On 15th July 2021, along with techUK, we hosted a webinar discussion exploring why financial inclusion has become more important since the pandemic, why it’s key for the UK’s economic recovery and what role open banking can play in giving financially vulnerable individuals access to tailored and fair financial services. We invited a panel of experts in financial inclusion and vulnerability, as well as credit union lending, to offer their unique insights on these challenges and potential solutions. Lakshman Chandraseke, CEO, London Mutual Credit Union Carolyn Delehanty, vulnerable customer experience coach, Delehanty Consulting Adrian Davies, co-founder, NestEgg Rob Haslingdon, head of digital propositions, Experian David Lockwood, senior business development manager, Finders International HQ Simon Lyons, Head of Ecosystem Engagement, the Open Banking Implementation Entity (OBIE) Why this matters now In the past, banks made you use the channel they gave you – branch, phone and internet. Open banking changes the way we can access our bank, so a lot of the legacy challenges some individuals face with inclusion and social banking have been removed. Which means we can get the bank we want. While there’s no magic wand for financially vulnerable consumers, we do understand many of the wide variety of problems they face. Our panel listed some of the areas that open banking can help with: Financial vulnerability – including financial domestic abuse (for instance, where one partner controls access to the other’s finances, and even food). People who can’t access services – the ‘unbanked’, who don’t have a bank account, and how we need to find an easier way to bring the unbanked into the system. Faster loan processing – by helping the banks and credit unions help vulnerable customers faster (40% of loan applications come via open banking or digital statements) – they can process more loans more quickly and efficiently, speeding up access to finance. Helping people understand the value of their data – the pandemic provided people with an opportunity to see exactly what they spent their money on which aided many people’s financial understanding and budgeting. Open banking can help with: Eligibility – by confirming someone’s eligibility for a product and helping improve their money management skills. Affordability – such as financial resilience, over-indebtedness, impact of redundancy, and then using that information to support customers in a positive way. Challenges for people who have passed away. Settling estates is often problematic, and open banking can help relatives access the details they need to support the probate process. Capacity to make decisions – this affects sensitive issues such as probate, and Court of Protection matters. Speeding up assessment for lending, borrowing, and improved cash flow – people don’t always have single credit profiles (instead they may have part profiles with several organisations), which can slow down assessments for finance. Supporting the ‘unbanked’ – with access to a transactional bank account, credit, savings, and even insurance. Watch the video to find out more about how open banking help reduce the poverty premium, help people to budget better, and open up banking to more people.
Open banking has come a long way in the last three years – thanks to the hard work of thousands of people from across the open banking ecosystem, collaborating to create something from nothing. https://player.vimeo.com/video/499241835″ width=”640″ height=”360″ frameborder=”0
On Tuesday 15th September the OBIE welcomed members of our ecosystem to a two-hour webinar, focussing on the FCA’s recently-published Consultation on eIDAS certificates. Here we replay some of the questions and insights from this well-attended event, where OBIE experts and a representative from the FCA discussed the impact that any revocation of eIDAS certificates would have on the UK’s open banking ecosystem. Open Banking does not endorse the products, services or statements featured on this page. For further information see our website terms and conditions. Supporting content: What will happen to existing banking connections using eIDAS certificates from the 1st January 2021? and What about passporting under the FCA’s Temporary Permissions Regime? As an Account Servicing Payment Service Provider (ASPSP) will I need to support both eIDAS certificates for EU TPPs, as well as the alternative solution for UK TPPs? My firm acts as an ASPSP – what actions should we take to be compliant with the new rules – do we have to revoke the eIDAS certificates for TPPs registered with us? We (a Third Party Provider or TPP) would appreciate any information on how UK companies can continue to work in Europe after our eIDAS certificates are revoked. Will we be required to open an office in Europe in order to do European open banking?
Exploring the customer journey – in discussion with some of the innovators refining user experience. Read the write-up now.
Insightful debate about the future of open banking-enabled payments – hosted by OBIE and TechUK. Read the report.
OBIE and TechUK hosted this 45-minute webinar on 30th April, exploring open banking’s role and potential in addressing the economic impact of Covid-19.
Open Banking technology is enabling innovation in the financial services sector that benefits millions of consumers and SMEs by giving them access to their financial data. https://player.vimeo.com/video/343203304″ width=
We spoke to OpenWrks, Funding Options & Swoop Funding about applying & winning the Open Up Challenge run by Nesta – a Fintech prize fund supporting new Open Banking services, apps and platforms for SMEs.
Open banking is powering technology offerings that help small and medium enterprises mitigate the risk of Late Payments.
Open Banking is beginning to power progress for the millions of squeezed and struggling people who are experiencing problem debt across the UK.
Veronique and Matty from Flux explain how their idea is coming to life with Open Banking, and what the future of financial products and services might look like.