The Open Up 2020 Challenge Report

The Open Up 2020 Challenge has highlighted the potential that open banking has to revolutionise financial services — transforming and opening up the UK banking industry by giving people control over their financial data and enabling the development of innovative, personalised products.

This wave of innovation brings significant benefits to both consumers and small businesses and holds particular promise for people partially or entirely excluded from access to fair financial services.

The challenge prize generated a wealth of insights from a wide range of sources; from innovators, consumer research, a national marketing campaign, and from experts who supported the innovators through the challenge. The report below has been produced to explore these insights and to summarise the Open Up 2020 Challenge which was run in partnership by Challenge Works and the Open Banking Implementation Entity.

It focuses on the following areas:

• Consumers and Open Banking
• Innovation and Open Banking
• Open Finance & Beyond
• Challenge Prize Impact

We have also produced a Campaign Report which focuses on the national digital marketing and PR campaign with insights for the fintech ecosystem on how to talk about open banking to build consumer trust, awareness and adoption.  These insights would be valuable to those who are working in sectors that are trying to scale new consumer-facing technologies.