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Open Banking for Good

 
 

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’ve 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.

 

 
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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’re calling on 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.

We’re welcoming applicants whose concepts are at various stages of maturity, whether you have a great idea that needs exploration and development, or a tried and tested product that needs investment to help scale it up. You don’t have to have the full solution or required skillset – we can augment teams with missing skills, or build teams with complementary ideas and skills to tackle more complex challenges. 

 
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What you get

  • 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 open until 23rd November 2018, and the scheme will run from December 2018 to October 2019.

 

OB4G seminar


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.

 
 
 

 Additional resources

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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:

 
 
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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


The Information for Applicants guide contains everything you need to know about OB4G, and is essential reading if you’re thinking of applying.

 
 

Apply by 23rd November 2018


Fill in and submit the form below, uploading any associated image or video files, or if you prefer you can use the form as a template and email your application to us at submission@openbankingforgood.co.uk.

All applications will be received in strict confidence, but if required we can sign an NDA before you share the idea with us. Please email us at ndarequest@openbankingforgood.co.uk and we’ll contact you.

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Tell us who you are, something about you, your contact details, and what you hope to bring to Open Banking for Good.
What challenge(s) does your solution address?
What particular aspect of the challenge does your solution address?
What is the problem, as you understand it, that the solution addresses, and how would your solution benefit the person using it?
Please outline your proposed solution in enough detail that a technical person can understand your approach.
Please upload any flowcharts or diagrams using the link below.
Please define some way of measuring the success or failure of your proposed approach.
How many person-days do you think your approach will need to be developed and tested, and hence what level of funding would you ask for? Please bear in mind that the explore and develop paths are expected to take three months, whilst the accelerate path is expected to take six months.
Application Files UPLOAD
NOTE: Please name all files to include your company/project name before uploading to ensure your files are bundled correctly. e.g. companyname-projectname-20181015.pdf