Open Banking apps

mrochester · 15 Jan 2018 at 14:29

Hi all

Does anyone know if there are any open banking apps available yet? Been searching online and can’t find anything.

Many thanks

Martynt74 · 15 Jan 2018 at 14:55

What is it you want to do?

I use Money Dashboard to link all my accounts and see all my financial info.

You can only view balances/transactions with it though, not action anything through that. I think you'd always need to use the banks own platform for making payments.

mrochester · 15 Jan 2018 at 14:57

Marvt74 said:
What is it you want to do?

I use Money Dashboard to link all my accounts and see all my financial info.

You can only view balances/transactions with it though, not action anything through that. I think you'd always need to use the banks own platform for making payments.

Isn’t the whole point of open banking so that you can use any app you like to fully administer your accounts (view balances, make payments etc)?

Martynt74 · 15 Jan 2018 at 14:59

I'm not sure, i just like that i can track all the balances across my various account and credit cards in one place along along with tagging everything and seeing where i waste all my money!

The_Abyss · 15 Jan 2018 at 15:21

mrochester said:
Hi all

Does anyone know if there are any open banking apps available yet? Been searching online and can’t find anything.

Many thanks

If there is a provider up and running already (unlikely, seeing as not all the major banks are yet ready to comply) then you can see details here: https://www.openbanking.org.uk/directory/. If you use another provider not listed then they are not regulated and there's no consumer protection.

There is a school of thought that the more open sharing of data could result in greater and more accurate customer profiling. That would be good if you're in good financial condition, but presumably could also be bad news for those will poor financial histories.

The wholesale change in rules does make it far easier for challengers to come through now. I've big hopes for Money Dashboard (edit: disclaimer - I'm an investor)

Nikumba · 15 Jan 2018 at 15:23

Marvt74 said:
I'm not sure, i just like that i can track all the balances across my various account and credit cards in one place along along with tagging everything and seeing where i waste all my money!

Money Dashboard will do that

I use it to track our accounts

Thanks

android-fan · 15 Jan 2018 at 15:24

I've just signed up to Money Dashboard based on the mention here, wanted to link to my TSB account initially, but they are asking me to input my login credentials on their web-site directly, rather than re-directing to TSB to process my login credentials. I would not be willing to do this.

With Open Banking, it will be secure API based access, hence no one will need to know your login credentials and will be restricted to what they can do with your data once they have access.

Martynt74 · 15 Jan 2018 at 15:29

Nikumba said:
Money Dashboard will do that

I use it to track our accounts

Thanks

I know, my post was referring to what i use Money Dashboard for

Nikumba · 17 Jan 2018 at 10:23

android-fan said:
I've just signed up to Money Dashboard based on the mention here, wanted to link to my TSB account initially, but they are asking me to input my login credentials on their web-site directly, rather than re-directing to TSB to process my login credentials. I would not be willing to do this.

With Open Banking, it will be secure API based access, hence no one will need to know your login credentials and will be restricted to what they can do with your data once they have access.

When I did mine, I only had to use one of the 3 random phrases on my account.

bloodiedathame · 17 Jan 2018 at 10:39

I've used and invested in Money Dashboard. It's an excellent money tracking tool.