ING is re-entering the UK retail banking market with a free mobile app to help people keep track of their finances across multiple banks.
The Dutch bank quit the UK high street four years ago, but is now re-surfacing under a new guise through Yolt, which will mine customer account data across different bank accounts and provide tips on budgeting and savings. Among other things, it will inform users how many days are left till pay day, predict bank balance based on direct debits and point out any significant changes in spending patterns.
Yolt will initially be available to only 2500 customers for beta-testing before a full launch early next year. It is expected to be a precursor to a full-scale return to the UK retail savings and loan market by the Dutch bank.
ING is following in the footsteps of a range of fintech startups developing new apps to tap into the torrent of customer account data that is expected to be unleashed by the PSD2 Directive on open banking.
Ignacio Vilar, ING’s chief innovation officer, says: “We believe we have to reinvent the way we are providing customer service; this is where becoming a platform and ‘the place to go’ is core to our strategy.”