Ian Hogg, Chairman, fastP.A.Y.E | How open banking and the NHS are about to revolutionise financial wellbeing

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Guest Host Jake Bates, Employee Wellbeing Specialist at fastP.A.Y.E.

In the last episode of series 1, we thought it would be good to hear from our regular host Ian Hogg on a subject that is important to him. With Guest host, Jake Bates Ian looks at a potential revolution in financial wellbeing.

In 2020 the University of Edinburgh carried out a survey of 10,000 NHS employees about their financial wellbeing. That isn’t unusual, however, this survey was done using open banking. That means they used APIs to access all of the data in staff bank accounts. In essence, 10,000 NHS employees gave someone permission to access all of their data so researchers could see every transaction they did, over 15 million transactions were used in the survey. Scary right? Well not if it is done for the right reasons and anonymised. Ian believes that this could be the most influential survey into financial wellbeing yet and that open banking can help us understand the problems of financial wellbeing much better and help us create the solutions.

Jake and Ian discuss:

  • Why the NHS survey is so important
  • What is showed us
  • What the NHS is doing about the issue
  • The difference between Open banking and open finance
  • How technology can help us solve financial wellbeing
  • FastPAYE’s response to The Woolward review
  • How the NHS is setting the standards for technology in financial wellbeing for the foreseeable future

Resources:

What is inspiring Ian?

Good to Great by Jim Collins Why Some Companies Make the Leap...And Others Don't

What is inspiring Jake?

The Sunshine Cruise Company

How to contact Ian

Linked in

www.fastpaye.com

How to Contact Jake

https://www.linkedin.com/in/jake-bates/

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