I’m really frustrated with Swiss banks right now. I tried to connect my account to a budgeting app, but I discovered there’s no simple way to do it. The only method is through BLink by Six, which is intended for businesses rather than individuals like me.
I even looked into the registration fees, thinking we might crowdfund the initial cost. While the basic fee is somewhat reasonable, the real issue is that they charge for each API call. For instance, just checking your account might cost 0.1 CHF.
Moreover, the API only provides limited information, excluding bank documents and eBills. It only lets you view basic account details and make payment submissions. How can fintech companies thrive under these conditions?
It seems Swiss banks are lagging behind the times. Why can’t bank accounts be as easily transferable as phone numbers? Other countries have managed to implement more user-friendly systems. Isn’t it time for an upgrade?
Does anyone else share this concern or have suggestions for an alternative solution?
swiss banks r so behind the times! i feel ur pain, olivias. it’s crazy they charge for API stuff. maybe we should all switch to crypto or sumthin? lol. but srsly, have u tried talkin to ur bank directly? sometimes they have special deals for loyal customers. or maybe look into foreign banks that operate in CH? just a thought.
The situation with Swiss banks and API access is indeed frustrating, but it’s rooted in Switzerland’s banking culture and regulatory environment. Swiss banks prioritize privacy and security, which often comes at the cost of innovation and accessibility. The fees for API access are likely a combination of covering infrastructure costs and maintaining control over data.
However, this doesn’t mean change isn’t possible. As a financial consultant, I’ve seen gradual shifts in other conservative markets. Pressure from consumers and fintech companies can drive progress. In the meantime, you might consider exploring alternative budgeting methods or looking into newer, more tech-friendly Swiss banks that are starting to emerge.
It’s also worth noting that while other countries have more open systems, they often come with their own set of challenges in terms of data protection. The Swiss approach, while frustrating, does prioritize security. Hopefully, a balance between accessibility and protection will be struck in the near future.
As someone who’s worked in fintech for several years, I can shed some light on this frustrating situation. Swiss banks are notoriously conservative when it comes to data sharing and digital innovation. Their stringent privacy laws and traditional banking culture have led to a slower adoption of open banking practices compared to other countries.
The fees for API access are partly due to the high costs of maintaining secure infrastructure and complying with strict regulations. However, it’s also a way for banks to monetize their data and maintain control over how it’s used.
In my experience, change in the Swiss banking sector is gradual but it is happening. Pressure from consumers and fintech startups is slowly pushing banks to reconsider their approach. Some smaller banks and neobanks are starting to offer more accessible APIs.
For now, you might want to look into screen scraping alternatives or manual data entry for budgeting. It’s not ideal, but it’s a workaround until the Swiss banking system catches up with global open banking trends. Patience is key here, but continued advocacy for better access could help speed up the process.