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News & Views Podcast | Episode 154: HMRC & Open Banking Awareness

On this week’s episode of News & Views, The Fintech Times Podcast team speak about HMRC needing to do better regarding its digital customer service options and why firms need to provide greater open banking awareness.

This week, The Fintech Times Podcast team is down a man. However, this did not deter Polly and Francis from having a back-and-forth conversation, discussing ideas and possible solutions to HMRC’s poor customer service and ways to promote open banking.

The duo starts by figuring out whose shoulders the responsibility falls upon to enlighten customers about open banking – is it on the merchants, providers or the consumers themselves? The Podcast team highlights that many consumers are already unknowingly using open banking. Should they become aware of this, they may be more inclined to use the tech (having already used it and seen its perks), or they may be spooked by it and all of a sudden become very paranoid that their information could be leaked somewhere online.

The duo concluded that social media has a massive role to play in facilitating open banking’s mainstream adoption.

Following this, Francis and Polly spoke about HMRC and its poor customer service for firms in the UK. Despite the digital-first drive being implemented by the tax collector, the Podcast team reinforce the importance of a human touch. Therefore, they conclude HMRC must do a better job at promoting its digital services but cannot completely remove its over-the-phone communication avenues.

Listen to News & Views Podcast on your favourite platform:

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Read the articles discussed in this episode:

HMRC Must Do Better: Customers Waiting Nearly 30 Minutes to Receive Necessary Support Reveals NAO

Firms Must Provide Greater Open Banking Awareness as Only 46% of Consumers Have Heard About It

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