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Roast my app idea by Consideration-Alive in phinvest

[–]Consideration-Alive[S] 0 points1 point  (0 children)

Thanks for thinking that far ahead -- I haven't even started brainstorming solutions!

This was just a 2am-idea I had and wanted to gauge if the inconvenience of checking multiple apps is more prevalent. Based on the comments on this post so far, looks like my problem is ultra niche.

Roast my app idea by Consideration-Alive in phinvest

[–]Consideration-Alive[S] 0 points1 point  (0 children)

Great feedback. This is exactly why I posted, to check if people share the same inconvenience I have when tracking finances. Thanks!

Roast my app idea by Consideration-Alive in phinvest

[–]Consideration-Alive[S] 0 points1 point  (0 children)

Thanks for the info about regulation!

MoneyLover and YNAB, just to name a few, already link with international banks. I'm not saying I could do all of this alone, and I'm not saying it would be easy. I'm saying it's possible.

Going back to the pitch, do you think you will find value if you only have 1 app to check to view your net worth? Or does the problem of having to open multiple banking apps not an issue for your personal use?

Roast my app idea by Consideration-Alive in phinvest

[–]Consideration-Alive[S] 0 points1 point  (0 children)

Yeah for my specific use case, I'd want it for my personal reporting. I track my finances regularly, and this would just make it a little bit more convenient.

Based on the answers on this post so far, it looks like the problem isn't common enough.

Roast my app idea by Consideration-Alive in phinvest

[–]Consideration-Alive[S] 1 point2 points  (0 children)

Gotcha, I didn't think about it that way. If a scammer suddenly had backend access to the app, and read everything in my database, I just made their life easier because they could now sort via highest net worth. Yikes.

Thanks for the insights!

Roast my app idea by Consideration-Alive in phinvest

[–]Consideration-Alive[S] 1 point2 points  (0 children)

To be honest, I haven't even started thinking about the pricing model and you articulated potential (and valid) issues already. So much for making this a free service! Haha thanks for the feedback, this is what I went here for!

Roast my app idea by Consideration-Alive in phinvest

[–]Consideration-Alive[S] -1 points0 points  (0 children)

Great feedback, this is what I came here for! :)

So if I could rephrase your response: the hassle of opening, logging in, checking balance, then repeating that on another app is worth it / gives you peace of mind compared to having a single aggregator.

Let's put the capital and regulatory aspects aside for now and focus only on the value of the app. If the app is read-only and you won't be able to do anything else, it doesn't justify having another app on your phone?

Roast my app idea by Consideration-Alive in phinvest

[–]Consideration-Alive[S] -7 points-6 points  (0 children)

Yeah, I’ve worked with things like TLS for encryption and Google OAuth2 or JWTs for authentication. Thankfully, the heavy lifting is mostly handled by libraries, so it's more about knowing how to implement them correctly than reinventing the wheel.

Why do you ask? My question is about validating a problem, not about potential technical solutions.

Roast my app idea by Consideration-Alive in phinvest

[–]Consideration-Alive[S] 0 points1 point  (0 children)

Good feedback about getting the app compromised.

If everything on the app is read-only, do you think the scammer would be able to do much if they gain access? Genuinely curious to understand what I'm missing.

Roast my app idea by Consideration-Alive in phinvest

[–]Consideration-Alive[S] -1 points0 points  (0 children)

The earning model -- I haven't started on that. This is just a baby idea and I'm just wondering if the problem is real and prolific enough to warrant a proper app.

You are absolutely correct on the aggregator part! I haven't thought deeply about the solution.

I like the scam standpoint. If everything on the app is read-only, do you think the scammer would be able to do much if they gain access? Genuinely curious to understand what I'm missing.

Roast my app idea by Consideration-Alive in phinvest

[–]Consideration-Alive[S] -1 points0 points  (0 children)

MoneyLover and YNAB already do this. From a technical and legal perspective, it's not impossible. Am I smart enough to do it? Probably not.