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?
In Belgium the water company has imposed forced-banking by removing the cash option. Then at least one bank has shutdown their website and shut their doors, essentially forcing people to buy a smartphone and install their non-free app. So if you want water service, you must buy a smartphone and sell your soul. How perverted is that? Sure, those customers can also change banks but more banks could take the same shitty direction: run non-free software or lose access to water… how’s that for human rights?