Open Banking for good: harnessing data for a positive impact on financial wellbeing

Open Banking is reshaping finance for good. Søren Rode Jain Andreasen, Head of Digital Customer Engagement Hub, Nordea, and Savannah Price, CEO & Founder at Serene, share insights about empowering consumers, driving inclusion, and supporting sustainable financial choices.

As the global conversation around Open Banking continues to evolve, it’s becoming increasingly clear that this technology is more than just a tool for improving financial products and services. For many, it’s an opportunity to make meaningful social change – whether that means improving financial wellbeing, increasing financial inclusion, or enabling sustainable choices.

The topic was one discussed at Open Banking Expo [October 21 & 22], when a panel of experts explored how Open Banking can be used for good. Two businesses leading the charge when it comes to Open Banking for good, and who spoke at Open Banking Expo 2025 – Nordea and Serene – have taken a deep dive into the potential of Open Banking to not only transform financial services but also drive sustainable social and environmental change.

Financial wellbeing: empowering consumers to take control

For most consumers, managing money is a daily challenge. From keeping track of spending to avoiding late fees, navigating financial obligations can be overwhelming, particularly for those living paycheck to paycheck. According to Nordea, 80% of their customers report having experienced some form of financial stress, with 32% citing money as the primary cause. Furthermore, 56% express little or partial confidence in making financial decisions.

 

However, Open Banking is shifting this dynamic. Søren Rode Jain Andreasen, Head of Digital Customer Engagement at Nordea, explains how they, as the largest bank in the Nordic countries, use Open Banking to proactively address financial stress.

 

 

‘Whilst the data shows many consumers report having experienced financial stress, we also saw that 90% were interested in following and managing their finances, and 80% of our customers expected their bank to help them improve their financial health.   

‘That’s what prompted us to engage more with our customers and provide tools that surface spending patterns, eliminate unwanted costs, and enhance budgeting – all driving financial wellbeing in action. We’ve even gone so far as to cancel subscriptions on behalf of customers, should they wish us to do so.

‘By using Open Banking data, Nordea provides customers with tools to visualise their financial situation and take action – whether that’s by identifying unwanted recurring charges, avoiding overdrafts, or setting savings goals. This not only helps customers stay in control but also supports better financial decision-making.

‘We focus on empowering our customers with tools that give them better insights into their spending. For example, our customers can see their recurring charges and decide if they want to cancel a subscription or optimise their spending.

‘Nordea also focuses on younger generations. Our financial literacy programme has reached over 1 million children, teaching them fundamental money management skills through engaging digital tools. This initiative is more than just about customer engagement – it’s about laying the foundation for a future where financial inclusion is the norm, not the exception.

‘We’ve seen kids using our digital money tools more than twice a week, with 84% of them engaging with features beyond simple transaction tracking, like savings goals and educational content. 70% of parents also state that it makes it easier for them to deal with pocket money and teach their children about money.

‘This is financial education in action, and it’s empowering the next generation to make smarter, more responsible financial choices.’

Financial inclusion: opening doors for the underserved

For underserved or underbanked individuals, traditional credit systems have long been a barrier to financial empowerment. These individuals often lack access to credit because they have limited or no formal credit history, or their financial situations aren’t captured by traditional data sources. Open Banking is changing that by providing a richer, more accurate view of financial health through transactional and behavioural data.

 

Savannah Price, CEO and Founder of Serene, highlights how Open Banking can empower the underserved. Serene uses Open Banking to spot early signs of financial vulnerability, enabling institutions to step in before financial harm occurs. By analysing behavioural and transactional signals that reflect what’s going on in a customer’s life, Serene uncovers issues and opportunities that aren’t visible through traditional credit scores.

 

‘Open Banking helps us see a fuller picture,’ Savannah says. ‘At Serene, we see use it to spot vulnerability earlier, more fairly, and without judgment. Not all risk is financial. Someone can be up to date on their payments and still be quietly struggling. Those early behavioural signals – like spending friction, changes to routine, or emotional patterns – help us understand what’s really going on and respond before things spiral.

‘We’ve built our platform to turn these patterns into action – so institutions can step in sooner, not just when someone defaults, but when they start to disengage or fall through the cracks.

‘For underserved customers, traditional data often misses context. Maybe they’ve recently recovered from a rough patch, or they’ve never had formal credit but manage money well. Open Banking provides a richer view — not just of income and spending, but of behaviour, resilience, and intent.

‘That means fairer access and more tailored support, with a more accurate understanding of risk. It’s a big step towards systems that are inclusive by design, not just inclusive by exception.

‘This shift from eligibility to empathy is key to building an inclusive financial ecosystem.’

Sustainability: Open Banking for a greener future

While Open Banking is often associated with financial inclusion and personal empowerment, it also has a growing role in promoting sustainable consumer behaviour. With increased consumer interest in sustainability, Open Banking has the potential to help people make more informed, eco-friendly financial choices.

Consumers are increasingly looking for ways to reduce their carbon footprint and make sustainable investments. Open Banking can fill this gap by enabling financial products and services that give people insights into the environmental impact of their spending.

For example, apps and services built on Open Banking data can help users track their carbon footprint by categorising their purchases and offering sustainability insights. This might include everything from tracking how much their spending contributes to carbon emissions, to recommending greener investment options.

Partnerships between fintechs, banks, and sustainability-focused organisations are central to this. Nordea, for example, has partnered with fintechs to offer solutions that embed sustainability insights directly into the user’s financial platform, including making carbon footprints available to customers. These tools enable consumers to make conscious, data-driven decisions about their environmental impact.

The role of ecosystems in scaling Open Banking for good

The impact of Open Banking for good cannot be achieved in isolation. As both Søren and Savannah emphasise, partnerships and ecosystems are essential for scaling these solutions. Whether it’s through collaboration between banks, fintechs, regulators, or even healthtechs, ecosystems unlock the potential of Open Banking to deliver better outcomes for society.

At Serene, partnerships with banks, fintechs, and healthtechs have allowed the platform to build a more holistic view of a person’s financial and emotional wellbeing. Similarly, Nordea integrates banking functionality into third-party services, helping consumers access fairer credit decisions, track subscriptions, and build financial resilience.

‘We don’t think of Open Banking as a data pipe,’ Savannah says. ‘We think of it as infrastructure for shared responsibility. Banks, fintechs, regtechs, credit providers, and, in our case, even healthtechs all bring a piece of the puzzle. When those systems talk to each other, when data moves securely and meaningfully across boundaries, that’s when real inclusion happens.

‘Ecosystems create accountability, but they also unlock new value. The strongest solutions we’ve seen come from unlikely partnerships – where a lender, a tech platform, and a regulator sit around the same table with the same outcome in mind: better support, earlier insight, fairer access.’

Søren adds: ‘Through ecosystem collaboration, we enable third-party solutions to integrate account insights into lending journeys, helping customers access fairer credit decisions. We also work with educational partners to deliver digital money tools for children within family ecosystems - because building financial literacy requires reaching people where they already are. At scale, only an ecosystem approach can ensure solutions are inclusive, impactful, and available across borders.

‘Partnerships are central to scaling impact. Through our Nordea API Market, we support over 6,800 registered sandbox users and 400 live companies across the Nordics, making more than 140 million API calls per month. These APIs – both PSD2-based and commercial premium APIs – enable third parties to integrate banking functions into their offerings.

‘Whether embedding expense insights into fintech apps or delivering youth financial literacy tools via trusted partners, ecosystems help us reach more customers and drive broader impact.’

A business case for Open Banking for good

There is a clear business case for Open Banking for good. It’s not just about doing the right thing - it’s about creating sustainable, commercially viable outcomes for businesses while improving society as a whole. By using Open Banking to spot vulnerability early, banks can reduce costs and avoid complaints, all while driving customer loyalty.

Søren underscores that Open Banking for good isn’t charity; it’s precision. ‘The most compelling business case for investing in ‘Open Banking for good’ lies at the intersection of customer trust and long-term value.

‘By helping people avoid unnecessary fees, manage their commitments more effectively and make sound financial decisions, we not only improve their financial health but also reduce risks for both the bank and our customers. Studies consistently show that financially empowered customers are more loyal and more open to adopting innovative services, as well as being more resilient during economic challenges.

‘Additionally, our investment in financial literacy initiatives for children is helping to nurture a new generation of financially confident individuals – further strengthening relationships and reinforcing trust for years to come. In short, championing “Open Banking for good” is more than corporate responsibility; it’s a strategy that creates lasting benefits for our customers and our bank, as well as society as a whole.’

Savannah says that, beyond doing good, Open Banking for good is simply good business.

‘It’s not just about doing the right thing. It’s about doing the smart thing. When banks spot vulnerability earlier, they reduce cost-to-serve, avoid complaints, and improve retention. Our platform identifies financial stress two to three months before traditional arrears triggers, giving institutions a genuine early warning. And when lenders unlock fair access for low-risk but misunderstood customers, we’ve seen a 7–10% uplift in new business with no added risk. Build trust, and you build loyalty – which is the hardest currency to earn in financial services. 

‘So the business case is clearly evident. Open Banking for good isn’t about charity. It’s precision. It's an early warning. It’s commercially sustainable care. And as regulation continues to shift toward outcomes over optics, this kind of insight won’t just be a nice-to-have - it’ll be essential.’

Conclusion

At Open Banking Expo [October 21 & 22], conversations around how Open Banking can drive positive change only intensified. From supporting financial wellbeing and inclusion to enabling sustainable consumer behaviour, Open Banking is unlocking opportunities that extend far beyond traditional banking services.

Open Banking Expo brought together innovators, thought leaders, and change-makers to explore the future of Open Banking for good. In addition, the Open Banking Expo 2025 Awards also recognised an Open Banking for Good Award winner, with shortlisted businesses including ALLinALL, B4B Payments, D•One by ClearScore, Fumopay & Big Issue, Horizon Zero, JS Group, and North One.

For more information about the Open Banking Expo, visit www.openbankingexpo.com.

Editor’s note: This article was drafted using responses and insight from Søren Rode Jain Andreasen, Head of Digital Customer Engagement Hub, Nordea, and Savannah Price, CEO & Founder at Serene.

About Open Banking Expo

Open Banking Expo is a global community of Open Banking and Open Finance executives responsible for digital transformation across the financial services sector. Open Banking Expo was founded by Kelly Stanley and Adam Cox.