Mobile move in on data
By Teamspirit on Thursday, 8 February 2018
Following on from last month’s introduction of the Open Banking system, the first responses are coming through from organisations planning to make use of this newly available customer data.
One such example is giffgaff, the mobile network run by Telefonica and popular for its relaxed, no-strings-attached attitude to phone contracts. The company has said this week that it will introduce a free service called ‘Gameplan’, a personal finance banking app targeted at its core millennial customer base.
Aiming to launch this summer, Gameplan will analyse spending patterns and suggest tips to help users grow their savings in an effort to help them “reclaim control over their money” according to giffgaff. It will also provide an impartial comparison tool for credit cards, energy providers, car insurance and loans.
The likes of OpenWrks, Zopa and TrueLayer have also announced plans to utilise Open Banking data, and we anticipate many more non-bank competitors will follow suit in the coming months.