UK: ClearScore introduces new service: OneScore

Taking advantage of Open Banking, ClearScore has introduced OneScore, a service which will offer consumers the capability to view the analysis of their current account spending, as well as factoring debt, assets, savings and protection, to give them a financial health score.

Consumers can access different services depending on their score and needs, as well as follow recommendations to improve their financial wellbeing and achieve specific financial goals. For instance, they have the ability to take a free customised coaching program via ClearScore or switch to a better home loan, or credit card offer.

These types of services are available thanks to Open Banking, which according to RFi Group, 20% of consumers would be interested (score of 4+/5) in sharing their per sonal financial data to receive tools and banking products through financial focused institutions.

Recently released regulation will enable banks and financial services providers to offer a range of new tools and improved services. To receive them, you would need to provide consent for the bank or financial service provider to access all of your financial data, such as your transaction history, that is currently held with financial services providers.

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