More than 100 fintech firms have applied to take part in the UK's Open Up 2020 Challenge, which will see them compete to unlock the power of open banking and bag a share of a £1.5 million prize fund.
Run by Nesta Challenges in partnership with the official Open Banking Implementation Entity (OBIE), the competition is tasking fintech outfits to help Brits use Open Banking to make more of their money.
Among the suggested areas of investigation are current account comparison tools, ways to help people use overdraft providers that are not their banks, robo financial management, and micro-savings.
The 107 "high quality" entrants will now be whittled down to 15 finalists by a panel of judges from organisations such as the Alan Turing Institute, Bank of England, Citizens Advice and the OBIE.
Of the finalists, 12 will get £50,000 each, with three to four winning teams receiving £300,000 as well as promotion for their products through a national digital awareness campaign.
Imran Gulamhuseinwala, trustee of the OBIE, says: “We have been extremely encouraged by the high standard of the applicants to Open Up 2020. The entries not only reinforce the UK’s position as the leading fintech centre of the world, but also showcase our innovation in utilising open banking technology to help consumers make their money work harder.
"Open banking has the potential to revolutionise UK financial services by giving people control over their financial data, and Open Up 2020 is a crucial part of this journey.”