Nesta Challenges

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Open Up 2020

Open Up 2020

We’re looking for products and apps that use open banking to help people better manage their money through more transparent & fair products.
stage:
Product & Growth Start
prize:
£50,000 Grant
Overview

Challenge Overview

Purpose

Open banking has the potential to revolutionise financial services, transforming and opening up the UK banking industry by giving people control over their financial data in order to access innovative products tailored to them. Since it launched in 2018, open banking technology has opened the door for new fintech innovators to create cutting-edge tools for everything from budgeting, debt management, comparing/switching banks, automating savings, and more.

The UK is the acknowledged world leader in open banking, with many other countries – including Australia, Canada and the rest of the EU – now implementing similar initiatives.

This wave of innovation holds particular promise for people partially or entirely excluded from access to fair financial services, including:

  • the 1.5m UK consumers who don’t have a bank account
  • the 1m+ consumers every year who need debt advice
  • the 50%+ of consumers who are not confident making financial decisions

More generally, it is estimated that UK consumers stand to gain £12bn from open banking-enabled tools.

(Source: Consumer Priorities For Open Banking, June 2019)

Guidelines
Timeline
Forum 1
Community 16