This year's report comes in 2 parts. Part 1 covers the macro changes in people's financial lives brought on by the pandemic and explores the role of Open Banking in servicing these newly created customer needs.
In it, we look at the 6 million new savers who are looking for help managing wealth for the first time, the gig workers in financial shock who need help budgeting and a credit system with a crisis of transparency.
In part 2 of this report, we take data from a survey of more than 300 digital leaders and use it to create a "how-to" for organisations looking to create new services using enriched transaction data.
We look at the factors that correlated with successful projects and use them to draw a roadmap to success with Open Banking today.
Despite spending cuts across the board, the impact has not been distributed evenly. High income earners have been able to cut spending and save whereas those on the other end of the spectrum are in financial shock.
The Covid-19 relief payment holidays have added a layer of complexity to the credit system. In our (very conservative) estimation, 350,000 loans were made last year to people with masked credit files.
Despite spending cuts across the board, the impact has not been distributed evenly. High income earners have been able to cut spending and save whereas those on the other end of the spectrum are in financial shock.
The Covid-19 relief payment holidays have added a layer of complexity to the credit system. In our (very conservative) estimation, 350,000 loans were made last year to people with masked credit files.
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