UK-based building society Nationwide has thrown its support behind the Open Banking for Good campaign.

Open Banking for Good is part of the British government’s Inclusive Economy Partnership (IEP). Its goal is to close the financial capability gap in the UK.

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Furthermore, launching in September, Open Banking for Good is set to convene some of the brightest minds in established fintechs and start-ups, as well as through to innovators and charities.

Nationwide open banking

The fintech community will be invited to develop Open Banking solutions that make a difference to people’s lives.

As a result, the winners of the challenge may receive investment and support from Nationwide.

Moreover, the building society hopes to scale up an idea and launch it successfully to its 15 million members and beyond.

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In addition, the challenge is supported by Accenture, with selection panel members including Sir John Gieve (Chairman of Nesta); Joanna Elson OBE (Chief Executive, Money Advice Trust) Rachel Coldicutt (CEO, Doteveryone) and Julian Skan (Senior Managing Director, Accenture Strategy).

Joe Garner, Nationwide’s Chief Executive, said: “As a mutual we believe in the power of collaboration – that we achieve more together than we can alone. That’s why the Inclusive Economy Partnership is a welcome initiative and a natural fit for Nationwide.

“There could be more than 12 million people in the country who are only just keeping their heads above water in terms of their finances. Just one or two right or wrong financial decisions can make all the difference between financial health and spiralling debt.

“We believe Open Banking presents a huge opportunity to help people manage their money better and support a more inclusive financial services sector. We’re looking for innovators to come forward with ideas to help people living on a financial knife edge – with no savings or relying heavily on credit.

“As an industry, we can use Open Banking to benefit those who most need help. Which is why we are focused on harnessing the latest technological innovation to help transform financial capability for millions of people in the UK.”