Open Up 2020

Open Up 2020

What was the Open Up 2020 challenge?

Open Up 2020 was a £1.5m prize fund, run by Challenge Works and backed by the Open Banking Implementation Entity, to unlock the power of open banking for UK consumers.

The challenge was designed and timed to boost consumer awareness and adoption of open banking-enabled products.

Why did we do this?

Open banking has the potential to transform financial services, opening up the UK banking industry by giving people control over their financial data. This will help consumers to access innovative products tailored to them and ensure that they benefit from the best deals on the market. 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, switching banks, automating savings, and much more. This wave of innovation holds particular promise for financially excluded individuals.

What were we looking for?

We were seeking products and apps that use open banking to help people better manage their money through more transparent, accessible and fair products. This included:

  • personal current account comparison that supports ‘unbundling’ and easy switching to a different account provider
  • helping people use an overdraft provider that is not their bank and avoid expensive, unexpected fees (‘unbundling’ of overdrafts from personal current accounts)
  • automated/’robo’ financial management to help build savings buffers and manage debt
  • widening access to affordable credit including alternative lending options and innovations in credit scoring
  • boosting earnings on savings, including high balance sweeping so people earn interest on their credit balance
  • micro-payments towards savings

This challenge was funded by

  • Open Banking logo

Impact of the Challenge

  • 11 out of 15 finalists agreed that the Challenge accelerated the growth of their product
  • 12 out of 15 agreeing that the Challenge increased their number of users
  • Results from the marketing campaign show that over 23,000 leads were created, with 351,000 clicks on the Open Up consumer website and those of the finalists
  • 14 out of 15 finalists agree that the Challenge introduced them to new and useful contacts
  •  14 of 15 finalist teams agreed that the Challenge improved the capabilities of their team and 12 agreed that, as a result of the Challenge, they were able to access support they would not otherwise have been able to

The Open Up Challenge 2020 Report

Running a campaign to drive adoption of open banking in the UK 2020 Report

The winners

Mojo logo

Mojo Mortgages

MortgageScore™ will combine credit and open banking data to determine if a customer is mortgage ready.

Once a customer’s score is calculated, the MortgageScore™ coaching feature will provide personalised advice on how they could improve their score.

LEARN MORE ABOUT MOJO MORTGAGES

Moneybox logo

Moneybox

This innovative app helps customers save and invest for their future.

You can set money aside through round ups or regular deposits and choose from a range of products including ISAs, savings accounts and pensions.

FIND OUT MORE ABOUT MONEYBOX

Plum logo

Plum

An AI assistant that boosts your bank balance through automated savings, easy bill switching and giving you the opportunity to invest in what matters to you.

FIND OUT MORE ABOUT PLUM

Screenshot of the Wagestream app

Wagestream

Wagestream allows employees to stream a proportion of their income as it’s earned, save directly from their salary, track wages and get impartial, financial education in real-time.

LEARN MORE ABOUT WAGESTREAM

The finalists

The judges

Susanne Chishti smiles at the camera

Susanne Chishti

CEO, Fintech Circle

Susanne’s LinkedIn Profile

Christine Foster smiles at the camera

Christine Foster

Managing Director for Innovation, The Alan Turing Institute

Christine’s LinkedIn Profile

Farhan Lalji faces the camera

Farhan Lalji

Principal, Venture Partnerships, Anthemis, entrepreneur-in-residence at King’s College London

Farhan’s LinkedIn Profile

Colm Lyon smiles at the camera

Colm Lyon

CEO and Founder, Fire.com and appointed to the UK Finance Payments, Products & Services Board

Colm’s LinkedIn Profile

Chris Michael faces the camera

Chris Michael

Head of Technology, Open Banking Implementation Entity

Varun Paul smiles at the camera

Varun Paul

Future of Finance, Bank of England

Varun’s LinkedIn Profile

Shefali Roy smiles at the camera

Shefali Roy

COO and CCO, TrueLayer and previously named on Innovate Finance’s Most Powerful Women in FinTech List

Shefali’s LinkedIn Profile

Ilse Treurnicht faces the camera

Ilse Treurnicht

Former CEO, MaRS Discovery District, chairs the Impact Canada Advisory Committee

Ilse’s LinkedIn Profile

Matthew Upton faces the camera

Matthew Upton

Director of Policy, Citizens Advice

Matthew’s LinkedIn Profile

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