OAuth (Google Sign In / Facebook Login) is a pretty good technology in order to manage and share your information. What's nice about OAuth is that it allows the end user to control access to information and revoke access as needed.
What is truly scary is that the banks and financial institutions have not implemented OAuth. Currently, financial data is provided to third party apps via aggregators, like Plaid and Yodlee.
Unlike OAuth, once you log into your bank with a third party app, they get an access token that allows access to your account indefinitely. There is no mechanism to monitor which apps have access to your account and ability to revoke the access to individual apps.
What is truly scary is that the banks and financial institutions have not implemented OAuth. Currently, financial data is provided to third party apps via aggregators, like Plaid and Yodlee.
Unlike OAuth, once you log into your bank with a third party app, they get an access token that allows access to your account indefinitely. There is no mechanism to monitor which apps have access to your account and ability to revoke the access to individual apps.
I posted about this a while back: https://medium.com/@johnie/let-my-financial-data-free-74f3b7...