A long-awaited change to Canadian banking is coming. What to know - National | Globalnews.ca
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Change is in the works that will give Canadian consumers and businesses significantly more control over their financial data, in what’s known as open banking.

Open banking works by giving consumers the option to share their banking data with other firms. The most common use is granting access to budgeting or money management apps and companies, so that a customer can pool different bank accounts and credit cards into one place.

Ah yes, finally what we’ve been missing in our financial system! 🤭

  • deelayman@lemmy.caEnglish
    1·
    8 months ago

    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.