Our vision: bringing together banking and utilities

David SheridanGeneral, User Experience

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Open utilities + Open banking

Open banking is designed to put consumers in control of their data; providing an easier way for consumers to manage and make more of their finances through the application of technology and open access to appropriate services.

Open utilities is a concept that Onedox has been making a reality over the last three years: enabling UK families to have visibility and control over their household bills and data through the application of technology, so that they can stop wasting valuable time and money on their bills.

Open utilities + Open utilities = Fairer outcomes for consumers

At Onedox, we believe that open banking and open utilities are both powerful agents for better consumer outcomes on their own, and together they can provide something truly exceptional.

Our bank accounts tell us what we have paid, but in order to understand the detail, we need to know:

  • what’s my tariff and consumption?
  • why has my bill increased?
  •  when does my contract minimum period end?

And in order to understand this information, we need utility data.

That’s why we’re designing a unique solution that can bring together both bank and utility data, making it possible to provide the consumer with next-generation experiences whereby a transaction is identified within a banking environment, and is then automatically reconciled with the corresponding utility bill. This will enable the consumer to simply click into the line item in order to see the bill and understand how it was arrived at. Moreover, the consumer can see, at a glance, the contractual status of all of their utilities, and receive assistance in order to optimise them in a convenient way, without needing to independently search the market for the best deals.

We think that consumers should pay a fair rate for the services they consume as a rule and not an exception. The transparency and control at the heart of the principles of open utilities, open banking and GDPR, means we are excited about truly changing the status quo for consumers in the coming years.

Please take a look at our preview video and let us know your thoughts!

The Onedox Team

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