Let's say, I create a bank with the caveat that all of my banking phone apps and webapps are FOSS (or if they depend on non-free components — banks probably do to communicate with each other —, then just OSS). Am I going to be behind the competition by doing this?

If the most secure crypto algorithms are the ones that are public, can we ensure the security of a bank's apps by publicizing it?

Are they not doing this because they secretly collect a lot of data (on top of your payment history because of the centralized nature of card payments) through these apps?

EDIT: Clarifying question: Is there a technical reason they don't publicize their code or is it just purely corporate greed and nothing else?

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[–] brunofin@lemm.ee 4 points 1 year ago* (last edited 1 year ago)

Open Banking: https://en.m.wikipedia.org/wiki/Open_banking

Pix: https://thefintechtimes.com/the-story-of-pix-and-what-us-banks-can-learn/#:~:text=Pix%20is%20an%20open%20system,financial%20institutions%20participate%20in%20Pix.

Blik: https://en.m.wikipedia.org/wiki/Blik