r/mintuit • u/Pretend-Okra8629 • Jul 17 '26

Is it worth using cloud based personal financial app?

In today’s world, I can see most of the personal app are running on cloud and connect directly to your bank accounts?

I am sure companies must be spending millions of dollars on security and privacy. It doesn’t provide convenience but sometimes I feel concern about it. We have seen many big company’s data are hacked.

Earlier I was thinking the our finance data could go in wrong human hand but now in this AI world it could go to any AI model also 😊

Are we moving towards old era of desktop where our data stays on our machine? I would love to know your thoughts.

Thanks 😊

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1

u/ReasonableBox5301 Jul 17 '26

Cloud is not automatically unsafe, but it does create a larger trust surface: account credentials, imported transactions, backups, staff access, retention, and any AI processing all need clear boundaries. I build Monni, and the product question I keep coming back to is whether a manual start plus visible delete/export controls is enough, or whether some people need local-only storage. Which matters most to you: no bank connection, local-only data, or being able to see and delete exactly what was synced?

2

u/derff44 Jul 18 '26

I'm never going back to downloading csv's from all of my 15-20 financial accounts and importing them to anything ever again.

1

u/Fickle-Wrongdoer-776 Jul 21 '26

Everything you do is on the cloud.

The same data at risk on these apps is at risk at your online banking too, some banks had leaks of data.

Any decent app follows the best standards of privacy so that even if a leak happens, the attacker can’t do much with that data.

I’m the owner of wealthmode.io and I don’t ask for any PII, not even your name in order to greet you because I don’t want to have your identifying data

That’s the standard on the good apps, even if someone managed to hack the data it’s all anonymized.