Saw this on Reddit this morning. Opening up telecom rules made life way more enjoyable (at least you can switch if you hate your provider) and I feel like this might do the same for banking. But what does it mean for a not-bank like Neo?
Big fan of data portability, personally. Telecom is a great example, I’m old enough to remember the before and after. Much prefer the after.
What will this mean for banking though, and when will we see benefits for everyday folks from it? Who knows.
Feels like it would really benefit Neo, to be honest. Most Canadians are with huge banks and have a lot of inertia to stay. A one-click switch to anything would likely move people to Neo on the balance.