Open Banking and account aggregation?

colsten

gabanker wrote: »

I don't agree with open banking I know that it is supposed to help you, but I find being old fashioned works better with me I dont agree that your financial institutions should know everything about each other

xlnc99 wrote: »

i made a post about open banking earlier. Isnt this risky? Do you really want all your banks to have access to all your accounts? In a nutshell, i presume this is true from what i have read about open banking

It is totally down to you whether you use the functionality or not. Don't like it, don't use it. Simples.

xlnc99

colsten wrote: »

It is totally down to you whether you use the functionality or not. Don't like it, don't use it. Simples.

I understand that but what i am asking is do open banking allow every financial institution who you give permission to to openly look at all your accounts within those institutions. If this indeed the case then Is there any plausible reason why anyone would use this feature other then having all your accounts in one app

colsten

xlnc99 wrote: »

I understand that but what i am asking is do open banking allow every financial institution who you give permission to to openly look at all your accounts within those institutions. If this indeed the case then Is there any plausible reason why anyone would use this feature other then having all your accounts in one app

I am not sure what you want to hide from some banks but are happy to share with another. I am not even sure I want to know what it is, and why you want to hide it.

You seem to be looking for reasons for not using it whilst I have plenty of reasons for why I do want to use it. Unfortunately, none of the many apps we have seen does actually provide sufficient functionality for me, and that is the reason I am not using any of them at this stage.

As I said: if you don't like it, don't use it. Nobody forces you to use it. Mind you, if you are having trouble to get more than 1 account as you say elsewhere you do, you're unlikely to be a potential user anytime soon, anyway.

xlnc99

i am just not comfortable with all the banks joining forces and looking at my transaction as one big organisation. I dont have anything to hide, apart from poor credit but it comes down too alot of things like Invasion of privacy comes to mind/data breach etc etc. The same reason people dont like google spying on you etc etc

I guess my main reason is because i have basic bank accounts and about 5 or 6 of them currently and i would want to upgrade hopefully to a current account on all of them when my credit gets better i know banks are fussy in which you use as your main account etc. So i dont want banks to be privvy to this information as i am hoping to get them all upgraded. I feel if a bank sees all my transactions for every bank its far easier for them to reject me if they notice im not using a particular account as regularly. Hope that makes sense

But you still haven't answered what benefit or reasons you have to use it. This is not a dig at you but i am just trying to understand if the benefits of using the app out weight the negatives. The only thing i know about the app is it combine all your banking into one app, all your transactions into one app and you can help budget etc. I do like the the fact that all your transactions and banking info are on one app which is great but not the idea of sharing the information with everyone. I have been offered the open banking app but as of yet declined.

masonic

The main benefit for multiple account holders is to see everything in one place without having to log in at a dozen different places. Like colsten, I've not found anything that (a) uses open banking and (b) supports all of my accounts, so until that happens I won't be using it. When a product that meets my needs appears, then it is likely it will not be provided by a mainstream bank, so it's unlikely any provider of any of my accounts will need to be given any permission to view information about my other accounts.

colsten

xlnc99 wrote: »

i am just not comfortable with all the banks joining forces and looking at my transaction as one big organisation

For the 3rd and final time: you do not have to use any of the apps if you don't like to. Other than that, banks do not act as one big organisation. In addition, there isn't even one single one of them which covers all the accounts people can have.

xlnc99 wrote: »

But you still haven't answered what benefit or reasons you have to use it.

I'll leave that to you to figure out. There is plenty of information on this forum about the different reason different people have for having multiple accounts (if they can get them) and a smart way of aggregating and analysing them all in one place. Though as I also said before, none of the available apps is actually doing the job for people who have more than a couple of current accounts.

Anyway, I am out of this discussion now. Got accounts to aggregate and analyse

Penelopa.Pitstop

colsten wrote: »

EDIT: I use the native Accountunity, which is the technology FD use in Internet Banking Plus. The developers are still fixing problems with it if you ask them but I can't get any sense out of them whether they will ever support a modern browser, or create an app with the existing functionality.

Unfortunately they don't want to add any new accounts but at least change MBNA login after cards move to Lloyds. I use Green version, as Blue version stopped working on me. Don't remember which website is newer and which is older.

RG2015

I received the following in an email from Tesco Bank on Sunday (7th Apr 2019).

"From September 2019 you should stop sharing your Online Banking security details with third party providers (TPPs)"

Can anyone advise if this applies to the First Direct Internet Banking Plus service?

Furthermore, how can I check if an open banking service would breach this Tesco Bank condition?

And lastly, does the ability to view other bank balances and transactions on a mobile bank's app count as sharing with TPPs?

Nick_C

See post 12. My guess is that FDIB+ will stop working at that point.

Revolexis

dj1471 wrote: »

Money Dashboard doesn't use Open Banking, it's a screen-scraper. I recently ditched them in favour of Tandem as they support more of my accounts.

Thanks for this, I did not realise Tandem had this functionality and I've had it over a year!