How open banking could be used to help small businesses get better financial products and services (Finance Derivative)
Recently (13 January), Open Banking marked its first birthday. We are now one year on from the day when new UK regulation came into effect allowing customers to give their consent for banks to share their data securely with regulated third parties. These parties can then use this data to develop new and innovative services to help consumers and small businesses save time and money, find better products, and bank in a different way.
Accounting firms are dicing with their future by ignoring the potential of Open Banking, a key figure in the initiative has told AccountingWEB, as a slew of new app-based solutions pulling data from the bank accounts of retail and small to medium enterprises is set to flood the market in 2019.
The past few years have seen competition authorities take a new approach to stimulating innovation and competitiveness in banking.
Nesta Challenges has today announced the winners of the ‘Open Up Challenge’ – a prize fund designed to unlock innovative fintech products and services for small businesses, building on the UK’s ground-breaking open banking initiative.
Six start-up companies will share a prize of more than £1 million to help them fund ways to improve banking for small businesses.
Two years after the launch of the Open Up Challenge, the innovation group Nesta will today unveil the six winners of the latest round of its competition. Each of the winners will receive £200,000 in funding to help them accelerate their development.
How do the UK’s small and medium-sized enterprises get a better deal from the banking industry which has for years neglected smaller businesses – or simply ripped them off? One solution, hopes the Competition and Markets Authority, is more competition from innovative new entrants to the financial services market, particularly in an era of open banking.
Nesta’s Challenge Prize Centre has today announced the twelve fintech businesses who will participate in the final phase of the ‘Open Up Challenge’.
10 Prize-Winning UK Fintechs Set Out Their Ideas For Open Banking Services.
Automated tax reporting, AI financial assistants that can forecast, and intelligent cashflow engines have all made it to the final of Nesta's £5m fintech prize.
On January 13, 2018, the UK's big banks will be forced to show startups their most precious data. But is Open Banking too revolutionary for its own good?
Alongside the risks, the promise is certainly there. A finance director will be able to pick and choose the tools they need to enhance their strategic capabilities. From the looks of the market, they’ll be spoilt for choice.
'Open Banking’s a step closer with these 20 fintech startups, but the clock is ticking on the CMA’s deadline' (City AM)
The UK’s progress toward making banking more open has taken another step forward after 20 fintechs were chosen to test out a new way of sharing banking information for the benefit of customers.
The winners of Nesta's £5m fintech prize show just how significant Open Banking could be.
Entrepreneurs should be able to borrow more easily from hi-tech rivals.
It is an irony that research has shown that one in five small business owners strike out on their own to cut stress, but one in three say dealing with business finances is their biggest source of it.
With the EU’s Second Payment Services Directive (PSD2) and the UK’s open banking framework set to come into force next year, regulation may well tip the scales between banks and fintechs for customer loyalty.
'Charity reports finds ‘stress of financial paperwork’ is making small business owners people ill' (This Is Money)
Small businesses’ growth could be stifled because of the burden of financial administration, a study says. The report – for business innovation charity Nesta – found that 42 per cent of entrepreneurs say dealing with finances is the most stressful aspect of running a company. And 17 per cent add that the stress has made them unwell.
According to new research from Nesta, the innovation charity, 40pc of British entrepreneurs have admitted that managing their finances and banking has become the most stressful part of running their business.
While there’s been a lot recent interest in the benefits of open banking, much of the discussion so far has centered only on consumers.
'A Banking Revolution For Small Business – UK’s Nesta Challenges FinTech To Step Up To The Plate' (Forbes)
Small business banking in the United Kingdom is about to undergo a radical shake-up, driven in part by pressure from the competition regulator.
Innovation foundation Nesta is launching a £5 million prize fund to inspire the creation of apps and tools to help small businesses compete in the digital economy.