Nationwide launches FinTech Open Banking challenge
Written by Peter Walker
Nationwide has announced it will work with government and other businesses through the Inclusive Economy Partnership, challenging 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 convene 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, the chairman of Nesta, Joanna Elson, chief executive at the Money Advice Trust, Rachel Coldicutt, chief executive at Doteveryone, and Julian Skan, senior managing director at 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 could receive investment and support from Nationwide, with a partnership to help scale up the idea and use its position in the market to ensure it is able to launch successfully.
Joe Garner, Nationwide’s chief executive, 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,” he added.