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TechMarketView has provided increased coverage of FinTech over the past 18 months. It is a very fast-moving space and in response to this we are introducing a new FinTechViews feature, as part of FinancialServicesViews, highlighting key developments and providing analysis and insight for clients.
FinTechViews: Yolt launches in the UK market – a glimpse of the post-PSD2 opportunity?
After a closed Beta since last October, Yolt has now moved into open Beta with a launch into the iOS and Android app stores. This is a trailblazing account aggregation service: if you give the app the login details for your online banking and credit cards it collates all the information from your accounts and provides an analysis of your overall spending by category. This is the sort of service which is intended to be much more common after the EU Payments Services Directive II comes into force early next year (see our recent report Open Banking & PSD2).
At this stage, the only direct commercialisation of the service is through commissions by suggesting alternative providers for some of the user’s bills and subscriptions (e.g. Energy suppliers). However, as we noted in our recent Finovate 2017 report, some more disruptive plays are breaking cover which could see users not just changing their energy suppliers at the touch of a button, but also their financial services providers! In this context, it is particularly interesting that Yolt is actually owned by ING Bank, indeed a product of their innovation lab. A classic example of the “disrupt yourself” school of thinking originating from Clayton Christenson at Harvard?
FinancialServicesViews subscribers can read more about Yolt, the disruptive scenarios, and the opportunities this brings for SITS providers here.
Posted by Peter Roe at '09:20' - Tagged: payments banking customerexperience
