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 Use of Open Banking is open to any company, regulated or not, that:
- Provides a product/service to an end user that uses open banking/finance, which may either be branded or white-labelled
- Is the technology behind an open banking/finance initiative including data analysis
- Connects or enables the 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.
We are also interested in any evidence of how solutions have supported businesses and individuals during the cost-of-living crisis or recession using Open Banking.
All submissions must be live and out of the test phase at the time of submission. 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/countries.
Please provide the following information:
Nominee and 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 the nominator and the nominee company
Initiative description
The judges will assess your entry against the following criteria. You are free to describe the programme and support your case with additional material as you think appropriate. However, we strongly suggest that you do NOT submit generic promotional material and sales brochures. Please limit your submission to a maximum of 1,500 words.
The criteria and questions are:
- The initiative provides benefit/value to the user of the solution/platform/technology
- The initiative can be demonstrated to have delivered a solution to a specific problem by leveraging brand, channels or other capabilities and technologies
- 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
- The initiative has performed well, and the submission is supported with quantitative evidence of success from a reliable source
- 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, but this is not an exhaustive list and, in each case, the judges will be looking for evidence that supports your claims about 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 January 2025
- Growth in use, both historical and extrapolated projections
- How has this transformed the user experience?
