Tired of the old-school UK banking apps?
Since arriving in the UK, I have been puzzled by what seems like a backwards and antiquated banking system. My biggest gripe was the lack of a smart money management tool for any of the major banks. There was no hub where I can see all my finances in one place. These type of hubs / smart management tools are available in so many markets around the world, why not the UK?
ING, the Dutch Bank, has re-entered the UK market recently and is specifically focusing on fintech. After a couple of months of beta testing, ING has released its app Yolt.
Well what is it?
According to its website, users will be able to “end the multiple app juggling. View your UK accounts and credit cards in one clear place. So you know where you’re at with your money”. The app allows you to link multiple accounts to it so that all of your money can be seen in one place. For example, you can link your HSBC account (debit/credit) and also your American Express Credit card to a centralised portal.
My personal favorites are the auto-catergorisation and target setting features of the app.
The first uses smart algorithms and a little bit of magic to know that when you swipe your card at Sainsbury’s, you are buying groceries, and automatically puts this into the “Groceries” category. The app has a variety of categories, which include shopping, bills, leisure, eating out, travel and more.
The second allows you to set targets for different categories and it then tracks your spending versus this target. This allows real time feedback and insight into expenditure. According to the Yolt website, by “Using cutting-edge technology, Yolt provides an overview of your bank accounts. Smart insights enable you to track your finances and manage your overall spending. Use categories to see how much you’re spending on eating out, travelling or even on holidays. Then act upon it by setting budgets, monitor your subscriptions and look for better energy deals.”
There are other features such as daily insights and bill monitoring which provide a deeper understanding of your finances.
So what next?
Download it for Apple or Android and begin to “Change the way you think about money. Full of smart actionable insights, Yolt is the free app that makes managing your money easy and, dare we say, enjoyable.”
For frequently asked questions (FAQs) on Yolt and how it works, head here
Leave any thoughts or questions below. Are there any other services you use to manage your money in the UK?