With 89% of millennials, and 70% of UK consumers now using applications to manage their money, Yolt aims to become a trusted tool for UK customers of all ages to end multiple app juggling and gain a clear view of their money.
What does Yolt do – what problem are you solving?
Yolt is the smart thinking money app that empowers everyone to think differently about their money. Through the power of Open Banking, Yolt users can view their UK accounts and credit cards together in one smart place. With key features including auto-categorisation, easy budgeting and a spending tracker, users are empowered to see exactly how much they’re spending, where and how often. From Spending History charts to smart daily insights, Yolt does the hard work so users can focus on enjoying life.
Our aim is to make it easier for people to focus on the things in life that really matter, rather than worrying about their money. The ability to provide this peace of mind through one, integrated bank-agnostic app means we can end multiple app juggling and provide our users with a clear view of their money.
On top of that, Yolt also has a marketplace where users can benefit from smart, seamless integrations with our provider partners. From energy deals and international money transfers to insurance and pension partners, users can take advantage of our growing list of provider partners, making Yolt the only money app they need.
Would this product be possible without Open Banking?
Although it is possible via a trusted data partner, Yolt was built with the principles of Open Banking in mind to truly harnesses the power of the initiative. Thanks to Open Banking API connections, Yolt users don’t have to share their password or login details to view their UK accounts and credit cards together in one place.
The Open Banking revolution has enabled Yolt to create one connected, digital economy for users. Users have control over how and who they share their data with, whilst also benefitting from quick and seamless integrations. Yolt leverages the power of Open Banking to provide users with a platform to look for deals that are specifically tailored to their needs, as well as a clear and easy overview of their money.
What is Yolts’ relationship with ING? How did it come about?
Yolt was born in 2016, brought to life by four people passionate about challenging the way people think about money. A venture of ING Bank N.V., Yolt was designed and benefits from both the innovation and agility of a Fintech startup and the security and strength of a major bank. Yolt was launched to the UK market in 2017, and is proud to have created all its systems, products and developments in-house from scratch. With a strong brand identity built from the ground up, Yolt embraces both its autonomy and strength as a startup.
Who uses Yolt? Is this all about Millennials?
Yolt has been designed to empower users of all ages to change the way they think about money. Our research shows that 70% of UK consumers now use an app to manage their finances and whilst this figure rises to 89% for millennials, it’s clear that a broad spectrum of users now engage with money apps.
At Yolt, we want to enable more people to take control of their money and make smarter decisions, whatever their age. We recognise that individuals have their own spending habits and routines, but the sooner people are switched on to using money apps as part of this routine, the sooner they can revolutionise the way they manage their money.
What is the biggest myth about millennials?
That ‘millennials don’t care about looking after their money.’
With 89% of millennials now using a money app, this statement could not be further from the truth. Yolt has become another trusted tool in a millennial’s financial digital toolbox, putting an end to multiple app juggling and providing them with a clear view of their money. Our Yolt community are also particularly vocal; they regularly give great feedback and suggest new features they’d love to see in their Yolt.
You may have heard about our ongoing FinTECHTalents Spotify Playlist – What would you like to add?
Money for Nothing – Dire Straits