Uhh. I passionately don't want mega corporations to have this information about me - European or not. My bank has it, but even then I'd rather they didn't!
If companies can trivially identify people bad at saving...that won't end well.
Pray elaborate. How do you see the consequences? I can see many possibilities.
any other is optional
the mega corporation that spends 50% of all resources says it wants a slice on the other half
Regulating big tech is good. Kill gatekeeping platforms and engagement-driven newsfeeds that are tearing us apart. I wish they could do that. Big tech competition with banking, on the other hand, would be welcome.
It's too bad, too, because overall the EU in most places has a history of better representing their citizens. I wish that mechanism was more functional.
My experience is living in 3 EU countries as an American - the banks are similarly terrible and entrenched in each.
Eg until a few decades ago many American states banned banks from having more than one branch.
See also the big struggles Walmart had in trying to become a bank; and conversely see how US banks are (or at least were) banned from serving their customers coffee..
The EU has recently reduced fees for one of the biggest instant payment systems of the world (SCT inst reaches the Eurozone's 350M residents). Compare the quality of that to a wire or to a ACH transfer.
EU is also ahead with security. PSD2's requirements go further than US requirements, and they are also ahead in the magnetic swipe card phaseout.
Wise and Revolut, two companies which brought a lot of innovation to international money transfer, were founded in the EU as well (since 2020 not EU companies any more).
Of course, all of this doesn't mean that the average EU bank doesn't suck. But I heard worse of the US.
senorqa•2h ago