The Nationwide Building Society has chosen seven fintech companies to take part in its Open Banking for Good challenge.
The fintech firms will be tasked to develop Open Banking based apps and services to help financially vulnerable people.
The seven companies have been chosen from more than 50 applicants. Those selected into each of the three categories are:
- Income and Expenditure: Openwrks and Ducit.ai
- Income Smoothing: Trezeo and Flow
- Money Management and Help: Toucan, Squad and Tully
The challenge is supported by a £3 million fund from Nationwide. The start-ups will also be able to draw upon expertise from Nationwide, Money Advice Trust, Citizens Advice, The Money Charity, Money and Mental Health Policy Institute, Accenture, Doteveryone and Nesta.
The programme consists of two paths – ‘Explore and Develop’, which lasts three months and provides the space for applicants and partners to ideate around the challenge before using this insight to develop solutions.
The second ‘Accelerator’ is six months long and is designed to further develop and build out the solutions to become scalable and sustainable. It is comprised of two parts; the first a three-month lab run with Accenture which leans into its wider network to test ideas, with the second three-months focused on scaling the solutions across Nationwide’s membership and into wider society.
Joe Garner, chief executive of Nationwide, said: “While others may be looking at Open Banking through a commercial lens, Open Banking for Good is driven by our social purpose. 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.”