UK innovation agency Nesta is to dole out £1.5 million in prize money to startups who devise winning Open Banking solutions that help people better manager their finances.
Research conducted to mark the launch of the Open Up 2020 challenge has found that millions of people across the country are currently struggling to stay on top of their finances. One in three (29%) say that they regularly run out of money each month - equating to around 15.2 million people.
The survey also found that half (52%) want to feel more in control of their finances and nearly four in ten (37%) know they could get a better deal for their financial products but don’t know where to start.
Chris Gorst, head of better markets, Nesta Challenges, says: “Open banking is the biggest change in this sector since online banking and, with millions of people across the country struggling to keep on top of their finances, now is the time to ensure genuinely helpful products and services are able to come to market. Open Up Challenge 2020 will offer financial prizes and expert support to the most impactful solutions which help people - including the most vulnerable - take control of their money and make the most of it.”
The new prize pot comes in the wake of a 2018 challenge focused on improving the financial products and services available for small and medium-sized businesses.
The closing date for applicants to the 2020 awards is 2 October.