A NEW competition from Open Banking Limited and Nesta Challenges is offering a £1.5m prize fund to fintech innovators who can help people make more of their money.
The competition, titled Open Up Challenge 2020, was created in response to a study which found that one in three Brits people regularly run out of money each month, and 52 per cent want to feel more in control of their finances. Almost four in 10 (37 per cent) of those surveyed said that they know they could get a better deal for their financial products but don’t know where to start.
“For many people, managing their finances can be confusing, time consuming and stressful. But new digital tools are being developed to take the pain out of this process and it’s vital that as many people as possible can benefit from these solutions,” said Chris Gorst, head of Better Markets, Nesta Challenges.
“Open Banking is the biggest change in this sector since online banking and, with millions of people across the country struggling to keep on top of their finances, now is the time to ensure genuinely helpful products and services are able to come to market.
“Open Up Challenge 2020 will offer financial prizes and expert support to the most impactful solutions which help people – including the most vulnerable – take control of their money and make the most of it.”
The aim of the challenge is to encourage fintech innovators to use open banking solutions to help people manage their money on a monthly basis through better budgeting, managing debt, automating savings, and making it easier to compare products.
“People can access their banking data and make payments easily and securely through Open Banking so that their hard-earned money works even harder for them,” said Imran Gulamhuseinwala OBE, trustee of the Open Banking Implementation Entity (OBIE). “With banks approaching their implementation deadline for Open Banking in September, Nesta Challenge’s Open Up Challenge 2020 encourages and incentivises innovators to create even more products through Open Banking that will make a real impact on people’s financial wellbeing and wallets.”
Applications for Open Up Challenge 2020 are now open and will close on 2 October 2019. Between 12 and 15 winning fintechs will receive up to £300,000 each, and their products will be featured in a national digital awareness campaign.