Open Savings, Investments and Pensions (OSIP)

TISA OSIP Consumer Testing

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Open Savings, Investments & Pensions (OSIP) has the power to increase savings habits for the short and the long term, help people get an improved return on their savings and investments and help more people access financial help and advice earlier.

OSIP can also help people invest more sustainably, reduce their carbon footprint and save more in line with their values, supporting society’s efforts to reach net zero.

OSIP builds on the principles of Open Banking. It enables FinTechs and other financial institutions to access savings, investment and pensions data via APIs, bringing this kind of data sharing in line with Open Banking security, data minimisation standards and user experience.  And this is all being achieved within a voluntary governance framework, our OSIP ‘contract club’. If you want to find out more or join OSIP, you can use our contact form below.

In our prototype examples we take a look at how an imaginary FinTech ‘Dashboard App’ uses TISA’s OSIP APIs to facilitate new insights to help our persona, Charlie

Background to OSIP

What is OSIP all about?

Open Savings, Investments & Pensions (OSIP) is a TISA initiative to create a set of API standards for savings, investment and pensions products. OSIP builds on Open Banking which enables consumers to share their current account data with third parties to access new products and services.  OSIP allows consumers to share their savings, investment and pension data with third parties too.

As an example, a consumer can choose to share information about their financial products with a Personal Financial Management app giving them a single overview of their financial position. A consolidated view allows a provider to offer new insights; visualise projections of someone’s financial situation; nudge new positive money management behaviours; and refer people to advice when it looks like they need it. 

Open Banking apps have already helped people set aside money to a savings account. Round-up savings or micro-saving small amounts is helping people on low incomes start saving for the first time and see that investing is possible. OSIP enables industry to go beyond Open Banking by providing standard and accessible APIs to accounts not currently required by regulation.  As a result people can compare accounts more easily, automatically switch to a better rate, automate their savings or make more informed trade-offs about whether to save, invest, spend, borrow or consolidate.  OSIP facilitates a wide range of advice services too. For instance, apps can nudge people towards getting financial advice earlier, perhaps for the first time. OSIP gives an adviser easier ways to fact-find and keep track of their clients’ situation. With more visibility of people’s all-round financial situation and future goals, advisers can set rules with their client to automate investments or drawdowns, ensuring their client’s money is always working as hard as it can for them.

Why are we doing this?

Our work supports the UK Financial Wellbeing Strategy to increase the number of savers in the UK, those accessing debt advice and planning for later life while reducing the numbers of people reliant on credit for food and bills.

The UK Government is pushing forward with its National Data Strategy to make data more accessible and available to support competition and growth in the economy. The department of Business, Enterprise, Innovation and Skills recently published their feedback statement on Smart Data saying they plan to legislate to make it possible to mandate industry involvement in Smart Data initiatives across the economy. And the FCA consultation asked what might be learnt from Open Banking for Open Finance.   TISA champions innovation for the benefit of citizens, our industry and the nation.

We are ahead of the curve and have already been working with the savings and investment industry as well as established and upcoming FinTechs to develop OSIP giving the industry new opportunities to innovate and compete for better consumer outcomes. Together we are leading the industry to Open Finance rather than waiting for regulation.  We are empowering the UK to continue to lead the world in a truly open economy that is transparent, accessible and good for people and planet.

How is OSIP relevant today?

Covid-19 has had a big impact on all of society, widening the gap between the haves and have nots. The Standard Life Foundation Coronovirus Tracker Survey found that in July 2020, 10% of the population were in serious financial difficulty and 16% were struggling to make ends meet. 37% were potentially financially exposed. The Nationwide Savings Index shows that 15% of people have had to dip into their savings as a direct result of Covid-19 – and for unemployed this figure increases to 27%. However, the Nationwide Survey also found 37% have saved more into a savings account than they normally have done during lockdown. This rises to 45% for people between the ages of 18 – 34.

Open Finance allows people to share their data with third parties who can help them understand their situations much more quickly and conveniently.  Such products have the potential to help people take control of their money and get the help and advice they need, leading to better overall outcomes for consumers.

In our prototypes we explore two future journeys for our fictional character Charlie: one where her office makes her redundant and she receives a lump sum; the other where she starts home working, her commuting costs come down and she finds she’s more money than she had before. These prototypes demonstrate just two examples of many products and services which industry can deliver using the safe and standardised API access to savings, investment and pension products which OSIP affords.

TISA OSIP Project

Context of TISA Open Savings, Investments & Pensions (OSIP)
Long Term Vision for OSIP

Open Savings, Investments & Pensions is a fundamental component of Open Finance which will enable our industry to become fully digitally enabled, allowing consumers through the web or an app to:

  • View all their savings, investments and debt – whether they be in unit linked funds, with profits, cash and in whatever wrapper (ISA, GIA, Pension, Bond, …); in a consistent format
  • Take control of an manage their short & long-term wealth goals
  • Enable them to interrogate and report on their savings, investments and debt to understand how they are performing and provide them to take more control over their financial wellbeing through making informed decisions
  • Enable improved access to advice and guidance and to facilitate the ability of consumers to make decisions
  • Enable consumers, or their advisers, to act on the decisions made from their review of their holdings

Long Term Consumer Benefits

TISA OSIP project so far – phase 3 now underway

Phase 3 of the project is now underway, which is the Implementation Roadmap and work on Governance. To find out more about the project and getting involved, use the contact form at the bottom of this page.

Our demos

How can OSIP APIs be used by Customer Centric Digital Propositions (e.g. Apps and D2C Platforms) to create innovative products to support financial wellbeing?

In our demos we explore two future journeys for our fictional character Charlie: one where she starts home working and the other where her office makes her redundant. These prototypes demonstrate just two examples of many products and services which industry can deliver to support financial wellbeing, using the safe and standardised API access to savings, investment and pension products which OSIP affords.

Meet Charlie

  • Charlie lives with her partner. She’s had a reliable office job for a number of years and is looking forward to celebrating her 30th birthday.

  • She’s quite technically capable and open to change but has limited confidence when it comes to money. She could do with some guidance and motivation to help meet her goals.

  • She wants to buy a house but is also tempted to take some time out and go travelling. She has lots of ideas but is worried about ‘getting it wrong’ and this is stopping her from making headway with her savings.

In our prototypes we explore two future journeys (examples A & B) for our fictional character Charlie below.

In this example, Charlie starts home working, her commuting costs come down and she finds she’s more money than she had before. In this prototype we demonstrate how OS&I APIs facilitate aggregation of different investment accounts so Charlie has an overview of her situation and can make her savings more tax efficient.

Example A –

Charlie starts working from home

Watch our demo here >>

Example B –

Charlie gets made redundant

Charlie’s office makes her redundant and she receives a lump sum. In this prototype we demonstrate how OS&I works alongside Open Banking and Premium APIs to help Charlie see all her financial commitments in one place so she can plan for her uncertain future with more confidence.

Charlie’s office makes her redundant and she receives a lump sum. In this prototype we demonstrate how OS&I works alongside Open Banking and Premium APIs to help Charlie see all her financial commitments in one place so she can plan for her uncertain future with more confidence.

Watch our demo here >>

How can you get involved in TISA’s OSIP project?

OSIP enables industry to go beyond Open Banking by providing standard and accessible APIs to accounts not currently required by regulation. Together TISA members are leading the industry to Open Finance, empowering the UK to continue to lead the world in a truly open economy that is transparent, accessible and good for both people and planet. And this is all being achieved within a voluntary governance framework, our OSIP ‘contract club’. If you want to find out more or join OSIP, get in touch today using the form below.

Contact Us

To find out more about TISA’s OSIP project and how to get involved, please use the form below.

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