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Lookup NU author(s): Dr Rachel Clarke,
Professor John Vines
This is the authors' accepted manuscript of an article that has been published in its final definitive form by ACM, 2020.
For re-use rights please refer to the publisher's terms and conditions.
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.
Author(s): Barros Pena B, Kursar B, Clarke RE, Alpin K, Holkar M, Vines J
Publication type: Article
Publication status: Published
Journal: Proceedings of the ACM on Human-Computer Interaction
Print publication date: 01/01/2021
Online publication date: 01/12/2020
Acceptance date: 13/09/2020
Date deposited: 17/02/2021
ISSN (electronic): 2573-0142
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