Best Open Banking Initiative

Sponsored by:

 

Target Audience:

Bank Lite providers, Challenger Banks, Bank Challengers, companies offering: IBAN solutions, banking as a service or using PSD2 open banking to deliver products, technology companies supporting PSD2 open banking.

 

Detailed Definition

Best Open Banking/Finance Initiative is open to any company, regulated or not, that:

Provides a product/service to an end user that uses open banking/finance this may either be branded or white labelled

Is the technology behind an open banking/finance initiative including data analysis?

Connects or enables connection of parties within the ecosystem of open banking/finance

Provides security or other services to enable the open banking/finance ecosystem to work.

 

Open Banking/Finance refers not only to PSD2 open banking, but also to open banking/Finance as interpreted and delivered by other markets throughout the world.  Open Banking and Open Finance refers to providing access to end users to their data held by regulated entities.  The data may enable transactions or just be historic information.  All submissions must be live and out of test phase at the time of submission. We are also interested in any evidence on how solutions have supported businesses and individuals during the pandemic using open banking. Pilot programmes will be accepted but must clearly be described as such and the judges will be looking for evidence of success in the pilot. The Initiatives may be running in any country.

 

Nominee & nominator

  • Name of nominating organisation
  • Programme/Company name (entry title)
  • Name(s) of nominated organisation(s)
  • The nature of the business relationship between you as nominator and the nominee company

 

Initiative description

The judges will assess your entry against the following five criteria. On each, they will score you from 1 to 10 where 1 is strongly disagree and 10 is strongly agree. You are free to describe the programme and support your case in any way and with any supporting material as you think appropriate. Please limit your submission to no more than 1,500 words in total. The criteria are:

  1. The initiative provides benefit/value to the user of the solution/platform/technology.
  2. The initiative can be demonstrated to have delivered a solution to a specific problem leveraging brand, channels or other capabilities and technologies.
  3. How the solution offered was either fundamental to a single provider in the market or helped a wide range of companies to achieve their business objectives.
  4. The initiative has performed well, and the submission is supported with quantitative evidence of success from a reliable source.
  5. The initiative stands out from its competition either through performance, innovation, value to stakeholders, added value features or other means as described in the submission.

 

Evidence of success/metrics

Please provide as much information as you can and quote the source of that information. Such information might include the following; however, this is not an exhaustive list and in each case the judges will be looking for evidence that support your claims as to the key benefits of the programme: • The length of time the initiative has been live

  • Numbers about the use/adoption/contracting of the initiative until March 2021
  • Growth in use, both historical and extrapolated projections
  • Feedback from users as to their experience of the initiative.