Open Up 2020 Challenge
24 Jul 2019
Open Up 2020 is a £1.5m prize fund, run by Nesta Challenges and backed by the Open Banking Implementation Entity, to unlock the power of open banking for UK consumers.
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.
With applications opening in July 2019, Open Up 2020 is designed and timed to boost consumer awareness and adoption of open banking-enabled products by:
- Providing 12 to 15 finalist teams with £50k each, growing to as much as £300k each for 3 to 4 winning teams,
- Promoting their products in a national digital awareness campaign, and
- Offering expert non-financial support so they can accelerate their solutions.