Open Banking, Money Management and Mental Health

Millions of us might want a bit of extra support when it comes to managing our money, especially those who live with long term mental health conditions. There are lots of ways that financial services firms are looking to help these customers delegate access to their finances or get support managing their money.

One of those ways might be referred to as ‘third party notifications’, where a trusted family member, carer or friend is designated by the account holder to receive timely notifications whenever their spending data indicates they might be in trouble. At Touco we used Open Banking to create ‘third party money alerts’ to help people get support in a wide range of circumstances, including if they have been impulsively overspending, if they’ve fallen victim to a scam or if they simply need some support to keep them on track when getting out of debt or sticking to a budget.

In 2019 we trialled our app over three months with a co-design group made up of people sourced through the Money and Mental Health Policy Institute, a research charity. Our research was written up into a report showing the potential benefits of ‘third party money alerts’ as well as the challenges, including the limitations of Open Banking.

The Speaker: 

Bailey Kursar is founder of fintech-for-good Touco Lab. A financial inclusion advocate, she is also a member of the Government's Financial Inclusion Policy Forum.

At Touco, Bailey led the development of an app designed to help those with mental health problems better manage their money with the help of a family member or carer. Working with the Money and Mental Health Policy Institute and Northumbria University, her team was able to develop the app with direct input from those with lived experience, adhering to an inclusive design methodology.

Bailey is also author of an industry guide to inclusive design published by the Money Advice Trust and Fair By Design.

Prior to founding Touco, Bailey worked at several early stage 'fintech' companies including MarketFinance and Monzo. She is passionate about how innovation in financial services can improve outcomes for those in vulnerable circumstances.