Open banking platform Tink is working with subscription technology firm Youtility to provide UK retail banks with embedded subscription and money management tools.
Combining Tink’s Money Manager product and Youtility’s subscription technology, banking app users will be able to set budgeting goals, and achieve savings on household contracts such as energy, broadband, TV, landline and mobile through the use of real-time categorised transaction data.
The tie-up with Youtility follows a similar partnership with carbon tracking app Cogo that combines sustainability data and behavioural science with Tink's transactional data tools, to create personalised carbon footprints for customers based on their transaction data. The product is already in production at NatWest.
Tasha Chouhan, UK & IE banking lead at Tink, says: “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."