Open banking platform Tink has signed Youtility as its latest strategic partner, focused on the development and implementation of embedded subscription and money management tools at UK retail banks. 

The duo will leverage Tink’s Money Manager product and Youtility’s subscription technology to create ‘frictionless and hyper-personalised customer journeys’ for banks. The ultimate goal of the project revolves around assisting banks with their customer interactions to promote saving actions and sustainable choices on household costs using their banking apps. 

In order to achieve this, the partners intend to use real-time categorised transaction data to provide support to banking customers’ budgeting goals and achieve ‘meaningful savings’ on utilities such as energy, broadband, TV, landline and mobile in an environmentally sustainable manner.

Youtility in particular has recognised a demand for its services as the cost of living increases in the UK, particularly with regards to energy expenses following Ofgem’s decision to raise the price cap, as well as public demand for greater sustainability – Youtility estimates that its services reduce household carbon footprints by 25% each year. 

Will Kostoris, Co-Founder of Youtility, says: “Our platform has been built to enable consumers to take seamless, in-app action to help them save money and we’re thrilled to be working with Tink, the European leader in Open Banking. 

“As consumers in the UK face significant increases in the cost of living, the importance of helping homes keep on top of their bills has never been greater. With inflation at its highest in 30 years and average energy bills due to rise by 54% in April, we believe this product should be on all bank roadmaps.”

For Tink, the agreement marks the open banking platform’s second initiative in relation to incomes of the new year, after it launched its Income Check product last month

The facial recognition software enables  banks and lenders to verify a person’s income using secure and real-time data directly from their bank account.

Commenting on the firm’s deal with Youtility, Tasha Chouhan, UK & IE Banking Lead at Tink, says: “Our Money Manager product is designed to help banks deliver tools and personalised insights that help people improve their finances. 

“Youtility’s suite of products augment these insights with seamless actions that drive meaningful savings. Both the climate crisis and rising cost-of-living will be defining issues for consumers in 2022 and beyond. 

“This is why we are building an ecosystem of partnerships, including Youtility and partners like Cogo, to help banks provide the clarity that’s needed for people to make meaningful decisions on how they manage their finances, and reduce their climate footprint.”