Why can’t I connect my neobank in the Finder app?

Posted: 16 June 2020 9:13 am
News
Close up of wealthy man's hands on a smart phone

Plus what you can do to help.

If you've downloaded the Finder app, you might have realised you can't connect the accounts you have with neobanks such as Up, 86 400 or Revolut. We'd love to give you the option to connect these accounts to the app but there's a reason we can't right now and in this blog we'll explain why.

One of the key features of the app is the ability to connect your compatible bank, investment or superannuation accounts to Finder so you can see all your account balances and transactions in one place. We use this access to give you helpful tools like automatic spend categorisation and savings insights that check whether you're on a good deal for things like your mobile plan, broadband plan, health insurance, home loan and more.

Right now, we connect to your bank through a partnership with Envestnet Yodlee, a NYSE-listed company that is a global leader in secure financial data aggregation and encryption. This partnership involves a method called digital data capture (also known as "screen-scraping") to aggregate all your information in one place from across your connected accounts. Think of it like a series of snapshots that captures key pieces of information like your account balance and where you've spent money. It's important to note that under the permissions you provide:

  • We only connect to your banks to give you read-only access in accordance with our terms of use and privacy policy.
  • Finder can't make any changes to your accounts.
  • Finder can't approve any transfer of funds between your connected accounts.
  • Finder regularly carries out security checks to ensure the safety of our systems.

So, why can't we connect to neobanks in the same way?

Good question. A limitation of digital data capture technology is that it only works on web interfaces. Most neobanks are only accessible through their mobile apps and this means there is currently no way for us to connect to them using our existing methods.

But there is a solution.

Some neobanks like Up have already indicated that they're working on direct data feeds to allow customers to share their balance and spending data with apps like ours. The catch is that we don't know when these feeds will be made available.

If you'd like to see your neobank account in the Finder app then why not ask them about it today? The more people that request this feature, the more likely they are to offer it. It's your data after all.

So tweet, call, email or 'gram them and let them know that you'd like to connect your account with them to the Finder app. We've popped in some of their contact details below to make it easier.

BankPhone numberEmail or support pageTwitter handle
Up Bank1300 002 258support@up.com.au@up_banking
Volt Bank13 8658customercare@voltbank.com.au@voltbank
86 40002 9058 7486Support page@86400smartbank
Revolut1300 281 208In-app chat@revolutapp
Judo13 58 36Support page@judo_bank

At your service,
Fred Schebesta

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