Great to see another boost from Nesta to the open banking movement, in their second round of challenge prizes to stimulate start-ups' innovation in the area. Much has rightly been made of the different benefits that open banking can bring but the progress of uptake has been a little slower than initially hoped. The possible reasons cited for the slow progress are many and various - ranging from restricted features in the APIs, to the sheer scale of the technological challenge on the bank side, to a lack of public knowledge, to a lack of a killer app - but there are a great many open banking solutions in use and providing real benefits to customers on a daily basis, especially in the small business arena. 

This challenge prize is aimed at tackling the stubborn problems of money management and financial inclusion - innovations that manage to crack these particular hard nuts could well end up being the killer app that open banking needs to drive large-scale adoption; but the social impact of such innovations would be felt far more broadly. Innovators - please apply!