Open Finance – Consumer Credit
The consumer credit industry is arguably more open to change and innovation than most across financial services, and therefore a beacon of opportunity for Open Finance. 15 million people in the UK do not have access to affordable credit, creating huge disparities in financial inclusion. Credit risk assessments can unintentionally disadvantage people based on background, […]
Open Finance – Insurance
One of the biggest challenges when purchasing insurance is the complex nature of the product. Many customers are put off by the sheer volume of data they must enter, only to receive lengthy policy documents filled with jargon. In fact, less than 50% of customers understand what factors determine the price of their insurance policies. […]
Open Finance – Pensions
The pensions market is a 6 trillion-pound industry that is ripe for innovation and disruption. For too long consumers have passively built up a pension pot with no real regard for the future life it will allow them to lead. Any attempt to increase consumer engagement with their pensions or to optimise processes more generally […]
Open Finance – Wealth Management
We should all be trying to make the most of our money and making it work harder for us. But to 60% of all customers the process seems difficult, with a number of hurdles to cross that ultimately prevent them from investing at all. How could Open Finance solve some of the key issues with […]
Open Finance – Savings
Saving is a critical element of managing our personal finances, and it tends to be the method that most individuals rely on, with investments being more financially exclusive in many respects. In fact, savings is arguably the first step in solving two key issues, Financial Inclusion and Financial Wellbeing. Somewhat worryingly, 1 in 10 Brits […]
Fintech Feature – Lumio
Fintech Lumio coins itself as the next generation of personal finance, giving your finances ‘a brain’. Lumio connects your entire financial life in seconds, identifies your ‘Lazy Money’ that isn’t being optimised (like low savings interest or investment returns), and then suggests the products and services from its independent marketplace that will optimise and grow […]
Cross-sectoral approach to Open Finance
It’s quite clear that financial wellbeing in the UK is at an all-time low and has only been exacerbated by the pandemic. The data paints a picture of a population of people that don’t feel confident or in control of their finances but clearly do have an appetite to find a better deal. They are […]