Improving financial capability for the financially squeezed
Research suggests that as many as 12.7 million people in the UK could be financially squeezed; people who have significant financial commitments but little capacity to cope with sudden changes to their financial circumstances.
Looking beyond the statistics, the human cost of low financial capability is acute. We know that the cognitive load of trying to get control of their money affects peoples’ ability to deal with other challenges in life.
That’s why we launched Open Banking for Good (OB4G), bringing organisations and people together to create and scale solutions around Open Banking that will improve financial capability in the UK.
OB4G was born from the Inclusive Economy Partnership, a collaboration between business, civil society and government departments. At its heart is a big goal: to use Open Banking to solve some of society’s biggest challenges, creating apps and services that improve financial capability for the one in four households who are struggling financially in the UK.
How OB4G works
Nationwide Building Society has worked with 17 charities and organisations to identify three key challenges for OB4G to address: Income and Expenditure; Income Smoothing; and Money Management and Help.
We’ve asked fintechs and other organisations to come up with ideas and solutions that address these challenges, and that could help improve the lives of the financially squeezed using Open Banking technology. Nationwide has made £3 million available to fund the delivery of these solutions.
What OB4G offers
Access to leading financial service organisations and charities trying to fix this problem
Access to mentors that understand the challenge and how to grow a business
Access to world-class ‘labs’ to help build and iterate solutions quickly
Access to funding to drive development
Applications are now closed.
The OB4G seminar was held in London on Thursday 8th November, 2018.
You can watch a short highlights video of the day below, or you can visit the OB4G YouTube channel and watch all of the videos taken on the day. There are also additional specific challenge resources available below the highlights video.
Please note that subtitled versions are coming soon.
Income & Expenditure
Money Management & Help
The Money Advice Service (MAS) exhibited at the Seminar. They are an independent organisation established with cross Government party support, providing free and impartial advice on money and financial decisions to people in the United Kingdom. They have supplied the following reports to support this challenge:
The Personal Finance Research Centre (PFRC) from the University of Bristol exhibited at the Seminar. They are a social research centre specialising in independent and robust research across all areas of personal finance, mainly from the consumer perspective. They have supplied the following reports to support this challenge:
Download full info PDF
Applications are now closed, but the Information for Applicants guide is still available for you to use as a resource if you have an interest in OB4G.