A money app developed by ING called Yolt has hit 100,000 registered UK users in less than six months.
The free financial app enables users to view all of their credit cards and bank accounts on one platform. The Yolt app also offers additional features such as the ability to tag purchases, set budgets and compare the best available options for international money transfers. The intention of the app is to ensure that personal banking and managing money is clear and simple.
The rapidly expanding user base and popularity of the app points toward a developing phenomenon in the wider financing sphere. It suggests that consumers are not simply embracing the inevitable global curve toward open banking, but are welcoming and even revelling in the advancements of the technologies available.
It also demonstrates the extent to which the format of banking will be transformed in the future, and how quickly the changes are being realised. Another example of this is the proliferation of cryptocurrencies and technologies such as bitcoin and blockchain.
Yolt explicitly offers customers a platform in which they can reap the benefits of open banking and justifies itself as an example of how API integrations function, thanks to a recent partnership with Starling Bank.
Yolt CEO Frank Jan Risseeuw said: “News of our registered app users reaching 100,000 is a fantastic milestone for Yolt and ING and we are really pleased we have reached this number ahead of time. We’ve made it this far with the feedback and suggestions of our brilliant community — with the arrival of open banking in 2018, we’re looking forward to giving our users even more choice and control over their finances.”
