Honestly. [1]
Make it $500. $1000. Unless you put the next winning lottery numbers in there, your data isn't that valuable. And in case you are wondering some data is heavily regulated anyway.
But you keep moving the goalposts, you complain about something, it turns into a non-issue, then move to something else. First it was that you don't have access to your data, then it turned into web banking only providing 3 years of the data you don't have access to (?), then it was back to no access to data.
For my last reply I'll rehash it:
a) you do have access to all your data just not how you want it: you want access via a generic interface of your choosing so that you may process it somehow. They provide access via their proprietary interface making the processing more cumbersome.
b) smaller banks will offer APIs for individual use because it's cheaper for them and want to attract customers, larger banks don't because it's expensive, riskier, and they already have the customers.
c') your bank offers you the API because you are its customer and they have control. They do not offer that access to a random 3rd party in bulk because that third party is not their customer and they lose control (in the bad way).
d) no bank really wants to offer bulk access to APIs when the regulation sets a low bar because it's very risky and they are taking most of the risk.
Hence the regulation: you get access to the APIs if you meet some criteria.
Real world example? I want to be Bank of close04 but although I have a hand calculator and a pretty good hiding spot for money they still set the bar slightly too high. [2] Now sit on it, think it through and let me know why a bank holding your money would be treated any differently from a 3rd party that can perform close to any operation with that money. And why your earlier statement that "people should be free to [...]" doesn't make sense in the context of current day reality.
People's misery tends to turn into misery for the state. Which is why the state is regulating stuff. The more sensitive the topic, the higher the bar. Money is sensitive.
P.S. The argument that the bar for open banking is set high is to discourage competition and keep power in the hands of the banks is total BS, visible from afar. There will be dozens and dozens of 3rd parties more than able to fill the role. It could be "Amazon Financial Services", it could be one of the banks, it could be a 2 man startup with moderate financing. Literally thousands of startups manage to raise over $10 million.
> Unless you put the next winning lottery numbers in there, your data isn't that valuable.
My Facebook or other data obtained through web tracking is definitely more valuable than my boring bank balance.
The thing about web banking not providing 3 years was just to refute your argument about how banks apparently provide me all the data I need, which clearly isn't the case.
> you do have access to all your data just not how you want it
I do not. In my previous response I told you that most banks do not provide more than 3 months of data.
> your bank offers you the API because you are its customer and they have control
All I'm asking for is that banks provide personal access tokens to any of their customers. I don't mind the regulations being there for massive-scale access, but I do want any customer who wants to automate their finances to be able to do so.
> My Facebook or other data obtained through web tracking is definitely more valuable than my boring bank balance.
That data is valuable to Facebook. Your bank balance is valuable to you. That's why you don't send all your money to Facebook, just your data.
> I do not [...]
You do. You wanted a bank data export: it's the 3 years from the website or go to the bank and ask the guy at the counter for more if it still exists.
Data retention periods are mandated by law. Some data is kept 2 years, most data for 5-7, and some for even more. There's also a mandated period in which the data must be readily accessible. After that it's archived and put in cold storage, or deleted. This is why the website doesn't give it to you and why an API won't magically provide it. That website is also using an API to give you the data. Just not an API you can access.
Don't worry, you will get API access to your account when the bank is ready with it. It's not something you want to rush, especially when you have millions of customers. But if you think just anyone can get bulk access to the API and provide financial services you've got another thing coming.
You have poor knowledge of this topic. And that's OK, that's how most people are. But that's exactly why regulation is put in place. So others don't take advantage of this - your bank or a 3rd party.
But you keep moving the goalposts, you complain about something, it turns into a non-issue, then move to something else. First it was that you don't have access to your data, then it turned into web banking only providing 3 years of the data you don't have access to (?), then it was back to no access to data.
For my last reply I'll rehash it:
a) you do have access to all your data just not how you want it: you want access via a generic interface of your choosing so that you may process it somehow. They provide access via their proprietary interface making the processing more cumbersome.
b) smaller banks will offer APIs for individual use because it's cheaper for them and want to attract customers, larger banks don't because it's expensive, riskier, and they already have the customers.
c') your bank offers you the API because you are its customer and they have control. They do not offer that access to a random 3rd party in bulk because that third party is not their customer and they lose control (in the bad way).
d) no bank really wants to offer bulk access to APIs when the regulation sets a low bar because it's very risky and they are taking most of the risk.
Hence the regulation: you get access to the APIs if you meet some criteria.
Real world example? I want to be Bank of close04 but although I have a hand calculator and a pretty good hiding spot for money they still set the bar slightly too high. [2] Now sit on it, think it through and let me know why a bank holding your money would be treated any differently from a 3rd party that can perform close to any operation with that money. And why your earlier statement that "people should be free to [...]" doesn't make sense in the context of current day reality.
People's misery tends to turn into misery for the state. Which is why the state is regulating stuff. The more sensitive the topic, the higher the bar. Money is sensitive.
P.S. The argument that the bar for open banking is set high is to discourage competition and keep power in the hands of the banks is total BS, visible from afar. There will be dozens and dozens of 3rd parties more than able to fill the role. It could be "Amazon Financial Services", it could be one of the banks, it could be a 2 man startup with moderate financing. Literally thousands of startups manage to raise over $10 million.
[1] https://medium.com/wibson/how-much-is-your-data-worth-at-lea...
[2] https://www.offshorecompany.com/banking/start-a-bank/your-ow...
[3] https://techcrunch.com/2016/08/26/co-founders-optional/