Youtility and Tink partnering to simplify subscriptions and sustainability
Subscription technology platform Youtility is teaming up with Tink to provide UK retail banks with embedded subscription, sustainability and money management tools. We talked to Tasha Chouhan, Tink’s UK & IE Banking Lead to understand more about the partnership – and why it can make such a great impact for today’s consumers.
Subscription technology platform Youtility is partnering with Tink to provide embedded subscription, sustainability and money management tools for UK banks.
By combining their tech with Tink’s Money Manager, banks and fintechs will have a powerful toolkit to deliver seamless and personalised customer experiences.
Through this partnership banks can help users make more sustainable choices and save on core household costs.
Youtility offers a suite of subscription management tools banks and fintechs can use to make it easy for their customers to manage their household contracts. Besides helping consumers save money and get better control over their home finances – Youtility is also contributing to sustainability by empowering people with information so they can reduce their carbon impact.
By combining their tech with Tink’s Money Manager, banks and fintechs will have a powerful toolkit to deliver seamless and valuable customer experiences. Tink helping on the personal finance management front (helping people easily set savings goals, track budgets and tackle their spending with personalised insights), and Youtility enabling them to achieve meaningful savings on household contracts (such as energy, broadband or mobile subscriptions) while reducing their carbon footprint.
Subscriptions meet sustainability
If you’re wondering how the sustainability part comes in – your choice of household energy provider (coupled, of course, with how much energy you consume) can be one the largest single contributors to a person’s carbon footprint.
Youtility makes it simple for banks to help their customers make sustainable choices around the source of energy for their homes, enabling each customer to reduce their carbon footprint by up to 25% annually.
And on the savings front, increasing transparency over costs and alternative providers can make a huge difference. Citizens Advice estimates that the ‘loyalty penalty’ (which essentially exploits consumers’ inertia – or even vulnerability) costs UK homes £987 annually.
Through this partnership banks can help users take these crucial savings actions and make more sustainable choices on core household costs without leaving their banking app.
Partnering for impact
When considering the potential impact of tools like these, Tasha points out that both the climate crisis and rising cost of living will be defining issues for consumers in 2022 and beyond.
Tasha Chouhan, UK & IE Banking Lead at Tink
As Will Kostoris, Co-founder of Youtility, sees it, offering tools like these will be essential, rather than just a nice value-add for bank customers. ‘As consumers in the UK face significant increases in the cost of living, the importance of helping homes keep on top of their bills has never been greater. With inflation at its highest in 30 years and average energy bills due to rise by 54% in April, we believe this product should be on all bank roadmaps.’
Curious to learn more about how open banking can be used in the fight against climate change, or read more about other similar partnerships? Explore other articles on the sustainability topic.
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