A lot of people complain that 50k isn't much of a hurdle. Yes, I also agree that I as an individual can actually get that loan tomorrow if I want, but the point is "open" banking is meant to open up opportunities and should have as little hurdles as possible and the 50k is just one example.
Look into going into the business and you will realise other hurdles like having some insurance that will cost you tens of thousands, and more costs. When you compare that to, say, creating an app and putting it up on an app store, we can agree that there is a huge difference.
Of course I understand that banking means playing with people's money and therefore measures need to be put in place. But instead of requiring financial assets maybe the 'measure' should all be around technology and your service will need to have gone through extensive testing to ensure it won't be exploited. Otherwise 50k is peanuts like someone said when it comes to covering any financial loss incurred if your service is messed up. So that 50k is just to filter out a huge majority of individuals wanting to create something for themselves.
Look into going into the business and you will realise other hurdles like having some insurance that will cost you tens of thousands, and more costs. When you compare that to, say, creating an app and putting it up on an app store, we can agree that there is a huge difference.
Of course I understand that banking means playing with people's money and therefore measures need to be put in place. But instead of requiring financial assets maybe the 'measure' should all be around technology and your service will need to have gone through extensive testing to ensure it won't be exploited. Otherwise 50k is peanuts like someone said when it comes to covering any financial loss incurred if your service is messed up. So that 50k is just to filter out a huge majority of individuals wanting to create something for themselves.