In our monthly Fintech & Open Finance Insights newsletter we highlight the key industry news that has got us talking, shine a light on our SHIFT Fintech Members and share exciting Woodhurst updates.
Our podcast Fintech Diaries is back for Season 2 and our latest episode explores “The Power of Open Banking” with
Nicole Green
from Yapily .🎧 Listen here 🎧
Lloyds teams up with ApTap to help people manage bills: Lloyds Bank partners with fintech ApTap, aiming to streamline bill management for its customers. Through Lloyds' innovation program, ApTap's technology will be integrated into banking apps, offering users simplified options to switch and save on bills, enhancing financial management and customer savings.
BuildMyCreditScore users see credit scores surge in months: BuildMyCreditScore, leveraging UK's open banking, introduces a Mastercard debit card aiding users in credit score improvement. Within three months, users observed a 52-point average increase, with some achieving over 100 points. This initiative targets the 20 million financially underserved in the UK.
Nationwide acquires Virgin Money in a £2.9 billion deal: Nationwide agrees to buy Virgin Money, enhancing member value with broader services. The deal, extending the Branch Promise to 2028, strengthens mutual ownership benefits and financial offerings, committing to customer-focused banking and nationwide branch availability.
CRIF delivers open banking for BMW Financial Services: CRIF has partnered with BMW Financial Services to introduce advanced open banking technology in UK dealerships, enhancing the car finance process for quicker, more accurate lending decisions and a smoother customer finance experience, supporting UK automotive sector growth.
Lenvi launch new industry report "Borrowers on the brink": Lenvi's 2024 Consumer Borrowing Report highlights the urgent need for borrower support, showing a shift towards brand reputation in loan decisions. It emphasises informed choices, transparency, and the importance of aiding vulnerable consumers in accessing fair credit.
Iress sells UK mortgage business for £85 million: Iress agrees to sell its UK mortgage business to Bain Capital for £85 million, a strategic move anticipated to complete in mid-2024. This transaction underscores significant industry shifts and aims to streamline Iress's focus while leveraging Bain Capital's resources to enhance the mortgage business's growth and service offerings.
Cumberland Building Society partners with Mast: Cumberland Building Society adopts Mast's Origination Platform for its intermediary lending channel, aiming to modernize and enhance service efficiency for brokers. This partnership reflects Cumberland's commitment to innovation and improved broker services through Mast's comprehensive lending tools.
SHIFT Member Spotlight
🚀 The opportunities for using data to create engaging and personalised experiences for customers are becoming endless. It all revolves around the data we gather and enrich through Open Banking and Open Finance.
💡 Moneyhub is a founding leader in Open Banking and Open Finance - their APIs categorise and enrich data to enable better, more personalised solutions for your customers. Using their powerful AI algorithms, you can analyse a user’s income and spending behaviours to identify key indicators for affordability, suitability, eligibility and vulnerability.
🤝 Moneyhub has partnered with some of the largest financial innovators and institutions in the UK to provide instant open data access via their extensive APIs, including, most recently, Scottish Widows.
🚀 This partnership with Scottish Widows means that customers with access to the Scottish Widows app will be able to connect their pensions with other financial accounts, such as current and savings accounts, stocks and shares products, loans, insurance policies and mortgages, including those held with other providers. This functionality will lead to a more holistic and personalised view of a customer’s finances, giving them one complete view all within one app.
🧑🍳 To demonstrate the ‘art of the possible’ using financial APIs, Moneyhub helps you see the possibilities of ‘API recipes’, pairing the inspiration with practical insight into the technology and process required to implement it in your business. These recipes include:
Rent Recognition - Helping people improve their credit score and improve internal confidence in lending decisions by factoring in regular rental payments.
Smart Saving - Making saving more automated and intuitive, automating the transfer to saving when the time is right and helping customers make their money go further.
Fact-finder - Drawing people's financial data into one view increases your internal efficiency and provides more personalised experiences for customers.
Fintech Diaries with Nicole Green from Yapily: In the latest episode of our podcast "Fintech Diaries" we delve into the transformative world of Open Banking with Nicole Green from Yapily. we explore how Open Banking is not just changing the financial industry but is also having a profound impact on our daily lives. Listen to the full episode 🎧here🎧
Elevating Finance with Fintech & FI Integration: Join us for our SHIFT Open Finance Community event on the 18th April, "Elevating Finance with Fintech & FI Integration via Core System Providers," where we will delve into the transformative power of Fintech solutions and how core system providers can support the integration with Financial Institutions. Sign up here!
Maintaining your commitment to Consumer Duty: Last week we hosted a webinar on Consumer Duty with docStribute, with attendees from nearly all of the Building Societies. It is great to see that Consumer Duty continues to be a priority for the sector and some of the key themes outlined on the webinar included: 1- Data is key, 2- Technology can help and 3- Explore Open Banking.
The Modern Mutual - What is your Branch Strategy: We explore the future of Building Society branches and their crucial role in community engagement, as Societies embark on their modernisation journey towards becoming a Modern Mutual. Read our latest blog to uncover how Building Societies can optimise their branch strategy to deliver beneficial outcomes for their members.
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If you'd like to find out more about Woodhurst and how we can help you please get in touch at lydia.coyle@woodhurst.com.
Final Year BA Politics and Economics Student at the University of Nottingham. Vice President @ Nottingham Sri Lankan Society, Marketing Director @ Nottingham Consulting Network.
Final Year BA Politics and Economics Student at the University of Nottingham. Vice President @ Nottingham Sri Lankan Society, Marketing Director @ Nottingham Consulting Network.
8moWonderful Insights
Co-Founder @ Woodhurst | Helping Banks, Building Societies and Fintechs deliver on their strategy.
8moSome huge deals from our SHIFT members 💪