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Nationwide, OpenWrks to help members facing financial difficulty

Thursday 22 July 2021 14:00 CET | News

Nationwide is partnering with UK-based Open Banking provider OpenWrks to help members facing financial difficulty, according to financialit.net.

OpenWrks, using Open Banking technology, helps people in financial difficulty pull together information from different accounts and sources to build an accurate digital income and expenditure statement. Their solution uses conversational artificial intelligence and reductive logic, allowing people to easily create accurate and realistic income and expenditure statements online, reducing the time advisors spend collating data and increasing the amount of time spent giving valuable advice.

Nationwide members in financial hardship can benefit from the technology, which enables them to digitally build a picture of their financial circumstances with ease, prior to having a conversation with one of Nationwide’s Collections and Recoveries team. This can lead to a reduction in the time it takes for a member to get to the right outcome and reduces the potential worry and stress.

As well as supporting Nationwide’s members, 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. This comes as OpenWrks is part of Nationwide’s Open Banking for Good challenge, a GBP 3 million fund that was designed to challenge fintechs and organisations to work together to help improve the lives of those in financial difficulty using Open Banking technology.


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Keywords: partnership, Open Banking
Categories: Banking & Fintech | Online & Mobile Banking
Countries: United Kingdom
This article is part of category

Banking & Fintech