this post was submitted on 13 Mar 2024
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I get that this doesnt matter for a lot of people, but i specifically chose my bank because it had close ties with Plaid (API aggregator) - the closest we currently have to open banking. To me, it just seems so fundamentally simple to be able to offer a way to export your own transaction information to whoever you agree to share it with. Boggles my mind that we dont have this already.
In Canada, the thing that makes people hesitate when giving financial data to an app is where liability sits when sharing your account details. Right now, because i'm sharing my credentials with Plaid some banks would refuse to reimburse you if you were subsequently hacked - regardless of the leak source. When open banking legislation comes into effect, this liability will be shifted to the data brokers (plaid), and potentially also the thrid party applications that do things with your financial data.
Can't wait to be "agreeing" to share my bank statements under duress going forward. Everyone who thinks your money is theirs, and that you're just an inconvenient transfer medium, is going to be on this train.
Companies capitalizing on convenience is not new. If you want to go to the ultimate end of the spectrum where you don't need to give up any info to a third party, open source applications have you covered. Firefly iii, Actual Budget to name two with existing bank integrations.
It comes down to your personal risk tolerance and appetite. If you have no tolerance, don't take the risk and stick with your convictions instead of grumbling that you had to give your bank statements to download a scammy Tetris app.
I think the point was that we don't want to provide the intimate minute details of our private spending to everyone who asks, lest we risk judgement by the same fools who lob the "well if you have nothing to hide" fallacy.
I worry that either externally or internally you've set up a false dichotomy here.