🌟 Editor's Note
Welcome to another issue of Financial Freedom Insights. This newsletter is full of financial tips, insights, financial news, announcements, a special treat for those who make it to the bottom, and more!
🤖 AI Note
NONE of this newsletter was written using AI. It was written by humans for humans.
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Financial Freedom Starts Here
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💸 Your 10 Second Financial Freedom Tip of the Week
Most families like to take a summer vacation but now is the time to start planning for it! Take how much you plan to spend divide that by the number of months until you leave, and start putting that amount into a savings each month. Then you will have the money available when you want to go. Going into debt for vacation can lead to a hamster wheel affect where you can never seem to get out of debt.
📢 Announcements
Like watching Youtube videos?
We are excited to announce that you can now watch recap videos of our newsletter on our Youtube channel! Using Google’s AI we are able to turn these newsletters into an engaging video. They say it takes multiple times of learning something before it really sinks in and now you can read, listen, and watch our newsletter to really help you retain the financial wisdom! Check it out here: https://www.youtube.com/@haastrade
📰 In the News
Couponing may actually be hurting your wallet.
Studies show that “couponers” may actually be spending more money in the long term because they buy things they normally wouldn’t - article here
Tired of high medication costs? There may be a cheaper alternative now.
Earlier this month President Trump launched Trump Rx to help fight high prescription costs - article here
Google goes BIG
In order to funds its expensive AI ambitions Google parent company Alphabet sold 100 year Bonds - article here
📈 Financial Freedom Insight
What is Open Banking & 5 Ways You Can Benefit
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Financial Freedom Insight: Table of Contents
What Is Open Banking?
What Is Open Finance?
What Is Open Data?
Are Open Banking and Finance the Future?
Open Data and Security Concerns
5 Ways Open Banking Can Benefit You
What You Need to Know About the Risks of Open Banking and Finance
Is Open Banking for You? You Might Not Have a Choice
If you haven’t heard the term “open banking,” you will. You will also hear the terms “open finance” and “open data.” Most experts agree that these evolving financial business models will be the future of the financial and banking sector, so here’s an explanation of what they are and what they mean for your personal banking and finances.
What Is Open Banking?
Do you use an app like Mint or Plaid? Have you signed up for Buy Now Pay Later? If the answer is yes to any of those questions is yes, you are already an open banker. Open banking is most characterized by the use of an application programming interface (API), as you would see if you go to Mint or Plaid. The API connects your bank accounts to a third-party online service.
Open banking is great for you, the consumer, because the API gives you access to more service options from one portal. You can make a payment, open an account, or connect to an app that helps you manage your budget and spending.
What Is Open Finance?
Do you use a robo adviser like Betterment or Wealthfront? If so, you are using open finance. Open finance goes beyond banking and extends to investing, pension payments, and processing loans, including mortgages.
What Is Open Data?
Open data is the data that you agree to share with service providers. Contactless payments are a good example. Through an app like Apple Pay, your bank information is transferred from your bank to your secure wallet and then on to the person or organization you are paying.
The data shared does not need to be limited to banking or payment data. It could include other information, such as your employment history on your LinkedIn profile. The data might also include your credit score. In the future, consumers might be able to get loans approved quicker because their data is more easily accessible to lenders.
Are Open Banking and Finance the Future?
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Convenience is probably the biggest factor spurring the evolution of open banking and finance. The API links all your other financial and non-financial data sources. Thus, you can do all your transactions and work on one dashboard, and you don’t have to keep inputting your personal data over and over again.
Most experts agree that open banking and financing will largely subsume traditional banking processes and even extend into other areas of our life.
Let’s say you want to buy a new car but you don’t know what type of car would be best for you. An API might be able to grab various data on your lifestyle and finances and put the data through an algorithm to recommend a car model.
It’s likely that open banking and open data will mean that you get highly personalized and tailored products and services because so much of your data can be used from all kinds of sources. That means that service provides a much better picture of you and can serve you better.
Open Data and Security Concerns
If alarm bells are going off in your head at the thought of so much “open” information about you, your lifestyle, and your finances, you are right to heed them. Security is the number one concern with open banking.
Sophisticated technology to combat cyber-attacks is constantly being developed and updated, but 100% security does not exist.
Privacy is a concern here, and the problem is that to benefit from much of what open banking and services have to offer, you must be willing to share your data.
According to PwC, over 80% of consumers are willing to share data to get a more personalized experience.[1] Still, banks, financial institutions, and fintechs that compete in this evolving digital sector are judged by their adherence to security guidelines and regulations.
Where the Regulation Stands
The Consumer Financial Protection Bureau (CFPB) finalized a rule in October 2024 mandating that financial institutions allow consumers free access to their personal financial data for use in open banking. This rule was retracted, however, and the CFPB is now once again addressing privacy and data security concerns.[2]
Most of us use our mobile phones to deposit checks, make payments, and manage our investing. So, levels of concern about fraud are not enough to stop us banking online. A 2024 survey found that 96% of Americans are happy with their bank’s digital banking experience.[3]
Even more interesting is that consumers actually want more advanced digital services. A June 2025 survey showed that close to 40% of consumers are interested in artificial intelligence (AI) for financial management and 85% want to manage all banking activity in a single app. [4]
We are all lazy beings, and convenience outweighs fear.
Considering that the indications are that open banking will be encouraged and not restricted, what can you do to take advantage?
How Can Open Banking and Open Data Benefit You
Image Courtesy of iStock.com
1. Shop for Better Deals
One of the biggest pluses of open banking and finance is that it forces service providers to be more competitive. A competitive marketplace usually lowers the cost of fees and services and improves customer service.
If you are looking for banking services or shopping for a loan. Shop around to find the best deal. Just be sure to read the fine print.
2. Manage Your Banking and Finance from One API.
An open banking API can aggregate your financial information from multiple bank accounts, credit cards, investments, and loans. That allows you to see your entire financial picture. It also means you have no excuse when it comes to tracking your spending and setting a budget.
3. Explore Lower Fees for Payments
Opening banking will allow you to make payments directly from a bank account without using a check or credit card. This will speed up payments and eliminate some transaction fees.
4. Manage Your Investments from the Same Interface
You can fund your brokerage instantly through an app. That means you never have to miss out on a time-sensitive investment opportunity.
5. Manage Your Subscriptions
Subscription management tools can monitor recurring payments and account balances, helping you avoid overdrafts and cancel unused subscriptions.
What You Need to Know About the Risks of Open Banking and Finance
Before you do business with a third party through open banking, check what security practices they use to protect your data.
While the U.S. does not have a specific regulatory framework for open banking, banking-related activities in the U.S. are subject to a mix of existing financial regulations and data protection laws. These include guidelines from federal agencies like the Office of the Comptroller of the Currency (OCC), the Federal Reserve, and the Consumer Financial Protection Bureau (CFPB).
Two things to look for are:
1. access controls and customer authentication
2. use of encryption protocols to secure data transmission
Is Open Banking and Finance for You? You Might Not Have a Choice
The way that we will do our banking, financing, and investing is evolving as the digital universe opens. Doggedly sticking to traditional banking and financing methods might not be realistic.
The benefits to adopting new tools and services are convenience and lower costs that result from a competitive marketplace. These effects are something that you can take advantage. Just remain aware of the risks that laying out your personal data involves and choose reliable providers.
[1] Jon Glick, Phil Regnault, Dirk Maloney, Mark Baker. January 29, 2024. “The power of personalization: Building a strategy that works.” PwC and Adobe Alliance. https://www.pwc.com/us/en/technology/alliances/library/adobe-personalization-at-scale.html. Accessed September 24, 2025.
[2] Eamonn K. Moran, Ashley Feighery. August 27, 2025. “CFPB Seeks Comments and Data on Revised Open Banking Rule.” Holland & Knight. https://www.hklaw.com/en/insights/publications/2025/08/cfpb-seeks-comments-and-data-on-revised-open-banking-rule. Accessed September 24, 2025.
[3] American Bankers Association. November 22. 2024. “National Survey: Record Number of Bank Customers Use Mobile Apps More Than Any Other Channel to Manage Their Accounts.” https://www.aba.com/about-us/press-room/press-releases/consumer-survey-banking-methods-2024. Accessed September 24, 2025.
[4] Chase. June 9, 2025. “Digital banking adoption grows.” https://media.chase.com/news/chase-dba-study. Accessed September 24, 2025.
📙 Nathan Haas’s Scripture of the Week
Proverbs 3:9-10 (ESV)
“Honor the Lord with your wealth and with the firstfruits of all your produce; then your barns will be filled with plenty, and your vats will be bursting with wine.”
Thanks for reading!
Haas Trade Financial Freedom Insights
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Nathan Haas, Founder & CEO
Caroline Banton, Director of Writing & Editing
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