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Open Banking, what does this mean for financial planning apps?

In the last eight years, Money Dashboard have been helping their customers manage their finances better.  This is in a market where many of the banks Ts&Cs leave many consumers feeling that they are providing their financial data to such apps at their own risk.  For many, however, spreadsheets to manage finances are a hangover from a bygone era, before the advent of smartphones and the apps they have embraced.

In a soundbite age people want immediate access to everything, all in one place, without the daily grind of adding lines in excel. 

It has been some journey, with Money Dashboard leading the way to increased transparency of data, working with the banks and governmental organisations to bring about change, permit access to data, and to serve the customers of the banks better. Let’s not forget most customers do not just engage with one bank. Consumers will most likely have a current account, a savings account and a credit card. They may also buy into other services too, all potentially from different providers. Having one app which covers all accounts and types is hugely beneficial to the users. Now there are a plethora of finance management apps, with banks also providing their own. 

Steve Tigar, CEO of Money Dashboard will discuss why they persisted in providing their services in a conservative market which didn’t want to share data, or allow access to customers own data (for their use). He will look at what Open Banking means for the providers of these services, and where he sees the opportunities for both the banks and the third party app providers, and what they need to put in place to ensure customers data remains secure whilst benefitting from a complete understanding of their finances.