With HSBC, understand that with compulsory 2 factor authentication it won’t automatically update, but with just a week of past transactions I will need to update the feed every week. This is not what I signed up for and feel I have been sold a bit of a pup. The warning about 2 FA should have been far more prominent, IMHO.
"
Indeed the 2 factor authorization should have been clearly informed before users buy the subscription. HSBC is not the only bank using 2 factor. And more and more banks will be adopting that in the near future. There is practically no difference between login to the HSBC account using the Chrome HSBC plugin or using the Yodlee feed. In fact the first way is more useful. We have two companies using two XL Quickfile accounts, and we have paid two subscriptions to have no sifnificant advantage. We feel deeply disappointed with this as well.
I’m sorry you feel that way it certainly wasn’t our intention to mislead.
Although many banks now use 2-factor authentication, most provide an alternative sign in method which involves use of a memorable word or passcode. HSBC unfortunately do not provide such an option, therefore obtaining a feed from a HSBC account always involves the use of a one-time token.
On the Yodlee signup screen we include a link to all the supported banks, highlighting those cases that offer 2-factor only authentication methods. I will defer to our product team to see if there’s perhaps some way we can make this clearer.
I will also ask support to contact you to discuss some specific details about your account.
The integration process is all coordinated through an iFrame, so Yodlee control the user interface here. We will however make a recommendation to Yodlee to see if they can make this a little clearer.
We have looked at that route but it comes with a huge licensing fee. There’s no way we could realistically take this on without passing on a significant cost to our end-users.
We are optimistic that the Open Banking Standard will provide a better range of direct feed options next year. It’s hard to believe that such few options exist in 2017 when it comes to direct feeds, but that’s really a symptom of inadequate competition in this sector.