Nationwide utilises Open Banking technology to help debt-distressed customers

Nationwide utilises Open Banking technology to help debt-distressed customers

News
July 21, 2021 by J.D. Smith
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Nastionwide is using Open Banking technology from Openwrks to help customers facing financial hardship build a rounded picture of their finances before meeting with the mutual’s collections and recovery team. OpenWrks is part of Nationwide’s Open Banking for Good challenge, a £3 million fund that was designed to challenge fintechs and organisations to work together

Nastionwide is using Open Banking technology from Openwrks to help customers facing financial hardship build a rounded picture of their finances before meeting with the mutual’s collections and recovery team.

OpenWrks is part of Nationwide’s Open Banking for Good challenge, a £3 million fund that was designed to challenge fintechs and organisations to work together to help improve the lives of those in financial difficulty.

The Openwrks platform utilises conversational artificial intelligence and reductive logic to enable people to pull together information from different accounts and sources. Using this data, customers can quickly build an accurate digital income and expenditure statement.

In the same vein, OpenWrks is also working with expert advisors at the Money and Pensions Service to visualise customers’ income and expenditure data – leading to more personalised and relevant advice.

Claire Tracey, Nationwide chief strategy and sustainability officer, comments: “As a mutual, we believe in the power of partnership and that we can achieve more together than we can alone. Going live is the culmination of nearly 18 months’ collaboration between Nationwide and OpenWrks. Our agile approach and innovative thinking have helped us make a complicated process simple for members in difficult circumstances, all while supporting our colleagues who help them.”