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When Open Banking launched in the UK in January 2018 — allowing consumers to share their financial data with third-party providers — ING was quick to act. In 2017, the bank created its separate account aggregation platform and personal finance management (PFM) app Yolt. The app became the first authorized online service provider to plug into the Open Banking APIs of the nine leading UK banks. It should be noted that as of now not all of the data is made available via Open Banking and Yolt uses a data partner for others.
Business Insider Intelligence spoke to Benoit Legrand, chief innovation officer at ING, to find out more about how the bank's standalone account aggregation platform Yolt has helped it act on the open banking opportunity.
Challenge: Consumers had to visit various scattered accounts to see all of their financial information, making it difficult to gain a clear understanding of their overall finances. Consumers found it unwieldy to piece together a picture of their finances from multiple sources. In response, ING sought to meet consumer demand for a clear and holistic view of their finances.
Strategy: ING launched a standalone brand Yolt that leverages Open Banking to aggregate customer accounts and provide access to third-party services. ING launched Yolt as a standalone project for two reasons: to reduce the perception of biases toward its own products, and to explore open banking in a less restricted environment. The app allows consumers to see all of their current accounts in one place — so far, over 25 banks and institutions are on board, including American Express, Barclays, and Monzo. Consumers also have access to a limit of five financial offerings from third-party providers, including pension fintech PensionBee, digital wealth manager Wealthify, and Moneysupermarket, which lets users switch energy services. ING initially built Yolt for consumers, but expanded the offering to businesses in February 2019 to grow its addressable market. [...]