2022 will be considered by many as a year to forget. Financial stability has become increasingly difficult to maintain, with inflation and interest rates having a severe impact on consumers’ ability to save all across Europe. As a result, investment has become a more attractive option for those looking to ride the current storms and increase their chances of returns in the long-term.

Mention ‘wealth management’ to anyone you know, and the responses you get will vary. Some may tell you it’s their means of preparing for the future, others may even say it’s something of a hobby for them. For the majority, however, it is perceived as a largely unknown, inaccessible world reserved for the financially literate and those with vast amounts of disposable income.

One thing is certain, investment isn’t one-size-fits all.  In Spain, for example, the average adult has [less than €2000 in savings](https://www.statista.com/statistics/1221225/savings-per-capita-in-the-european-union-by-country/), a 20% decrease in average savings in the previous year. Now more than ever, it’s vital to ensure the best possible returns on investments of any size and, while accessibility to investment tools and platforms has never been easier, __without the right financial education and advice this ease of access can quickly result in risky and inappropriate financial decisions being made by the individual__. 

## What problems does inbestMe solve?

[InbestMe](https://www.inbestme.com/es) was created to use the most efficient technology to bring investors and savers the best professional and independent investment strategies, while deepening their financial knowledge. Pioneers in the national robo-advisor market, inbestMe offer sustainable indexed management, giving customers the opportunity to manage their wealth in a socially responsible way. Financial education is at the heart of inbestMe’s mission, making sure they don’t use technology to simply present options to their clients. Instead, inbestMe provides their clients with the information and context necessary to help them understand their options, ultimately helping them make sound financial decisions.

> “In an era in which we expect everything to be automatic and fluid, the customer experience is key. The world of wealth management is no exception to this demand, and open banking is the key to unlocking the next phase of portfolio management so we can continue to offer our clients the most personalised solution in the market.” - Jordi Mercader, Founder & CEO

## Where does Yapily come in?

After building an impressive range of diversified and efficient investment options, with more than 100 combinations based on ETFs, Index Funds, and Pension Plans, adding personalisation and planning tools was the next step for inbestMe. Jordi recognised that embracing open banking had a key role to play in the next phase of democratising investment and helping customers achieve their financial goals. 

Underpinned by [Yapily Payments](https://www.yapily.com/solution/payments), inbestMe’s ‘Easy Transfer’ option allows clients to instantly top up their investment accounts, making them __the first robo-advisor in Spain to implement open banking__ for this purpose. Yapily’s secure API means there is no need to remember card details or account information, and transfers are made simple using inbestMe’s mobile app and the user’s biometric information to authorise the movement of funds from their bank account. Removing the fees associated with credit/debit card top ups, inbestMe are able to keep their own costs to a minimum while providing a transparent fee structure for their customers. Win-win.

Of course, offering a personalised wealth management experience requires safe handling of personal information. [Yapily Data](https://www.yapily.com/product/data) allows quick and secure verification of account information and personal identity. The result? The risk of fraud is minimised and time is saved by removing the need for manual entry. This builds users’ confidence in inbestMe as their investment partner.

> “We’ve seen a growing demand for transparency and independence from users, especially in the face of the low returns associated with traditional banking products. We needed an open banking platform with the right integrations and the security, stability, and user experience our customers deserve. This is why we chose Yapily.” - Jordi Mercader, Founder & CEO

## The impact

Already on a rapid growth track, inbestMe accelerated its growth during 2021, *tripling* its volume of assets under management to €95m. Adding open banking capabilities to their platform, and making good financial choices more accessible than ever, this growth is expected to continue. Since launch in summer 2022, their ‘Easy Transfer’ feature has seen rapid adoption with 40-50% of transactions completed using payment initiation services each month.

Looking ahead, inbestMe launched the Saving Accounts in December 2022, an investment portfolio made up of monetary funds that replicate the interbank interest rate. This gives improved movement and liquidity for clients, with the ease of payments offered by Yapily’s open banking platform providing the perfect fit.

“Thanks to Yapily, streamlining the transfer of funds to your investment account is, without a doubt, a differential value of inbestMe and vital to our competitive advantage. Open banking provides our investors with new possibilities for wealth management, and is helping the industry make huge leaps towards the democratisation of investment.” - Jordi Mercader, Founder & CEO

__Since partnering with Yapily, inbestMe have:__
- Up to 50% of customers using the easy transfer option each month
- Conversion rates are up to 70%, an improvement from the previous 45%
- Reduced risk of fraud and misplaced funds
- Almost instant movement of funds, reduced from days to minutes

Case study: How inbestMe + Yapily are democratising investment 

That’s why we surveyed 2,000 UK consumers and 500 UK business and financial decision-makers to understand the relationship between financial wellbeing and new financial products and services. 

These insights informed our latest research report: [Connecting the Dots: Open Banking and Financial Wellbeing](https://www.yapily.com/explore/connecting-the-dots-open-banking-financial-wellbeing), where we explore how everyone is responding to these financial pressures, the type of support they’re seeking, and how open banking can help. 

Keep reading for a sneak peek of what’s included in the [full report](https://www.yapily.com/explore/connecting-the-dots-open-banking-financial-wellbeing). We’ve even included page numbers to help you easily find more information about the insights you’re most interested in. 

> “Our research proves that businesses and consumers are seeking new ways to ease the burden of the cost of living crisis. At the same time, open banking is helping people access better and fairer financial services when they need it most. But until it is more widely understood and implemented, open banking’s power to cushion the blow of this inflationary pinch will remain out of reach for the masses. If open finance is the inevitable direction of travel, then the cost of living crisis is the unexpected catalyst that will — and must — get us there sooner.” - Stefano Vaccino, CEO and Founder of Yapily

## Looking at consumers…

1. How worried are consumers about the cost of living crisis? Find out on page 7
2. How much does the average person save every month? Find out on page 8
3. What financial products and services are people using to weather economic turmoil, and which of these have they used for the first time ever in the last 12 months? Find out on page 9
4. How confident are people that they understand the financial options available to help them manage their money? Find out on page 14
5. What percentage of consumers have heard of open banking? Find out on page 14

## And at businesses…

1. How have businesses changed their processes as a result of the cost of living crisis? Find out on page 16
2. What percentage of businesses think the UK government is doing enough to support SMEs? Find out on page 17
3. What financial products and services have businesses been using to cope in the last 12 months? Find out on page 17
4. Why is trust shifting from traditional banks to challenger banks? Find out on page 19
5. What are the top three benefits of open banking? Find out on page 21

__Bonus:__ We also share five case studies of companies offering financial products and services powered by open banking, highlighting how they’ve helped both consumers and businesses, and the positive business impact they’ve seen as a result. 

Curious? [Download the report now.](https://www.yapily.com/explore/connecting-the-dots-open-banking-financial-wellbeing) 

10 things you'll learn from our latest research report

Skyrocketing inflation - driven by rising prices in energy and food - is being felt in every corner of the UK, forcing consumers to change their personal finance habits to reflect these difficult circumstances. Recent research from the [ONS](https://www.ons.gov.uk/peoplepopulationandcommunity/personalandhouseholdfinances/expenditure/articles/therisingcostoflivinganditsimpactonindividualsingreatbritain/november2021tomarch2022 "ONS UK population borrowing") shows that nearly one in five people (17%) are borrowing more than they did a year ago, and a worrying 43% said they would not be able to save money in the next 12 months. 

Whilst some consumers are turning to personal finance experts for sorely-needed advice, a crucial puzzle-piece is not being spoken about enough: open banking. Millions of people are stuck using ineffective financial services or prevented from improving their lives due to poor access to the right financial products. There is a human face to the cost of traditional financial services: credit-worthy borrowers unable to apply for loans due to the spiralling effect of low credit; thousands of ‘unbanked’ individuals who cannot apply for basic finance, Government support, or mortgages; banking customers like you and me having less control over our data and finances.

## Here’s where open banking comes into play

Open banking has the power to transform the financial wellbeing of millions of people. In the context of inflation, unprecedented energy prices and tax hikes, responsible lending has never been more important. Open banking is a force for good, improving affordability and transparency to help people break volatile debt cycles and ultimately access the right financial products and services for them.

Fundamentally, it offers people the chance to receive tailored support with money management by allowing regulated companies to securely access and analyse their bank account data. With the consumer's consent, open banking allows third-parties, like us at Yapily, to grant companies that need it access to users’ bank account data, so they can provide more personalised products and services to their customers. And it's a model that works – just ask the 5 million regular users of open banking in the UK now enjoying flexible, tailored, and secure financial solutions.

In just 4 years, the UK has seen open banking deployed through dozens of apps and products that can aid in clearing debt, financial planning, increasing the financial wellbeing of businesses and people, and providing more control in successive months of uncertainty.

## Salad Money: Changing the lives of 13,000 key workers

Take Lucy, for instance. She’s a nurse in Wales, who’s previously struggled to lift her credit score. In March 2021, she needed to borrow £500 as short-term help to get through some challenging personal circumstances. She found Salad Money, a community lender which specialises in lending to NHS and public sector staff. “I knew I could afford to make repayments of £53 per month, and I was happy to hear Salad Money use Yapily and open banking to assess my affordability, rather than making a decision based on my credit score alone,” she said. Lucy is not alone in this – traditional credit scores only use limited financial data to draw conclusions about a person’s creditworthiness. Limited data tells a limited story about a customer’s payment history which neglects the many thousands of applicants who can repay loans, but are locked out of an unfair system. “I know my credit score is not great, but Salad Money can see that I am careful with money and can afford the repayments,” Lucy told us.

Lucy opted to overpay on her monthly repayments to Salad and paid off her loan in 4 months last year. She is now debt-free. There are tens of thousands of customers just like Lucy, caught in pernicious cycles of debt as a result of an absence of robust financial tools and resources. This is bound to worsen significantly as this crisis sinks its teeth into real people’s wages and standards of living. If there was ever a time to embrace open banking, it is now.

The issue remains that until open banking is more widely adopted, consumers and businesses may find control of their finances is just out of reach. If the Chancellor’s words are a harbinger of what’s to come, we will need to see a significant step-change in open banking regulation to cushion the blow of this inflationary pinch. It is essential that the Government accelerate the development of a fair and forward-looking Open Finance Framework and implement a governance structure for future regulatory entities that will encourage growth. 

Everyone deserves to be able to access money management tools and take control of their finances. The open banking revolution is on the precipice of fundamentally transforming the way people pay, access, and manage their money for good. A sustained and deliberate drive towards open banking can help ease the burden of the cost of living crisis in months to come. But to achieve this, we’ll need to see a concerted effort from regulators and the Government to propel the UK out of the crisis and into financial freedom.

Coping with the cost of living: how open banking can build financial resilience

As thousands of people across the UK watch their financial security plummet, how can open banking build financial resilience?

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Case study: How inbestMe + Yapily are democratising investment

10 things you'll learn from our latest research report

Coping with the cost of living: how open banking can build financial resilience