Nationwide Building Society has selected seven fintech companies to take part in its Open Banking for Good challenge. The fintech firms will develop Open Banking based apps and services to help financially vulnerable people.
The seven companies have been chosen from more than 50 applicants. Those selected into each of the three categories are:
- Income and Expenditure: Openwrks and Ducit.ai
- Income Smoothing: Trezeo and Flow
- Money Management and Help: Toucan, Squad and Tully
The challenge, born of the Inclusive Economy Partnership, will see Nationwide, partner organisations and the selected fintechs work together to help the most financially squeezed. The challenge is supported by a £3 million fund from Nationwide. The start-ups will also be able to draw on expertise from Nationwide, Money Advice Trust, Citizens Advice, The Money Charity, Money and Mental Health Policy Institute, Accenture, Doteveryone and Nesta.
The programme consists of two paths – ‘Explore and Develop’, lasting three months, provides the space for applicants and partners to ideate around the challenge before using this insight to develop solutions. The second ‘Accelerator’ is 6 months long and is designed to further develop and build out the solutions to become scalable and sustainable. It is comprised of two parts; the first a 3-month lab run by Accenture which leans into its wider network to test ideas, and the second is a project focused on scaling the solutions across Nationwide’s membership and into wider society.
Joe Garner, Chief Executive of Nationwide, said “While others may be looking at Open Banking through a commercial lens, Open Banking for Good is driven by our social purpose. The programme will see us partner with some of the UK’s smartest Fintechs, debt charities and academics to use this revolutionary new technology to support people facing financial challenges. Our seven chosen Fintech applicants will have access to vital insights, funding, and data to help them really make a difference. This is a great example of working across businesses, charities and government to make a positive difference in society.”
Secretary of State for Digital, Culture, Media and Sport Jeremy Wright said:”By supporting fintechs that are focused on making a positive impact on society, Nationwide’s Open Banking for Good Challenge is giving our tech firms the support they need to innovate. Technology can make real differences to people’s lives across many areas and this is a fantastic example of how to harness tech for a social good.”
Rachael Sinclair, Nationwide’s OB4G Programme Leader said “Nationwide is delighted to be working with our partners and our chosen applicants on Open Banking for Good. The challenge will see us address some of the biggest issues affecting those who are financially squeezed and get solutions into the hands of those who will benefit most from them.”