I've never really considered them. My first thought is around security issues, though I don't know much about the space.
this post was submitted on 22 Jun 2023
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This wasn't a quick thing slapped together, a lot of thought, planning and consultation went into it. It's a really nice system, and so much better than the previous ways of aggregating financial data.
That's the nice thing about open banking is that now the banks are providing a read only API for 3rd parties that you've explicitly authorised the token for and can revoke at any time. Of course everything has potential security issues, but this is really more about privacy I think. You're sharing your financial transactions with that 3rd party. They have obligations under the open banking rules, but it's still an extra copy of your records sitting somewhere. But the upshot is potentially pretty big if you have multiple accounts, being able to see it all in one place.
I'll have to look into it, surely someone has done an opensource implementation on GitHub that runs locally and doesn't need a third party.
edit:
Good guy Luke
https://github.com/LukePrior/Australian-Open-Banking-Data-Database
It's not quite that open sadly. To be a 3rd party, you need to be registered with the government (I forget the exact org) and comply with various rules and requirements.
I did read about that a few days ago, though it doesn't stop the concept from being unnerving. I'm too used to being cautious with my data.
Open banking is just starting here and I'm hopeful it would be useful in the future. Ubank allows me to add other bank accounts but not see a merged transaction list or export an aggregated list. This would be quite useful for whole of account overviews.
Give it 1-2 years and it should be pretty sweet. Transaction accounts are the least important for banks. Open finance is already implemented for mortgage checking purposes by banks.
Frollo. But I have trouble it doesn't really show me anything with the weekly / monthly category spending
Frollo, but my bank my ppor mortgage is with hasn't enabled the offset accounts for open banking so it's a bit fucked
Tried Frollo. They try to do automated transaction tagging but it doesn't work so well and that's the only unique selling point over a spreadsheet.
Banks don't genuinely want to push Open Banking, legislation is forcing them to support it.
I don't want more app and data complexity. I want my bank to automatically generate and forward a transaction history for for my local use. I shouldn't have to log in to obtain such things.
I’m using Pocketsmith which has recently converted to using Open Bank feeds for Australian banks.
Pretty happy with Pocketsmith so far, been using them for about 4 years now.
I've looked at them a few times, but they never supported open banking, I'll have to look again if they've recently added it.