Open banking in the UK and Europe

  • 2
  • Idea
  • Updated 3 weeks ago
  • Not Planned
As of January 2018, the UK, in line with a European initiative (see this link for summary info and a list of early adopter apps - http://www.wired.co.uk/article/open-banking-is-nearly-here-heres-the-first-glimpse-what-it-will-look... ) will be implementing standard, token based access to UK bank accounts via a standard API. This will include read, and write activities!

I'm sure you can imagine how remarkable this consistent and official access to our bank account info will be. I can imagine a point in the near future where the GB app could at a basic level, be set up with the ability to do automated imports of data, but could even be pushed as far as popping up a notification whenever a transaction takes place, allowing for real-time account updates with the user confirming / tweaking the categorisation rather than having to drive the data entry manually.

This could be a game changer for GB and if you were to be able to get on board with this could flip the app into the stratosphere of use.

Just wondering whether this is on your radar and part of your roadmap. I would love to hear discussion of this and all the myriad of opportunities it could bring.
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Jon Morgan

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  • excited

Posted 2 years ago

  • 2
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Karisa Russell, Official Rep

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Hi Jon, 

Thanks for posting! I was not familiar with Open Banking, so that was an interesting read. 

It sounds like you're advocating for an auto-import feature, and then eventually a push-notification function as well. I do think that could be cool!

To answer your question, we are not working on a feature like this at this time. (For those that don't know, you can check our our Roadmap for updates on what we are working on.) In the meantime, I've added your name as a vote for this feature!
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Jon Morgan

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Thanks Karisa, looking forward to seeing the debt tracking functionality. Are there any timescales on the roadmap? 

And re this idea, I'm unclear as to whether this thread is being treated as a feature request, or whether that's in a separate section!!? :)
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Karisa Russell, Official Rep

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Hi Jon, 

Good question! We do not add timescales to our Roadmap, and the debt feature is a pretty big one so I can't give an ETA. 

I will turn this thread into an 'Idea', if you'd like. And, I'll treat this as a request by putting your vote for this feature on our features tracker. 

Thanks again!
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Jon Morgan

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Hey team, just wondered whether the Open Banking in the UK and Europe is making it through to the roadmap yet?  I noted this morning that my Barclays Banking app has suggested that I include the ability to view transactions from my other banks. It appears they've not managed to do that yet for my own banks, so I can't tell you how well it works yet. However, I'd have thought Goodbudget would be in a much better position to be the go-to place for viewing transactions (nothing active like making transfers). I'd love to see this feature available to avoid having to do imports manually when reconciling accounts. Here's keeping my fingers crossed that this could feature as dreaming in the near future!! :D
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Alex Park, Official Rep

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Hi Jon,

Thanks for sharing your update. This isn't something we're planning to do right now, but we'll be sure to let you know with an update in this thread if this idea moves onto our Roadmap (https://goodbudget.com/roadmap/) in the future.
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Dave Botterill

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Hi Alex
My wife and I are Goodbudget users and have been for a decade or more...but you nearly lost us to YOLT, (but you didnt, not quite but we did get as far as uploading the app on our phones and took a couple of hours to evaluate it!) The reason was that YOLT have integrated to Open banking and it is AMAZING! The only thing that kept me was that Goodbudget has so much functionality which YOLT doesn't have yet, namely it works across our phones and on the web whereas YOLT does not. If we had not had a joint account, I would have changed over and I think that others may well feel the same. 
However, logging in to Open Banking is a game changer and they have seriously closed the gap with you guys, it wont be long before the innovate past you if you don't do something about it. I think I would have this high up on my SWOT analysis if I was in your position.
I note that in good budget we can import our bank transactions via a CVS file but that isn't anything like the open banking system and it really is a bit "binary" and nowhere near as functional. 
Anyway, not a moan, just a heads up. Have a wonderful day.
Thanks
Dave
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Alex Park, Official Rep

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Hi Dave,

Thanks for sharing your thoughts on the status of OpenBanking and the budget app world! I've added your vote for this feature to our tracker as well.
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Jon Morgan

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I'm currently reviewing an interesting app-only product called "Emma"   it's not as feature rich as GB yet, but they have a budget feature and they're certainly on track to getting the automation part right...  I really would hate GB to lose its edge after appreciating it for so many years.
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Paulo Santos

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I'm looking at Money Dashboard, and it seems pretty good. Shame that Goodbudget is not doing Open Bank, I think you'll be loosing UK members. It's pretty cool to have the syncing happening as you spend, without any manual intervention.
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Tiffany Kucifer

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I found this interesting too and it seems we already have (and have had) this in the US. I'm thinking of sites/apps like Mint that automatically import every transaction into their version of a budget. So, if my understanding is correct, I have a bit of experience with that setup and I may be the odd one out but I disliked it quite a bit.
To me, part of "owning" a budget is developing the responsibility to manage it. I found that having an app import transactions in the background led to two problems: first, I didn't have control over which envelopes were assigned to each transaction, making it a constant frustration to move things around (and wonder if I'd caught them all). Second, a "set it and forget it" budget doesn't help with the discipline of spending within predetermined parameters. I DO get text alerts for every transaction that occurs, so it's relatively easy to make sure every transaction has been entered in GB, but I would definitely opt out of having them be imported automatically and then have to be manipulated manually anyway. I'll also admit that I don't like the kind of payee names my bank assigns and I'd prefer to assign them myself. So, if I have to "touch" every imported transaction anyway, what's the advantage over just entering them manually?
That's my two cents; obviously Mint has a huge following so plenty of people don't feel the way I do but if GB ever went to an "import" model I certainly hope there would be an opt-out for those of us who dislike that format.
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Jon Morgan

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I totally agree, the best way of doing it is to be completely pro-active about spending and I really do try to be. However, unless I'm absolutely on it every single day, and I invariable can't manage that, I get behind and end up having to do an import from my bank. Often, the thought of having to do this makes be baulk at it and as a consequence I can quickly get quite out of date. If this happens, what point is having a system at all? I would much rather get a pop-up on my phone / have a list on the Website, of transactions that as yet haven't been entered to classify in the usual way. That way I'd still have to "touch" every transaction, but I'd have the reminder / data entry part taken care of. This would have the added bonus of still allowing the sophistication and flexibility of GB while benefiting from some automation.