Home finance fintech platform, Youtility, has been selected as one of four providers to participate in the Citizens Advice product testing programme.
The project will see the clients of four Citizens Advice Bureaus (Bassetlaw, Hammersmith and Fulham, Cardiff, and Vale and East End) trial digital tools designed to help users budget, while testing the providers’ switching services for better home finance deals. The programme, designed to test whether digital tools could increase competition in the ‘essential providers’ market, will run for four months.
Youtility is the first comparison and switching app to connect directly to your bank account through Open Banking APIs, so unlike price comparison websites, users don’t have to manually add each supplier or input personal details each time they want to switch and save. Youtility has integrated comparison and switching functions, enabling users to easily change energy providers directly in the app. The average household would save around £1,000 each year if they switch their essential home finance contracts.
Youtility also announces it has been granted funding for a 30-month Knowledge Transfer Partnership with University of Kent’s Computing School. Through the partnership, which begins in June 2019, the University will support Youtility in building state of the art machine learning models into the existing technology. By harnessing the combined power of AI and behavioural science, the partnership aims to empower disengaged consumers to overcome the barriers to switching.
A bout of senior hires have also been made to support the company’s growth. Khalil Dimachkie has joined as Chief Technology Officer, having previously worked at Experian and more recently biometric tech company SmilePass. Other new joiners bring experience from Zopa, Microsoft, TransferWise, Experian and The App Business.
These are the latest in a host of achievements for Youtility which include being the first business onto Ofgem’s Innovation Link programme and selection to join the 2019 Hogan Lovell’s Fintech Mentors Program. Since inception in 2016, Youtility has also received multiple grants from Innovate UK.
Commenting on the developments, Youtility Co-Founder, Will Kostoris, said:
“Youtility’s primary purpose is to help consumers combat the loyalty trap which is so rife in our everyday home finances. Since we launched in November 2018, we're delighted with the positive feedback and uptake for our service and these latest developments reflect both our growth as a business and the true scale of potential for Youtility in the market"