Evidence type: Evaluation i
Information about the programme design and rationale
Evidence about Financial Capability outcomes for programme participants
Evidence that the Financial Capability outcomes were caused by the programme
Evidence about programme implementation, feasibility, and piloting
Evidence about relative costs and benefits of the programme
Open Banking allows bank and building society customers to securely share their transaction data with third parties that can use the data to deliver personalised services and tools. Open Banking for Good (OB4G) is a £3 million programme funded and led by Nationwide Building Society that aims to create and scale Open Banking-enabled apps and services in order to help the one in four UK adults who are ‘financially squeezed, in three key areas:
In October 2018, Nationwide invited applications to OB4G for innovative products to tackle these challenges. Seven successful applicants (called Challengers) were assigned 4 charity partners, who were expert in the needs of the target users, to co-design a solution.
OB4G is one of the Inclusive Economy Partnerships (IEP) Financial Inclusion and Capability flagship challenge initiatives. In 2018, the IEP brought together business, civil society and government “to solve some of society’s toughest challenges, to help all communities and everyone within them feel they belong to and can participate in the UK economy” (HM Government)
Nationwide commissioned the University of Bristol’s Personal Finance Research Centre to conduct a two-phase independent evaluation of OB4G, of which this report covers Phase 1, the process evaluation, to capture learning about the design and early implementation of OB4G.
The study was carried out between January and July 2019, covering the period in which the programme was set up, and the phase of work in which successful Challengers spent around three months developing their concepts, conducting user research, and producing or refining prototypes.
The study comprised qualitative interview data from the seven fintech firms that successfully applied to OB4G (known at the Challengers); the four Charity Partners that helped shape OB4G and were partnered with the Challengers; and the OB4G team at Nationwide. Additionally there was a short online survey conducted with eight fintech firms that applied to OB4G but were not successful.
Professor Sharon Collard (Research Director) and Jamie Evans (Senior Research Associate) of the Personal Finance Research Centre, University of Bristol