Open Banking and the MyBudget tool
We’ve partnered up with OpenWrks to give you the option of a smoother, quicker process for understanding your income and outgoings.
What is Open Banking?
How Open Banking works
Open Banking is a system you can use to easily share your account information with companies that you trust. The MyBudget tool that Lowell offers uses Open Banking to accurately build your budget using your real-time bank account information.
The aim of the MyBudget tool is to help you set a payment plan that is more suitable and manageable, by using accurate details of your income and outgoings to know what is affordable.
The MyBudget tool
MyBudget uses Open Banking to take away the difficulty of traditional income and expenditure (I&E) forms - pages and pages of forms and inaccurate figures - and make it accurate, fast and easier for you.
Using real-time account information, MyBudget creates a bank verified I&E budget on your behalf and shares it with Lowell so that we can save the details to your account. This allows us to understand your circumstances better and helps us to offer the right solution for you and your debt.
Who are OpenWrks?
Who OpenWrks are
OpenWrks are an FCA-regulated company who build some of the technology that makes Open Banking work. They have created a tool called MyBudget which works with banks in a secure way to help you access your account information to understand your budget quickly and easily online.
Why we're working with them
We’ve partnered up with OpenWrks to give you the option of a smoother, quicker process for understanding your income and outgoings. This alternative means that the MyBudget tool can securely locate all your budget details for you, so that you don’t have to scroll through your online banking to find out how much you spend each month on bills. We want to make saving your budget details to your Lowell account an easy and simple task.
How to use the MyBudget tool
Start by logging in to your Lowell account online and selecting the option to complete a budget calculatorLog in
Go to MyBudget
Select 'MyBudget tool' to be taken to the OpenWrks system to get started
Input basic details
OpenWrks will ask you to register some basic details such as your name so that they can locate your account information
MyBudget will combine bank info
The tool will combine all your account details in one verified and accurate budget before returning you to the Lowell website.
Details will be saved
Once you're returned to the Lowell website, your budget information will be saved to your Lowell accountTry Open Banking now
Do I have to share my budget with Lowell?
When you click the button “Great, all done”, your budget will automatically be shared with Lowell so that we can use the information to understand your circumstances better and offer you the right solution for you and your debt. You can change your mind about sharing your budget with Lowell, by logging out of the MyBudget tool at any time before you click “Great, all done”.