Finspo - Do You Trust It?

badg3rz on 29/12/2020 - 18:24

Do you trust Finspo with all your banking information?

The App on Google Play store only has 100 downloads (not sure about Apple), and wants all your banking details (Login and Password) for all your Banks, Credit Cards etc… I received an email in September saying thanks for joining us as I was on a waitlist, but I don't remember signing up to it.

I heard on the radio last year that someone was interviewing a financial adviser or someone from the government, and said Money Brilliant was a good choice and something else (can't remember).

I've used Money Brilliant as it has 100,000 downloads, and it seemed safe to have it recommended on the radio, but this new company Lab35 Pty Ltd trading as Finspo (ABN 34 637 821 928) since September has started. The App says it will find hidden money, interest, credit card rates, loan rates, fees and so, across multiple banks.

What are your thoughts on this new company. I'm not willing to trust it as yet.

Financial

Related Stores

finspo.com.au
finspo.com.au

Comments

  • Quantumcat on 29/12/2020 - 18:45
    +13

    No way never give your banking password to anybody! Probably not even your spouse!

    That reminds me of the payment system that was used in airline websites where you had to give it your banking info. Just no.

  • Mechz on 29/12/2020 - 19:45
    +4

    It only takes a couple of suckers to make it worth coding that app.

    Don't be one of them.

  • holdenmg on 29/12/2020 - 19:56

    Just a Mortgage Broker with an App. \

    Pass.

  • Seraphin7 on 29/12/2020 - 20:00
    +4

    Yeah, handover banking details and passwords to a "no name" company/person … what could possibly go wrong?

    • FeedingTheSnail on 29/12/2020 - 20:58
      +3

      Also installed on your smartphone, same phone that the bank will be using for 2 factor authentication.

  • SF3 on 29/12/2020 - 20:05
    +2

    Go with your spider senses.

  • AustriaBargain on 29/12/2020 - 23:32
    +3

    One of the reviews on the App Store

    This app saved me $40,000! I used the Finspo rate my rate to compare different mortgages similar to mine. I emailed my bank a screen shot of the better interest rates available. They quickly matched the better rates which will now save me $40,000 over the life of the mortgage. This app also very simply highlights how much money you pay in fees and interest. It really gives you back a sense of control with your finances, especially if you have multiple accounts!

    Not sure I believe that is an organic review.

    App Store says it's only been a public app for about a month so who knows what it is. I'm kind of inclined to believe it's a real service, but I wouldn't trust it still because it's so new. Also I don't have any "hidden money" in my bank accounts anyway. Even if it is a real service, just what are they going to use your data to recommend to you, services that they are paid to recommend? It's not unusual to link all your bank accounts to an app to assist with reconciliation and keep track of outgoing and incoming money if you're in business, so I don't see why it couldn't be applied to personal finance too. But not with a service that just sprang into existence a few weeks ago. And not from the Play Store on an Android.

    • jlev on 30/12/2020 - 09:31
      +2

      Wow if your spidey sense wasn't tingling before, now it should be. That might be the fakest review I've ever read in my life!!

    • badg3rz on 30/12/2020 - 13:43

      Yes, I believe it's fake. Who joined, with 100 downloads on the Play store, trying to up sell the app, saving them $40,000

  • AssociatedAngusG @ finspo.com.au on 30/12/2020 - 15:06
    +3

    Hey Badg3rz,

    Thanks for taking a look at Finspo. We welcome the conversation on this post and recognise that the success of our business is largely dependent on a relationship of trust being established with our users. Our business has been developed with a high degree of diligence and care around security of personal information.

    To this end, we have partnered with Illion Australia Pty Ltd to retrieve your banking data. Your credentials are encrypted, your data is de-identified and Illion use a read only login to retrieve the data. Bank level security is used though out as we identify fees and charges you are paying for your banking… and you will be surprised at the amount it add up to.

    It is important we get this data so Finspo can provide personalised insights such as whether you received your bonus interest this month, or if you have been stung by bank fees.

    We believe there is a significant opportunity for Australian’s to save money on their banking. First step is to know what you pay, then get the help on how to save. The Finspo app helps on both counts. You may take some comfort knowing Finspo is accredited from ASIC with an Australian Financial Services License and an Australian Credit License.

    I encourage you to give it a go. If there are still concerns, there is a lot you can do without connecting your accounts via the articles on the Finspo web site helping Australians to build better banking habits, or via the web version of RateMyRate.

    Hope that helps provides some comfort. Happy to connect in the new year if you’d like any further information. My email is [email protected]

    Kind regards,

    Angus (Finspo CEO)

  • Associatedmynameisvinnie @ finspo.com.au on 30/12/2020 - 17:08
    +3

    Hey guys! I’ll start off by saying I worked with Angus and a few from the Finspo team while I was in Home Lending at NAB. I no longer work in financial services.

    I know I don’t carry the weight of a TA on OzB but I can personally vouch that Finspo and the faces behind it are legit. It’s comprised of a bunch that left their corporate gigs at NAB near the end of 2019 to create something of their own. It’s a pretty common pathway (Athena Home Loans is a good example a couple years further along - also outta NAB).

    I’ve used the app and chucked in my bank deets. It recognises my annual fees / any interest charges on my ANZ credit card and picked up the $2.50 ATM fees that are charged and the subsequent rebate on my ING Card. Also works for my Westpac account, but I’ve had trouble logging in for my BOQ. Can’t speak for the HL savings as I don’t have one.

    The scepticism around screen scraping is understandable and I must confess the only times I have entered my bank details in for scraping is for a Westpac Credit Card application and for the Finspo app. It’s not something I do in a hurry. Apps to help people better understand and consolidate their finances are on the up, but until Open Banking is a bit further along, connecting your accounts is (as far as I know) the only way to go.

    Just my two cents! Take it with a grain of salt and ofc happy to answer any questions.

    • bemybubble on 30/12/2020 - 17:41
      +4

      I also know one of the boys in Finspo who is ex finance. Can vouch for its legitimacy

Login or Join to leave a comment
Login Join