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  • FIRST POST
    • amilbourn
    • By amilbourn 1st Oct 18, 7:57 PM
    • 4Posts
    • 0Thanks
    amilbourn
    Accessing bank data for analysis with open banking
    • #1
    • 1st Oct 18, 7:57 PM
    Accessing bank data for analysis with open banking 1st Oct 18 at 7:57 PM
    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
Page 1
    • Chappers27
    • By Chappers27 1st Oct 18, 9:59 PM
    • 86 Posts
    • 86 Thanks
    Chappers27
    • #2
    • 1st Oct 18, 9:59 PM
    • #2
    • 1st Oct 18, 9:59 PM
    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.
    no signature
    • SnowTiger
    • By SnowTiger 1st Oct 18, 11:11 PM
    • 3,490 Posts
    • 2,456 Thanks
    SnowTiger
    • #3
    • 1st Oct 18, 11:11 PM
    • #3
    • 1st Oct 18, 11:11 PM
    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?
    Originally posted by amilbourn
    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
    • By Futuristic 2nd Oct 18, 11:49 AM
    • 800 Posts
    • 405 Thanks
    Futuristic
    • #4
    • 2nd Oct 18, 11:49 AM
    • #4
    • 2nd Oct 18, 11:49 AM
    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.
    Last edited by Futuristic; 02-10-2018 at 11:52 AM.
    • bluesky2011
    • By bluesky2011 13th Oct 18, 3:23 PM
    • 19 Posts
    • 1 Thanks
    bluesky2011
    • #5
    • 13th Oct 18, 3:23 PM
    • #5
    • 13th Oct 18, 3:23 PM
    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
    • By bluesky2011 13th Oct 18, 4:58 PM
    • 19 Posts
    • 1 Thanks
    bluesky2011
    • #6
    • 13th Oct 18, 4:58 PM
    • #6
    • 13th Oct 18, 4:58 PM
    I am inclined to agree, just wish there was a desktop version. I have also found Emma support to be very responsive as well.
    Last edited by MSE ForumTeam3; 15-10-2018 at 8:27 AM. Reason: Quoting deleted post
    • bluesky2011
    • By bluesky2011 13th Oct 18, 5:08 PM
    • 19 Posts
    • 1 Thanks
    bluesky2011
    • #7
    • 13th Oct 18, 5:08 PM
    • #7
    • 13th Oct 18, 5:08 PM
    any idea when?? Version 2 is great by the way!
    • pmjenkins
    • By pmjenkins 13th Oct 18, 7:58 PM
    • 107 Posts
    • 38 Thanks
    pmjenkins
    • #8
    • 13th Oct 18, 7:58 PM
    • #8
    • 13th Oct 18, 7:58 PM
    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.
    Originally posted by edoardomoreni

    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
    • By No_6 13th Oct 18, 9:32 PM
    • 687 Posts
    • 139 Thanks
    No_6
    • #9
    • 13th Oct 18, 9:32 PM
    • #9
    • 13th Oct 18, 9:32 PM
    MS Money on a PC




    message was too SHORT so added a bit
    • bluesky2011
    • By bluesky2011 13th Oct 18, 10:34 PM
    • 19 Posts
    • 1 Thanks
    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
    • By Anthorn 14th Oct 18, 11:04 AM
    • 4,096 Posts
    • 1,115 Thanks
    Anthorn
    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
    Originally posted by amilbourn
    Oh joy, yet another thread on Open Banking. Not! Do yourself a favour and learn something about it before you post. Errr .... hmmm ... yeah!
    • Chino
    • By Chino 14th Oct 18, 11:13 AM
    • 611 Posts
    • 331 Thanks
    Chino
    Quite an achievement considering that your company has only existed for little more than 1.5 years:
    https://beta.companieshouse.gov.uk/company/10578464
    Last edited by MSE ForumTeam3; 15-10-2018 at 8:28 AM. Reason: Quoting deleted post
    • agrinnall
    • By agrinnall 14th Oct 18, 5:45 PM
    • 21,689 Posts
    • 17,565 Thanks
    agrinnall
    Then you are indeed posting as an unathorised company rep in breach of the forum rules and I for one will be reporting you for doing so.

    I personally wouldn't use any app developed by a company that flagrantly flouts rules that are easy to comply with.
    Last edited by MSE ForumTeam3; 15-10-2018 at 8:28 AM. Reason: Quoting deleted post
    • Anthorn
    • By Anthorn 14th Oct 18, 6:06 PM
    • 4,096 Posts
    • 1,115 Thanks
    Anthorn
    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?
    Originally posted by pmjenkins
    At this time there are mainly two systems of accessing financial details and sometimes both are in use simultaneously depending on the financial institution being accessed. There is the old system where we supply our full login details and then they scrape the data from the web page. This system is insecure because we trust they will not do anything else in our account that we give them access to. The new system is Open Banking where the data is accessed through an API provided by the banking institution and full login details are not needed.

    As it's panning out though it may not simply be a matter of subscribing to the service which accesses your data et voila they get your data. Lloyds Bank for example provides a means of approving such actions as well as a means of viewing permissions through your profile in the internet banking interface. That implies that in order to get data, permission from both the bank and the bank's customer will be required.

    Early days yet though.
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