'While the overall impact of financial services on the environment can be both wide-reaching and hard to accurately measure, the FinTech and financial services sector has the opportunity to take a position of global leadership and to create plans, processes, and policies that will shape the future to come. If we don’t take action now, the cost of inaction will be far greater.' - That was the hook for this year's Innovate Finance Fintech as a force for good conference, held in London 4 weeks ago. One of the key takeaways for us was the potential benefit of ‘Open Banking’ for charities of all sizes. Open Banking is the government initiative making the provision of financial services in the UK more competitive, including for charities. A classic use case for open banking is significantly reducing the costs and risks associated with a charity receiving payment/donations online. This can be between 1% and 3% in expense just for the payment gateway, and then yet more costs to integrate between the charity's #CRM and finance system. We can use open banking to make this so much simpler, and cheaper... we'll be exploring this ourselves over the coming months. #CharityFinance #FinTech
