Accessing bank data for analysis with open banking

amilbourn

Hi,
open banking aims to make bank data securely available to other banks and software providers. This is an EU/government initiative to improve competitiveness amongst banks. One advantage is that it enables data to be downloaded directly to various software apps to enable budgeting etc. The more established software like YNAB don't seem to be interested in sorting this out for UK bans.Three that seem to be available for this are Yolt, Moneyhub and Money Dashboard. User reviews on these suggest that they are still a bit basic and flaky. But they would have the advantage of showing budget information in real time.

Has anyone tried any of these three? if so which seemed best for categorisation and budgeting and are they worthwhile? What are the pros and cons?
Thanks,
Andrew

Chappers27

Yes I tried Money Dashboard. After about 10 minutes of trying to navigate their app, I gave up. You have to do ALL of the categorisation yourself, and teach it to know what you've categorised. Its a bit of a pain.

Disclaimer: I run a similar service about to introduce open banking but with the data already categorised.

SnowTiger

amilbourn wrote: »

open banking aims to make bank data securely available to other banks and software providers. This is an EU/government initiative to improve competitiveness amongst banks. One advantage is that it enables data to be downloaded directly to various software apps to enable budgeting etc. The more established software like YNAB don't seem to be interested in sorting this out for UK bans.Three that seem to be available for this are Yolt, Moneyhub and Money Dashboard. User reviews on these suggest that they are still a bit basic and flaky. But they would have the advantage of showing budget information in real time.

Has anyone tried any of these three? if so which seemed best for categorisation and budgeting and are they worthwhile? What are the pros and cons?

It's still very early days at the moment.

Not all of the UK's banks make data available via Open Banking (yet).

I've had a quick play with Yolt. To link many bank accounts to it you still have to supply your full online banking details. That's not Open Banking integration.

No credit cards seem to support Open Banking at the moment.

Futuristic

Emma App just launched version 2, its app only but worth checking out. It had tons of good reviews for its beta/early version. https://emma-app.com

It seems though not all banks will be forced except the major ones.

At the moment, only the UK’s nine largest banks and building societies must make your data available through Open Banking. Other smaller banks and building societies can choose to take part in Open Banking.

The banks and building societies who currently offer Open Banking are: Allied Irish Bank, Bank of Scotland, Barclays, Danske, Halifax, HSBC, Lloyds Bank, Nationwide, NatWest, Santander, The Royal Bank of Scotland and Ulster Bank.

Other Banks and Building Societies who will be joining Opening Banking soon include Bank of Ireland, First Direct and M&S Bank.

bluesky2011

I have been using Emma for several weeks and it is very good indeed. Only think is there is not a version for use on a desktop so thinking about looking at Moneyhub whch I believe does

bluesky2011

I am inclined to agree, just wish there was a desktop version. I have also found Emma support to be very responsive as well.

bluesky2011

any idea when?? Version 2 is great by the way!

pmjenkins

edoardomoreni wrote: »

Hey guys,

I am Edoardo Moreni, ceo & co-founder of Emma. Happy to answer any queries you guys might have. Emma is, at this point, one of the best finance apps on the app stores and we have lots of new features coming up next.

I tried Emma after reading about it on this thread and was disappointed to discover with two of my bank accounts (Co-op and Nationwide I think) I had to supply my complete logon credentials.


I hoped that Open Banking would mean that products such as Emma would not need full access capabilities. Am I wrong or was I just unlucky to try two banks that don't provide a foolproof read-only interface?

No_6

MS Money on a PC


:o:eek::T:rotfl::p

message was too SHORT so added a bit

bluesky2011

[QUOTE=
I hoped that Open Banking would mean that products such as Emma would not need full access capabilities. Am I wrong or was I just unlucky to try two banks that don't provide a foolproof read-only interface?[/QUOTE]

No that is not what OB means. The app needs full permission in order to access your account. Apps like Emma screen scrape/Read-Only under the OB scheme and Emma is also FCA approved as are several others. Provided your bank supports OB then you should be covered if something goes wrong. Worth checking wih your bank first though.

Anthorn

amilbourn wrote: »

Hi,
open banking aims to make bank data securely available to other banks and software providers. This is an EU/government initiative to improve competitiveness amongst banks. One advantage is that it enables data to be downloaded directly to various software apps to enable budgeting etc. The more established software like YNAB don't seem to be interested in sorting this out for UK bans.Three that seem to be available for this are Yolt, Moneyhub and Money Dashboard. User reviews on these suggest that they are still a bit basic and flaky. But they would have the advantage of showing budget information in real time.

Has anyone tried any of these three? if so which seemed best for categorisation and budgeting and are they worthwhile? What are the pros and cons?
Thanks,
Andrew

Oh joy, yet another thread on Open Banking. Not! Do yourself a favour and learn something about it before you post. Errr .... hmmm ... yeah!