Fintech Comment: Solve Corrupt Banks' Overdraft Problem with Open Banking
- Victor Trokoudes, Founder & CEO at Plum
- 07.12.2017 10:15 am undisclosed
The government should be building on the open banking initiative and encouraging users to connect to digital financial advisors that give them total transparency over the costs of different products so they can see what they're signing up for.
I created Plum with the exact goal of helping people to stop getting screwed over by the banks and unauthorised overdraft charges is a classic example of how the traditional banking industry is corrupt. With Plum, we can see if users are being charged unauthorised overdrafts. We will warn them this is the case and offer them an alternative to replace the unauthorised overdraft.
Ultimately, we want to live in a world where people are using the best financial products for them.
