NATIONWIDE has selected seven fintechs to take part in its Open Banking for Good challenge, to develop apps for financially vulnerable people.
Openwrks, Ducit.ai, Trezeo, Flow, Toucan, Squad and Tully were chosen from more than 50 applicants, Nationwide said.
The building society has put £3m into a fund to support the fintech firms during the nine-month programme, which it is running in partnership with groups including Accenture and Citizens Advice.
Openwrks and Ducit.ai will be developing apps to create income and expenditure profiles, which are usually compiled over the phone by debt advice charities. The aim is to use the data-sharing initiative to dramatically streamline the process.
Trezeo and Flow will be looking at income smoothing products, while Toucan, Squad and Tully will be developing apps to help with money management.
“While others may be looking at Open Banking through a commercial lens, Open Banking for Good is driven by our social purpose,” said Joe Garner, chief executive of Nationwide.
“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.”