Due Date: October 2, 2019
Applications are open for the Open Obstacle 2020 run by Nesta Obstacles and backed by the Open Banking Execution Entity as part of the UK’s world-leading open banking program. Open 2020 is a ₤ 1.5 m reward fund to open the power of open banking for UK customers. The obstacle is requiring fintech innovators to produce open banking made it possible for services which assist customers throughout the UK.
Open 2020 is created and timed to improve customer awareness and adoption of open banking-enabled items by:
- Offering 12 to 15 finalist groups with ₤50 k each, growing to as much as ₤300 k each for 3 to 4 winning groups,
- Promoting their items in a nationwide digital awareness project, and
- Providing professional non-financial assistance so they can accelerate their services.
If your app or fintech item is picked, you will get approximately ₤300,000, equity-free, plus an effective program of non-financial and marketing assistance.
The overall reward fund is ₤ 1.5 m, dispersed as follows:
- 12 to 15 Finalists will be granted reward grants of ₤50 k each
- 3 of these Finalists will be granted a more ₤50 k each for showing the clearest positioning with the monetary addition objectives of Open 2020
- 3 to 4 Winners, picked from the Finalists, will get reward grants of ₤150 k to ₤200 k each
All reward grants are equity-free. You’ll keep complete control of your copyright.
Throughout the duration November 2019 to July 2020, as a Finalist, you will get the following non-financial assistance:
- User Experience: Deal with their skilled partners to deepen your method to registering brand-new consumers, consisting of messaging, dealing with scams and personal privacy issues, conversion rate optimisation, and analytics and measurement.
- Development Marketing: Function plainly in a nationwide digital marketing project to drive brand-new users to your service. This project has a devoted spending plan, spent for by Open 2020, and will be prepared and performed by our digital marketing partner, in assessment with Finalists.
- Legal & Regulatory: Receive skilled legal recommendations from among the UK’s leading innovation law practice, resolving your particular requirements associated with personal privacy, information defense and all elements of FCA authorisation consisting of AISP/PISP authorisation.
- Peer & Specialist Insight: Make use of a program of assistance consisting of: stimulating cooperation in between Finalists dealing with typical issues, media training with skilled broadcast reporters, and generating professionals on finest practice around messaging, user information, permission and openness.
- Deal With OBIE: Individuals will likewise have distinct chances to bring their insight and viewpoints straight to regulators and policymakers in open information, consisting of through a devoted contact at the Open Banking Execution Entity, and roundtables run by OBIE simply for Finalists
The innovation item or app you participate in Open 2020 (” the Item”):
- Should be focused on straight serving UK customers, or, if the Item does not straight serve UK customers, it powers service or products that are themselves straight serving UK customers. B2B items will not be thought about. Just Products that will benefit UK customers will be thought about.
- Should target an overall prospective market of a minimum of numerous thousands, preferably countless customers.
- Should be released in the UK market at the time of application, or on track to complete public launch on or prior to 31 January2020 ‘Pre-launch’, ‘closed Beta’ and other ‘screening’- phase Products not on track to fulfill this due date will not be thought about.
- Should utilize the Open Banking Execution Entity API endpoints and comply with the OBIE Read/Write requirements to programmatically access digital savings account information and/or payments performance, even if in practice the Item does so indirectly by utilizing the AISP or PISP ability of an authorised Innovation Provider.
They are searching for items and apps that utilize open banking to assist individuals much better handle their cash through more transparent, available and reasonable items. This consists of:
- Individual bank account contrast that supports ‘unbundling’ and simple changing to a various account service provider
- Assisting individuals utilize an overdraft service provider that is not their bank and prevent pricey, unforeseen costs (‘ unbundling’ of overdrafts from individual bank accounts)
- Automated/’ robo’ monetary management to assist develop cost savings buffers and handle financial obligation
- Broadening access to budget-friendly credit consisting of alternative loaning choices and developments in credit history
- Increasing incomes on cost savings, consisting of high balance sweeping so individuals make interest on their credit balance
- Micro-payments towards cost savings
This list remains in no other way extensive and they will be searching for ingenious applications that utilize open banking to take on a wide variety of individual finance-related issues and chances.
Social effect is very important to them so they have an unique concentrate on ground-breaking apps and items that serve those who are economically left out.
To find out more, check out Open