We are delighted to present our latest publication, Open Banking: An introductory guide to credit unions, written by Marloes Nicholls, Head of Programmes at the Finance Innovation Lab. Marloes presented a summary of the paper to attendees at our Manchester conference in January. Marloes’ intention is that “this guide supports more people to understand Open Banking, and the opportunities and risks it presents for credit unions and their members.”
It is now two years since Open Banking was introduced in the UK; some credit unions have incorporated it into their lending processes already while many others are evaluating it. One of our members (Central Liverpool) appears as a case study in this document, and we know that several of you have pilots underway. Open Banking presents clear opportunities – and also risks – for credit unions, and this paper provides a guide to its implications.To access the report, click here.
CFCFE and Marloes would be keen to hear the experiences of other credit unions with Open Banking, and any other feedback in relation to the paper – contact Nick at CFCFE via nick.money@swobodacentre.org or Marloes directly via marloes@financeinnovationlab.org.
Our next paper will look at supporting members’ financial capability, and will be out in the next few weeks.
