Other bank accounts in your Monzo App?

Exactly what Tom said

What would be helpful to me is to track loans and mortgage in the app. I have no easy way to view these unless i’m logging in separately somewhere which is a pain.

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This is very much on my radar… (i want it in my Monzo too!)

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I can’t even check my mortgage unless I call someone or wait for that statement to arrive through the post. :grinning:

I’ve got a loan and a mortgage I can’t get any clue about without phoning someone…

But that’s not going to change - Monzo can’t magically create an API for those companies… they probably still do most of their transactions on paper anyway.

For me, it’s a maybe.
I currently use Moneyhub as an aggregator and enter my Monzo transactions manually. I do this partly because they are no budgeting capabilities within Monzo’s android app and partly because it does give an overview of my entire financial life.
I wouldn’t want Monzo, or any financial institution, to be able to transfer money between any accounts not held with them. That’s a step too far for me. While it might be 100% safe and secure, it feels like it’s adding an unnecessary risk.

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Currently, I use money dashboard as a bank account aggregate, which is good but certainly not perfect (planning/predictions entirely missing or very basic, no recurring payment detection). While I’m sure Monzo could make a better app, it would take a considerable amount of time to catch up to the competition. meaning that it may be somewhat poor utilisation of time creating this feature - I’d think it wiser to work on getting other features, such as Pots, shipped, than to risk entering an already busy marketplace (Moneydashboard, Yolt etc)

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but PSD2 only covers current accounts

I thought it covered all payment accounts, so some savings accounts and credit cards come into play? e.g. easy-access/flexible savings accounts?

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mhm - this is useful. Even if its a manual account where you detail your APR, loan advance and monthly repayments so it automatically reduces your loan on its debit day each month.

… so a clever calculator with manual inputs

I can understand the usefulness of aggregating financial accounts together for a dashboard-like view of all of my finances at a glance; but where would loyalty cards come into this? What data would Monzo then have access to? All of my spending habits or just a ‘points’ balance? Also how would Monzo make use of my financial and spending data? Is it purely for display in the app or would you use it for profiling for sale of other services?

It’s at this point I’d start to feel a bit cautious towards having just one “key” to all of my data. As with the Equifax* hack shows, no-one is impervious to data being stolen not even the big guys.

You’d have to make a very good use case, detailing how you’d use my data, detail how secure your systems are, and up the login security of the app for me to consider handing over the keys…

*corrected from @anon72173902 's note

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This needs to be api driven, there is no other way

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We always try to be transparent at Monzo, there are a bunch of advantages for Monzo for when you add external accounts including:

  • You’re more likely to stick with Monzo if it’s the one app you use to manage your financial life. :iphone:
  • We get better data on what kind of services you might be interested in (our energy offer test for example) :zap:
  • We can make it easier to switch to Monzo, or just switch your bills and payroll into Monzo. :moneybag:
  • We can bring in your account history from your other bank, which can help us work out what’s an appropriate level of overdraft to offer you. :bar_chart:

There’s probably other reasons as well. To be clear, we won’t do any of these things without letting you know first and getting your permission. :heart:

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*Equifax hacks…

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Right you are. Thanks :grin:

Reading the details of it makes you wonder how they could have been any worse at storing data. They are truly incompetent.

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I am waiting for Experian to be done next

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Yes.

I would love to aggregate other bank accounts on Monzo. I am a frequent user of Yolt and I’m sure that’s the future.

I wouldn’t stop there, I would add other financial services such as Nutmeg, MoneyFarm etc etc

A lot of the concerns some people have are similar default responses to any innovation, like chip & pin, contactless, online banking itself.

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Yes please. But read only

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Yes! I would love this. currently I use my Amex for most transactions due to avoid, so if there was a way I could link courtesy of PSD2 (not sure if they are required to share) and use some of the great budgeting features, etc. that would be amazing.

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See things all in one place: Luvverly.
Transact across all my accounts from one place: yummy!
Let you aggregate all my data and monetise the results: not so much
Give you my other banks’ passwords: never ever in a bajillion years.

Tl;dr: wait for psd2, don’t abuse my data.

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