Nationwide supports Open Banking challenge to boost financial inclusion
Nationwide is backing an Open Banking initiative that aims to connect financial technology companies with debt and money charities to help boost financial inclusion.
The building society will be inviting the fintech community to develop solutions using Open Banking technology to help one in four households in the UK to improve their lives.
The “Open Banking for Good” challenge is part of the Inclusive Economy Partnership, a programme sponsored by the government that aims to bring together businesses in the public and private sector to drive positive change in all communities.
The challenge will give fintech firms and start-up companies the opportunity to create solutions and improve the lives of 12 million people in the UK through Open Banking technology.
Nationwide believes that people could be left behind if businesses only focus on the profits of Open Banking instead of the purpose of the scheme.
Management consultant company Accenture will also be supporting the challenge, while professionals from innovation foundation Nesta and national charity the Money Advice Trust will be among the selection panel members.
Successful participants of the challenge will receive support from Nationwide, with the building society providing funding to help winning firms develop their solutions.
Nationwide’s Chief Executive Joe Garner commented: “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.”