> online banking is absolutely awful and doesn't go back more than 3 months
It doesn't mean you can't request it directly with the bank. It is more cumbersome but they have to be able to provide that data as far back as the country's laws require them to keep it.
It's just that usually data older than 12-24 months is archived and I can guarantee you no API no matter how open it is will allow you to get the data directly from the archive. That's not what the system is meant to do. You'll still get 1-3 years but using a generic app instead of a proprietary one.
And you just moved the goalposts.
> So hold on, does this means we now need regulation on how we can use cash?
Moving your own cash has always been your business. But touch someone else's cash or account has always been regulated, yes. Some companies manage to exploit some gaps in that regulation and give you something but that's not because they should, it's because they can :).
Let me give you an example: you can treat your illness as you please. But if you want to treat other people's illnesses you need a medical degree. A pretty high bar. Unfair, right? :)
> How about we let people be responsible for their own data, and let them do whatever they want with it?
You're basically advocating for the removal of most regulation anywhere. I'm not sure you understand the implications. Which makes me think you'd be the first one to complain that nobody put rules in pace so you don't get bitten just as soon as "being responsible" bites you back.
My Monzo API allows me to go back to when I opened the account (back then it was just a prepaid card) in 2016. Somehow they are able to get the data directly from this "archive" which frankly shouldn't exist - Facebook is able to lookup stuff from 10 years ago instantly - don't tell me a bank can't do the same.
> But touch someone else's cash or account has always been regulated, yes
My argument here is about my own account. I'm even happy to send a letter stating that I am not an idiot and assume all responsibility just to get a personal access token.
> You're basically advocating for the removal of most regulation anywhere
I'm not advocating for no regulations everywhere - some stuff absolutely does need to be regulated, like massive tracking across the web. However when the user is in control and is knowingly handing over the key to their account, I'm happy for there to be no regulations. Same way nobody is preventing you from handing over your house keys to someone.
It doesn't mean you can't request it directly with the bank. It is more cumbersome but they have to be able to provide that data as far back as the country's laws require them to keep it.
It's just that usually data older than 12-24 months is archived and I can guarantee you no API no matter how open it is will allow you to get the data directly from the archive. That's not what the system is meant to do. You'll still get 1-3 years but using a generic app instead of a proprietary one. And you just moved the goalposts.
> So hold on, does this means we now need regulation on how we can use cash?
Moving your own cash has always been your business. But touch someone else's cash or account has always been regulated, yes. Some companies manage to exploit some gaps in that regulation and give you something but that's not because they should, it's because they can :).
Let me give you an example: you can treat your illness as you please. But if you want to treat other people's illnesses you need a medical degree. A pretty high bar. Unfair, right? :)
> How about we let people be responsible for their own data, and let them do whatever they want with it?
You're basically advocating for the removal of most regulation anywhere. I'm not sure you understand the implications. Which makes me think you'd be the first one to complain that nobody put rules in pace so you don't get bitten just as soon as "being responsible" bites you back.