On Wednesday, UK-based savings and mortgage provider Nationwide Building Society announced it is challenging the fintech community through its Open Banking For Good initiative to develop Open Banking technology that helps improve the lives of the one in four UK households.
According to Nationwide, Open Banking For Good will gather some of the brightest minds in established fintechs and start-ups, through to innovators and debt and money charities. The challenge is supported by Accenture, with selection panel members including Sir John Gieve (Chairman of Nesta); Joanna Elson OBE (Chief Executive, Money Advice Trust) Rachel Coldicutt (CEO, Doteveryone) and Julian Skan (Senior Managing Director, Accenture Strategy).
“The fintech community will be invited to develop Open Banking solutions that make a difference to people’s lives, in the knowledge that an estimated 85 per cent of adults either own or have access to a smartphone. The winners of the challenge, which will launch in September, could receive investment and support from Nationwide, in addition to the credibility and trust associated with the mutual’s brand. Working in partnership, the Society will look to scale up the idea and use its position in the market to ensure it is able to launch successfully – whether to the society’s 15 million members or beyond.”
Speaking about the initiative,
Joe Garner, Nationwide’s Chief Executive, stated:
“As a mutual we believe in the power of collaboration – that we achieve more together than we can alone. That’s why the Inclusive Economy Partnership is a welcome initiative and a natural fit for Nationwide. There could be more than 12 million people in the country who are only just keeping their heads above water in terms of their finances. Just one or two right or wrong financial decisions can make all the difference between financial health and spiralling debt.”
Garner also noted:
“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.”
Oliver Dowden MP CBE, Minister for Implementation at the Cabinet Office, added:
“The Partnership presents an exciting opportunity to innovate for social good. Through collaboration we can create, test and scale ideas that have the potential to transform the lives of citizens across the UK.”