Open Banking is a financial services approach that enables third-party financial service providers (‘Third-Party Provider(s)’) to access consumer banking, transaction, and other financial information through APIs (Application Programming Interfaces). Open Banking allows customers to share their financial information securely and electronically with other banks, or other authorised financial organisations.
The purpose of this form is to give our members the opportunity to tell us more about themselves. Specifically, if they’re facing any challenges which may affect their day-to-day lives.
Some circumstances can put a member in distress, impacting their ability to take care of their business. Examples of these circumstances are:
Bereavement
Financial loss
We give more examples in our Support for Vulnerable Members FAQs.
Long term circumstances are something we also must consider and can vary widely. Some members will only need a different style of support to help them get the best from our service. Examples include:
Visual impairment
Language barrier
We talk more about this in our Support for Vulnerable Members FAQs.
As part of the declaration, we ask members if their vulnerability is ‘long-term’ or ‘short-term’. By understanding the types of challenges our community faces and how long for, we can do a better job of supporting them and their businesses.
