Anyone connecting their account to a service rightly asks: is this even compliant with data protection law? Account data is among the most sensitive personal information. The good news: account monitoring can absolutely be GDPR-compliant - it depends on how it is implemented.
The basis: your consent
Processing your account data needs a legal basis. For monitoring that is usually your explicit consent, which you can withdraw at any time. The access itself runs via PSD2 and open banking - a regulated interface that you have approved.
How to recognise GDPR compliance
- Purpose limitation: data is used only for the agreed purpose, not resold.
- Data minimisation: only the necessary data is processed.
- Encryption: data is protected in transit and at rest - more in how secure are my bank details?.
- Right to delete: you can disconnect and delete data, at any time.
Transparency as the test
A reputable provider makes no secret of which data it processes for what, where it is stored, and on what legal basis. With BankPilot these details are documented in the privacy policy. If a provider lacks this transparency, that's a warning sign.
Your right stays with you
GDPR-compliant means above all: control stays with you. You decide whether to connect, and you can reverse that decision. How that works in practice is described in the article on disconnecting your bank link.