while Sio throws light (through a Maori world lens) on what once was blind justice”