Connecting a budgeting app to your bank can save hours of manual entry. It also means trusting another company with sensitive information. These questions help you decide whether that trust is justified.
What can the app see, and what can it do?
A money management app usually needs to read balances and transactions. Check whether it can also make payments or move money. If it only needs to show you information, it should not need permission to do more.
How is the connection made?
Look for connections that use your bank's own authorisation screen, where you approve access with the bank directly. Be wary of any app that asks you to type your online banking password into the app itself.
What does the privacy policy say?
- What data is collected, and why
- Whether it is shared or sold, and with whom
- Where it is stored
- How long it is kept after you leave
Can you take access back?
You should be able to disconnect an account from the app and, ideally, from your bank's settings too. Check that deleting your account deletes your data.
Are its security claims specific?
Vague phrases like "bank-level security" tell you little. Specific statements about encryption, independent audits or certifications, which you can check, are a better sign.
How Summa answers these questions
Bank connections in Summa work with seven UAE banks: First Abu Dhabi Bank (FAB), Abu Dhabi Commercial Bank (ADCB), Abu Dhabi Islamic Bank (ADIB), Emirates NBD, Dubai Islamic Bank (DIB), Mashreq and HSBC UAE. A connection is made only after you give permission, it lets Summa read balances and transactions, and you can remove it at any time.
Summa is not a bank: it does not hold deposits or move money. It does not sell your information or use it for advertising, and deleting your account deletes your financial data. If your bank is not on the list, you can enter balances and transactions by hand.
This article is general information to help you understand your finances. It is not financial, tax or investment advice for your situation.