ING is really flexing its digital muscle. Last week, the company announced that it launched Yolt, a free mobile app that allows UK consumers to manage their money across various banking institutions.
According to the app’s website, Yolt aggregates a user’s bank and credit card accounts, and provides a dashboard that:
- Instantly shows you how much you have left to spend until next month’s payday
- Predicts your balance based on your monthly salary, spending, and predicted direct debits
- Combines the transactions from your UK bank and credit card accounts into one view
- Offers snackable and actionable insights about your money
“We built the aggregator in the way that people think about money,” said Ignacio Julia Vilar, chief innovation officer, ING.
Before Yolt is officially launched to the public, it will be tested by 2,500 of the bank’s early adopters.
The app was developed by ING’s Innovation Office in Amsterdam and came to fruition because of UK and European regulators’ pressure on financial institutions to provide competing companies with open access to their client data.