City Research Online

Abstract

This paper explores some of the new possibilities for financial third party access that are enabled by "open banking". The term open banking is used to designate the availability of banks' customer data through application programming interfaces (APIs). Financial third party access refers to the mechanisms that facilitate the engagement of others in the management of our personal finances. Engaging trusted others in personal finances may be especially valuable for individuals experiencing financial hardship or life circumstances that place their financial stability at risk. We deployed a new third party access tool enabled by the UK Open Banking APIs for 90 days with 14 people who self-identified as living with a mental health condition. The tool, which was developed by a financial technology startup founded by the second author, allowed participants to select a trusted "ally" who was notified when certain transactions took place in participants' bank accounts. During the deployment, the 14 participants and 8 of their "allies" took part in a diary study and pre- and post-deployment interviews. The experiences of our participants reveal the inadequacy and shortcomings of existing formal third party access mechanisms, and the moneywork involved in financial third party access. We argue that focusing on this moneywork can help us design flexible, proportionate and practice-sensitive services for financial third party access that move beyond discourses of protection and control in order to enable meaningful financial collaboration.

Publication Type:	Article
Additional Information:	Copyright © 2021 ACM. This is the author's version of the work. It is posted here for your personal use. Not for redistribution. The definitive Version of Record was published in Proceedings of the ACM on Human-Computer Interaction, https://doi.org/10.1145/3432917
Publisher Keywords:	financial third party access, financial collaboration, open banking, digital financial services, interaction design, user experience design, diary study
Subjects:	B Philosophy. Psychology. Religion > BF Psychology H Social Sciences > HG Finance T Technology > T Technology (General)
Departments:	School of Science & Technology > Computer Science
SWORD Depositor:	Symplectic Administrator

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