Tink and Youtility partner to offer embedded subscription and carbon management tools
Leading European open banking platform Tink and subscription technology platform Youtility have entered a strategic partnership to provide UK retail banks with embedded subscription and money management tools.
The combination of Tink’s Money Manager product and Youtility’s subscription technology enables banks to deliver frictionless and hyper-personalised customer journeys.
Tasha Chouhan, UK and IE Banking Lead at Tink, said, “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.”
Using real-time categorised transaction data, people can set budgeting goals, and save on household bills such as energy, broadband, TV, landline and mobile, while reducing their carbon footprint.
Will Kostoris, Co-founder of Youtility, said, “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.”
With household energy being the largest single contributor to a person’s carbon footprint, Youtility makes it simple and easy for banks to help their customers make sustainable choices around the source of energy for their homes, enabling each customer to reduce their carbon footprint by up to 25% annually. Citizens Advice estimates the loyalty penalty from being on out-of-contract subscriptions costs each UK home £987 annually.
“Both the climate crisis and rising cost of living will be defining issues for consumers in 2022 and beyond,” said Chouhan. “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.”
Kostoris added, “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.”