This edition of the OBIE’s Consumer Forum event focussed on initiatives within and adjacent to our industry – where key players are collaborating and leveraging open banking data to breathe life into social change programmes. The panel discussion was sharp and informative, on open banking-enabled transformation we can all reach out and touch, including: Climate change, through the combination of environmental and open banking data Digital identity for inclusion Consumer protection, through continued adoption of Request to Pay and Confirmation of Payee If you missed the event, you can see it on the video below:
The FCA suggests that just under half of UK adults are potentially financially vulnerable (24.1m), and that the Covid-19 crisis is likely to be aggravating the situation further. Certain people may be experiencing vulnerability for the first time, while others may be adding new drivers of vulnerability to factors that pre-date the pandemic. The FCA now states that it expects firms to ensure that outcomes for vulnerable consumers are as good as those of other consumers. This poses a challenge to financial service providers: both in identifying customers who may be financially vulnerable, but also to design products which meet the needs of all consumers, rather than an imaginary ‘average consumer’. Open banking holds great potential in this space. It opens up deep and granular transaction data – enabling the delivery of products that are designed to reduce vulnerability and give consumers tools to take control of their financial lives. More than 240 participants joined us for an insightful session where we shared the latest thinking on vulnerability and consider the critical role that open banking can play in identifying the signs of vulnerability, reinventing traditional financial services for all types of consumers and avoiding asymmetries between firms and consumers. If you missed it, you can see the session below:
On Thursday 26th November 2020, the Open Banking Implementation Entity (OBIE) hosted our November Consumer Forum examining Money Advice. The conversation covered what challenges exist within this important sector, and how open banking can help. We welcomed experts from the Money and Pensions Service, StepChange Debt Charity, Fair Finance and Experian, who shared their experience and insights as part of an impactful conversation focussed on maximising the outcomes for the people who use these vital services. The speakers were: Vanessa Northam, Head of Strategic Relationships, StepChange Daniel Kelly, Coordination & Engagement Manager, Money and Pension Service Muna Yassin, Managing Director, Fair Money Advice Rob Haslingden, Head of Propositions and Product Marketing, Credit Services, Experian UK&I If you missed the session, you can watch it below:
The Open Banking Implementation Entity was pleased to welcome a panel of expert speakers and a public audience of over 100 attendees to this digital forum event, on Thursday 8th October. The topic for discussion was the consumer credit market, and how open banking has the potential to transform lending for the people that need it most. If you missed the event, you can see it below:
Our recent webinar, co-hosted with TechUK, focussed on ‘creating the customer journey of tomorrow’ with open banking. Featuring: – Dr. Louise Beaumont, Chair of techUK’s Open Banking & Payments Working Group (MODERATOR) – Chris Michael, Head of Technology, OBIE – Faith Reynolds, Independent Consumer Representative to the OBIE – Holly Coventry, Product Director, Payment Innovation, Global Merchant and Network Services, American Express – Jack Crabtree, FinTech Engagement Leader, Yodlee EMEA – Mounir Mouawad, Head of Product Strategy and Operations, Google Pay EMEA If you missed the session, it can be watched below:
OBIE and TechUK hosted this 45-minute webinar on 28th May, with contributions from: – Dr. Louise Beaumont, Chair of TechUK’s Open Banking & Payments Working Group [MODERATOR] – Nick Raper, Head of UK, Nuapay – Craig Tilletson, Co-founder & CEO, OrdoPay – Alan Ainsworth, Head of Policy, OBIE The topic was how changes in the payments landscape are emerging, the resulting opportunities, and what further potential lies ahead for open banking-enabled payments. If you missed the session, you can watch it below:
OBIE and TechUK hosted this 45-minute webinar on 30th April, with contributions from: – Dr. Louise Beaumont, Chair of TechUK’s Open Banking & Payments Working Group [MODERATOR] – David Fletcher, Head of Commercial, Credit Kudos – Michael O’Loughlin, Managing Director, Token – Catherine Thompson, Programme Manager, Nesta – Simon Cureton, CEO, Funding Options – Craig fox, Director of FinTech, Silicon Valley Bank – David Beardmore, Head of Ecosystem Engagement, OBIE The topic was open banking’s role and potential as a catalyst for innovation and competition across the UK economy, as well as addressing the economic impact of Covid-19. Read a report on the webinar at: https://www.techuk.org/focus/programmes/financial-services-payments If you missed the session, you can watch it below: