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Open Banking: what is it and how can it help?

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. Using Open Banking to complete your budget means you’ll spend three minutes instead of thirty completing the budget calculator. 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 sends it to us 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 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 a system 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 you can access Open Banking with Lowell

1

Start by logging in to your Lowell account online and selecting the option to complete a budget calculator

 

2

Select 'MyBudget tool' to be taken to the OpenWrks system to get started

 

3

OpenWrks will ask you to register some basic details such as your name so that they can locate your account information

 

The tool will combine all your account details in one verified and accurate budget before returning you to the Lowell website

 

5

Once you're returned to the Lowell website, you budget information will be saved to your Lowell account

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