The Best Open Banking Apps Review

Aleksandra Rajczyk
Best Open Banking Apps Review

It is easy to feel overwhelmed with your choices with seemingly countless options on the market when it comes to open banking apps, but it doesn’t have to cause a headache. Here we’re having a look at the top open banking apps.

With apps that handle everything from mortgages to credit cards or even to better ensure the financial security of loved ones, opening banking apps allow you to have more of a say in your financial future. Whether you are looking for something to help with personal finances or for a business, below are the best open banking apps reviewed on the market today.

Open Banking Explained

Open banking is best explained as the system where traditional banks open up their application programming interfaces (APIs) and share the information with third parties and share the financial information within. By sharing that information, not only does it provide greater account transparency for the account holders but it also allows for more control of one’s finances. With that information, it allows for the direct linking of your personal banking app directly with third-party financial apps, such as those focused on budgeting or investing.

Open banking initiatives allow for greater flexibility and even security with your finances by linking everything all in one place, no matter which app you choose to use. With more choice over the products and services you use, you can have more financial freedom to make the most out of your own money. When it comes to open banking, the benefits are numerous.

What are the Benefits of Open Banking?

Whether you’re a business or looking to better manage your personal finances, by utilizing the top open banking apps, you will be able to streamline your payment services, personalize your services, and put everything in a single, central dashboard to make things all the easier for you. With the shift towards a more gig-based economy, open banking apps greatly reduce the risk of non-payment by offering different options than a typical bank card does. With Request to Pay options, you have the option to pay in full immediately, pay later, or even arrange a payment plan.

Another added benefit of using open banking apps is the chance at better credit scoring. If you are new to credit, typically your bank is one of the first to offer you a line of credit due to their access to your current financial information. Thanks to open banking apps, credit card companies or other loan companies can, with your permission, access that same current financial information, giving them the chance to offer you a more competitive rate or even a potentially better one than what your bank would offer. It would also make it easier to obtain a loan in general.

The Top Open Banking Apps

Below is a list of some of the most interesting open banking apps that present the potential of the fintech market:


Available in 31 countries and growing, Token provides businesses with both the benefits of their own financial services chain and products sorting online payments, with simple modern banking. Token offers increased security, personalized products and services, seamless data aggregation, and a streamlined verification process all through a single API.


With an easy-to-use platform, Yodlee utilizes innovative products and services to help their consumers live better financial lives. Yodlee offers an account management team that makes users their priority and will consult with them to better understand their businesses and provide expertise and resources to help achieve your goals. With over 33 million users worldwide, Yodlee has more than 1,400 partners, including 16 of the top 20 U.S. banks.


Bud has the support of global banks such as Goldman Sachs and HSBC thanks to their proven security, flexible access to data, and outstanding categorization of sorting transaction data. With more than 200 distinct categories, users are able to easily build useful tools and services to better monitor and control their finances. With their AI, Bud gives businesses all they need to understand and help their own customers.


If you are looking for an open banking app that is more focused on personal finance management, MoneyHub has everything you need in one place. It provides you with everything from spending analysis to saving goals, even allowing you to add assets that might not normally be part of one’s online banking. MoneyHub uses Yodlee as an aggregation partner to ensure that your financial data is secure.


While different from other open banking apps, by using Canopy, you are able to make sure that your rental payments show up on your credit report. By tracking the payments you make with open banking, Canopy helps to boost your credit score and improve your chances of getting a mortgage when you’re ready to buy a property. They also offer to help you get the best deals on monthly household expenditures, letting you cut down on expenses.


With security being a major concern lately, Kalgera allows you to keep your loved ones safe financially. While it doesn’t give you the account details or the ability to move money yourself, the app notifies you of any suspicious activity within the account. With fraud and scams increasing every year, Kalgera was created to protect vulnerable people without taking away their autonomy as a safeguard.


Perfect for those who are self-employed, Coconut offers a complete view of your business whenever you need it. From sorting your taxes to tracking your expenses, you can work seamlessly with your real-time accountant so that you can keep track of everything without worry. If you’re a sole trader, a limited company, or an accountant, Coconut provides peace of mind so that you can focus on your business.


Tink is an easy-to-use and innovative platform designed to give users a broad range of financial data all across Europe. They allow businesses of all sizes to access more financial capabilities all through one API and offering insights and actionable advice. Tink proactively engages its users, making sure that they see the most relevant and timely financial information every time they open the app.


With their team up with Microsoft, Plaid is by far one of the most impressive open banking apps on the market today. With over 10 billion transactions analyzed, Plaid has numerous features to make everything easier for you. Plaid offers everything from detailed transaction histories, real-time balance verifications, and even offering tools for fintech or larger companies, users can access information from Europe, the United States, and Canada.


If you’re looking to boost your savings with your spare change, Moneybox is the best on the market. By monitoring your accounts, Moneybox draws from your accounts and rounds up the money you spend. You have the option of having the spare change go towards your savings account or you can choose to invest it instead, all with the ease of a single app.


When it comes to open banking, the best apps will let you be able to have more control over your financial well-being as well as develop a better understanding of critical financial data. No matter what your financial goals may be, open banking apps make them more obtainable and easier to accomplish than ever before. If you’re a business or just looking for personal banking, open banking is the best tool to ensure you get the most benefit from your financial decisions.

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Aleksandra Rajczyk

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