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The killer feature I am waiting for is any site or app with automatic transaction importing from my bank without requiring me to input my online banking passwor

The killer feature I am waiting for is any site or app with automatic transaction importing from my bank without requiring me to input my online banking password and thus being one data breach away from someone having full access to all my accounts (sms-based 2FA notwithstanding) This is a solved problem in tech (OAuth, I think) so clearly there are perverse financial incentives (ie. my bank doesn't want to make it easy to me to export my data) Does anyone know what would have to happen to make this possible? My bank is in Canada, if that matters.

texasbigdata 7y ago
For personal tiller excel with service account credentials
gbasin 7y ago
Yes, you need bank collaboration and they don't want to share the data. Right now the only way to get it is web scraping, basically. You could create a company that stores all your credentials for you, and they perform an OAuth layer, but then you have to trust them :)
klohto 7y ago
Spendee? Not sure if they expanded out of Europe finally.
peter303 7y ago
Or a financial institution could create read-only accounts with no permission to transfer any money anywhere. Besides fintech apps, these are useful for guardians of young or elderly to monitor them. Or when I am traveling in an area with untrustworthy wireless or cellular and want to see if a transaction cleared. Fidelity Brokerage has this kind of account.
- shkkmo 7y ago
  The issue is that many banks treat "read access" as a piece of verifying info that can give full account access.
tobylane 7y ago
Try a European bank, but I get the impression that they firmly wait until local regulation allows what they’ve built for elsewhere.
ThePowerOfFuet 7y ago
This is a solved problem in the EU thanks to PSD2.
mistahenry 7y ago
It’s my understanding that banks in the EU must make their APIs public after PSD2. So...regulation is about the only thing they will get the incumbent to share their data
inamesh 7y ago
There are ways. I'm working on one right now! It's not easy and go to market will take a looong time so I'm keeping my day job but I believe it's a problem worth solving.
- mcphage 7y ago
  > It's not easy and go to market will take a looong time so I'm keeping my day job but I believe it's a problem worth solving. Is your solution technical, or do you also have a solution for the fact that it's a service banks have no incentive to offer? (And incentives not to)
sizzle 7y ago
Fintech companies have tried to get at this goldmine of user data. You got it right, banks will never willingly give away this treasure trove of highly monetizable and privileged data abd drive their memberbade away from their own digital offerings.

texasbigdata 7y ago

For personal tiller excel with service account credentials

gbasin 7y ago

Yes, you need bank collaboration and they don't want to share the data. Right now the only way to get it is web scraping, basically. You could create a company that stores all your credentials for you, and they perform an OAuth layer, but then you have to trust them :)

klohto 7y ago

Spendee? Not sure if they expanded out of Europe finally.

peter303 7y ago

Or a financial institution could create read-only accounts with no permission to transfer any money anywhere. Besides fintech apps, these are useful for guardians of young or elderly to monitor them. Or when I am traveling in an area with untrustworthy wireless or cellular and want to see if a transaction cleared. Fidelity Brokerage has this kind of account.

shkkmo 7y ago
The issue is that many banks treat "read access" as a piece of verifying info that can give full account access.

tobylane 7y ago

Try a European bank, but I get the impression that they firmly wait until local regulation allows what they’ve built for elsewhere.

ThePowerOfFuet 7y ago

This is a solved problem in the EU thanks to PSD2.

mistahenry 7y ago

It’s my understanding that banks in the EU must make their APIs public after PSD2. So...regulation is about the only thing they will get the incumbent to share their data

inamesh 7y ago

There are ways. I'm working on one right now! It's not easy and go to market will take a looong time so I'm keeping my day job but I believe it's a problem worth solving.

mcphage 7y ago
> It's not easy and go to market will take a looong time so I'm keeping my day job but I believe it's a problem worth solving. Is your solution technical, or do you also have a solution for the fact that it's a service banks have no incentive to offer? (And incentives not to)

sizzle 7y ago

Fintech companies have tried to get at this goldmine of user data. You got it right, banks will never willingly give away this treasure trove of highly monetizable and privileged data abd drive their memberbade away from their own digital offerings.