Some utilities providers are using open banking data as a way to help consumers switch to affordable tariffs to pay for their energy. Sharing financial data over a secure link allows customer service teams to build a clear view of an individual’s household spending, and quickly conduct income checks before switching eligible customers there and then to a more cost-effective tariff.

There are also services that use open banking to check an individual’s bank account and calculate if they’re eligible for social benefits (including one targeted at key workers) or social broadband tariffs.

Using open banking payment and account information services will also enable utilities providers to make cost savings and administrative efficiencies which can, in turn, be passed back to the customer.