Chip open banking API

I think I have a different perspective;

To provide a good overview of all financial accounts is a totally different type of product - like moneyhub. For chip to try and do this as well as provide savings and investments would distract chip from its core focus.

However, surely that makes it more important for chip to provide an API, if we expect chip to become core to an individuals savings and investment accounts? The trend is a desire to get a single overview of your financial position, to make it simple and accessible. I’m really not clear therefore how chip can justify not offering it, or have I missed the point?

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Hey Adrian,

Great to see you posting on the forum again!

Our previous Open Banking API gave our users the ability to view their e-wallet on other applications like Money Dashboard and Emma. We stopped offering the API because it was expensive to maintain and there were actually very few Chip customers who used the API, it was in the hundreds. Comparing these numbers against our 300,000 users, it just wasn’t viable to keep it running.

In terms of showcasing all your financial information within Chip, we believe this feature isn’t quite in line with our overarching goal to become the best savings account in the world. Our main focus is around offering the best returns and helping you grow your savings and we feel giving an overview of your finances doesn’t really contribute to that.

It’s a completely fair question, things may change in the future, we may be in a position down the line where we reconsider this move. Hope this gives you some insight into Chip’s thought process and strategy.

Chip’s always happy to be challenged, appreciate the input Adrian!

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To a significant extent this might be because the previous access from Chip wasn’t any good. All it provided was account balance of the original Chip account. It didn’t provide provide transaction history (something banks provide via API) and didn’t include any of Chip’s interest paying accounts.

I think I may have mentioned this somewhere, but it doesn’t seem to be in this thread - I can’t really see how Chip can make a serious claim of being best savings account in the world without embracing open banking.

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I’m happy not to have the ability to link my various accounts in Chip. It feels more secure to me to have them separate so I’m not fussed for and probably wouldn’t want to use the option to link them together into one view. I accept that I might just be a dinosaur :t_rex: though.

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I really want the API with Emma back. Why is it so expensive to run? Pardon the ignorance but you create an API, let Emma or other “3rd party” integrate it and Bobs your uncle…?

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Hey Anzo,

Maintaining the API isn’t as simple as it sounds, requires a fair chunk of resources to uphold. The real issue was that we had very few users actually use and take advantage of the API when we previously had it enabled. Chip wouldn’t be what it is without open banking and we are big fans of the likes of Emma and Money Dashboard, but the reality is not enough of our users want it.

We have a heck of a lot of products and features in the pipeline, we have to be cut throat when it comes to product prioritisation and build what we believe and understand is best for our userbase. This is currently instant transfers between accounts, new investment funds and savings accounts as well as auto saving into investment funds.

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