Harms and Benefits of open banking money management apps for people on low incomes

Woman hand holding credit cards and using smartphone for shopping online with payment on internet banking.
ProjectsJuly 24th, 2023

A new generation of smart phone apps allow people to bring information about their bank accounts into one place to help them manage their money. These third party apps are separate from services provided by banks, and although about 1 in 10 people use them, very little is known about the benefits or potential harms for low-income households.


The aim of the project is to find out about the experiences of low-income users and potential users of these apps. The primary objectives are to:

  • Identify how people find out about these apps and why they decide to use them.
  • Understand the benefits of third party apps.
  • Understand the risks of third party apps.
  • Review how much protection users are given in the case that something goes wrong.

What we’re doing

  • Listening to opinions from organisations that offer support for low-income individuals on money management regarding money management apps.
  • Talking to people on low incomes who have experience of using these apps, with a particular focus on people who are financially excluded or vulnerable.
  • Identifying the benefits and concerns of these apps’ abilities to manage low income households’ finances.

Planned Outputs

  • Report on the harms and benefits of open banking money management apps


This project is sponsored by The Which? Fund, funded by the Consumers’ Association. 

Tagged with: Poverty


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