StepChange Debt Charity is entering into a partnership with fintech firm OpenWrks to offer a money coaching service to its clients.
The move will help deliver key elements of the charity’s goal to double the number of people it helps over the coming years. It aims to help more people, earlier and harness new technology in doing so.
The tool will enable clients to analyse their real-time spending in detail, use Open Banking to get a full picture of their outgoings, and to set long-term savings goals and challenges to help them improve their financial situation.
Research undertaken by StepChange last year suggested that many clients seeking debt advice are receptive to Open Banking principles to help them identify their income and expenditure in an easier way that they can recognise.
StepChange Debt Charity CEO Phil Andrew said: “It is hugely exciting to be able to leverage new technology innovation to deliver meaningful new services to our clients. We know from our research that getting help and support as early as possible can help to prevent a debt crisis for some people. Providing tools which enable consumers to understand their finances and, where possible, make small changes, could potentially reduce the number of people reaching crisis point in the future.”