Nationwide Building Society has challenged the fintech community to develop Open Banking technology that helps improve the lives of the one in four UK households who are financially squeezed – equivalent to 12.7 million people
Launching in September, Open Banking for Good will pair established fintechs and start-ups with debt and money charities in a bid to develop apps that help drive financial inclusion. The challenge is supported by Accenture, with selection panel members including Nesta chair Sir John Gieve, Joanna Elson, CEO of the Money Advice Trust, Doteoeveryone chief Rachel Coldicutt, and Accenture MD Julian Skan.
The initiative is part of a Government-sponsored programme, dubbed the Inclusive Economy Partnership, to bring together public and private sector organisations to enable positive change across all communities.
While Open Banking has the potential to help better connect people with their overall financial information, Nationwide believes it could also leave people behind if organisations purely focus on profit rather than purpose.
The building society says it will support startups who develop winning programs with funding and help to scale up their application for release to its members and the wider economy.
Joe Garner, Nationwide’s chief executive, says: “We believe Open Banking presents a huge opportunity to help people manage their money better and support a more inclusive financial services sector. We’re looking for innovators to come forward with ideas to help people living on a financial knife edge - with no savings or relying heavily on credit.
“As an industry, we can use Open Banking to benefit those who most need help. Which is why we are focused on harnessing the latest technological innovation to help transform financial capability for millions of people in the UK.”