Joe Garner, Chief Executive of Nationwide

UK-based Nationwide Building Society has selected seven fintechs as a part of its £3m Open Banking for Good challenge wherein the companies will develop Open Banking based applications in a bid to find a solution for financial capability issues.

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.”

Seven companies from amongst 50 have been selected for the challenge and categorized into three categories. They include Openwrks and (Income and Expenditure), Trezeo and Flow (Income Smoothing) and Toucan, Squad and Tully (Money Management & Help).

According to Nationwide, the programme involves 2 paths- the ‘Explore and Develop’ and the ‘Accelerator’. The first path aims to provide the fintechs with an ideation phase followed by the 6 months long second path which further develops and builds out the solutions to reach scalability and sustainability.

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.”

Apart from Nationwide, the startups will be able to draw on expertise from Money Advice Trust, Citizens Advice, The Money Charity, Money and Mental Health Policy Institute, Accenture, Doteveryone and Nesta.

Nationwide is a UK based savings and mortgage provider along with current accounts, credit cards, ISAs and personal loans. Nationwide has around 15 million customers and members.

by Megha Bhattacharya
Market Analyst at IBS Intelligence