> I want open banking ... What I do not want is that lots of people lose money due to fraud or high volatility
That's a bit like saying you want open source without the bugs, drama, forks or the ability for people to see the code you're publishing.
Things come with tradeoffs. Open banking comes with the tradeoff that fraud and loosing your funds become easier, but it also means that it's easier for people without access to banks to have something to store value in.
I honestly am tired of the idea of a store of value.
99% of the time people talk about some sort of commodity (gold) or pseudo commodity (Bitcoin).
1% of the time they talk about bonds and fiat that is backed by bonds (via government or banks).
The idea of storing value in a non degrading commodity is a fallacy. Gold is special because it doesn't degrade. Yet when you sell grain to buy gold there is no guarantee that you can buy grain in the future. Why? Because unconsumed grains simply rot away. So when you decided to save for your retirement by piling up gold you simply assumed that the pile of grains is still there, hoping that someone else started farming and maintained the pile for you. There is a mismatch between the supply of gold and grains.
The debt system is slightly better. There is now an obligation to deliver a pile of grains. There is a different problem though. People are obligated to work, but you get to choose when. The problem you run into isn't whether the pile of grains is still there because that part is guaranteed, the next problem is whether there are enough workers to start farming. There is a mismatch between the supply of fiat and labor.
When you consider this, then the reason why our pension systems are unsustainable is simply because we let the "good" years of population growth take care of the problem for us. The thought of planning 50 years ahead never occurred to us.
The moral of the story is that storing value is more complex than putting your dollars somewhere. The dollars are only worth something because there is a big machine (our society) that is running the economy, yet we believe we can isolate ourselves from that machine when it is failing. Financial independence really is just a different form of dependence.
No, that is not what open banking is about at all. It just means that your financial data is not held in a prison by your banking provider. It means you have control over who you share that data with so that you can get value added services using your data.
That's a bit like saying you want open source without the bugs, drama, forks or the ability for people to see the code you're publishing.
Things come with tradeoffs. Open banking comes with the tradeoff that fraud and loosing your funds become easier, but it also means that it's easier for people without access to banks to have something to store value in.