MyBank is an attempt for intermediation - and as such one of many. Google is storming into this arena.

When analyzing such we need to separate service from market power and distortion effects.

No doubt that consumers have a need for better financial management and ICT is key to this. But HOW this is provided has a lot to do if you end up in someone taking ownership of consumers worsening the already serious market distortion problems.

The commercial dram is that of "Super-trust", ie. that the commercial provider positions itself as market maker creating the illusion that it is acting on behalf of the citizen.

What is characteristic is that yet another industry is hit by the "free" services to pay for a concentration of market power at the expense of Single Markets.

This is not empowering, but strongly dis-empowering allowing someone to reduce you to their product selling you to banks through commoditizing banks and tapping into the product.

Whereas increased self-management and better advices of finances is great, the real effect is that of increasing marketing costs due to increased churn and one-citizen-at-time-monopolly profits.

Critical to Single market and innovation is the openness for true empowered solutions WITHOUT the "super-trusted" part.

Its is all a question of identity - are we talking citizens in control or infrastructure in control?

Which retailers have signed up to it, or is it too early to tell? Or is it the PSPs who choose to put MyBank on a payment screen? How does MyBank differ from Adyen, Wirecard...?