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    Your data, in your hands: How op...

Your data, in your hands: How open banking can help you make sense of your finances

Open banking makes it easier than ever to do useful things with your financial data. But how does it work? What’s TotallyMoney doing with it? And what makes it so secure?

If you’re new to open banking — or you’re just looking for a refresher — here’s what you need to know.

4 things to know about open banking

1. It means more personalisation and choice

In the past, your credit report data was the only thing lenders could look at when deciding whether or not to lend you money. Unfortunately, that relies on lots of companies sending in data about you, so it can be out-of-date and incomplete — which is one reason you might not always agree with the decisions lenders make.Open banking lets you share your bank account data with lenders — giving them a much more recent and accurate picture of your finances. With more information, they can make fairer decisions — giving you access to more credit options and better offers.

2. It makes your data more useful

Linking your bank account with apps you trust — like TotallyMoney — is an easy way to make sense of your financial data. Budgeting apps, for example, can look at things like your income and regular bills to help you plan your spending. Another app might help you manage your monthly subscriptions.Your data’s only as smart as what you do with it. Open banking lets you do a lot.

3. It’s secure

Open banking was designed with security at its heart, using secure technology already used by banks. You’ll never be asked to give your banking login details to anyone except your bank or building society. Plus, any apps or companies that use open banking are regulated by the Financial Conduct Authority.Apps can only request the data they need — and you can cut off the connection whenever you want.

4. It’s easy

Creating a new open banking connection only takes a minute. First, you’ll be asked to log in to your bank using your normal login details. Then you’ll need to confirm the connection. That’s it — you’re done!

Open banking let's you share your bank account data with lenders

Open banking + TotallyMoney = More power, more choice

TotallyMoney is already using open banking to help make your financial journey easier, and faster.

1. Unlock more borrowing options

We’ve worked with some of our lenders so you can use open banking data to improve your eligibility. Just connect your bank account and you might be eligible for more loans straight away.

2. Track and plan your spending

Connect your bank account to TotallyMoney and we’ll help you plan your spending by showing your “balance after bills” — that’s how much you’ll have left to spend after you’ve paid all your regular outgoings. Keep your spending below that number and you should start to build up savings.We’ll also show you which bills are impacting your credit score. Things like rent and phone contracts will. Things like streaming subscriptions probably won’t. Make sure you pay your bills on time to keep your credit score moving in the right direction.

With more information, they can make fairer decisions - giving you access to more credit options and better offers

The power is always in your hands

1. You choose who sees what

  • You’re the only person who can open a connection between your bank and an app

  • Apps can only request the data they need — if they want more, they need to ask first

2. Connections expire after 90 days

  • That means you can’t “set and forget” open banking — apps can’t keeping accessing your data forever

  • If you’re still using the app, you’ll get a reminder to renew the connection before it expires

Creating a new open banking connection only takes a minute

We're on a mission to help everyone move their finances forward and gain financial momentum.

TotallyMoney is an independent credit broker, not a lender. Our comparison service works with most leading lenders, covering the majority of the market. Though we may be paid a fee by lenders or brokers this never influences how our products are ranked.

We don't provide financial advice. Product information is obtained from independent sources and rates displayed may vary depending on your personal circumstances. While we make every effort to ensure that information is up to date, you should always confirm the terms of the offer with the product provider.

TotallyMoney is owned and operated by TotallyMoney Limited which is registered in England and Wales (Company Registration Number 06205695). TotallyMoney Limited is an Appointed Representative of TM Connect Limited, which is registered in England and Wales (Company Registration Number 06967012) and authorised and regulated by the Financial Conduct Authority in respect of consumer credit related activities (FCA FRN: 511936). Registered Office: Chapter House, 16 Brunswick Place, London N1 6DZ. Credit is available, subject to status, only to UK residents aged 18 or over.

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