Spotlight on Yolt

  • Suraya RandawaBy Suraya Randawa, 
  • July 06, 2018

In the fifth feature of our Spotlight Series, we talked to Lucy Woolfenden, Marketing Director at Yolt.
Yolt, a FinTech owned by ING, are making it their mission to give everyone the power to be smart with their money. Challenging the status quo of money management, Yolt firmly believe that staying on top of your money shouldn’t be a bore.

Launched in 2016 with a ‘friends and family’ release, Yolt have been pushing the boundaries of open banking ever since. This month, Mapa Research and Lucy Woolfenden, Marketing Director Yolt, discuss trust, future integrations and the evolution of their ever-growing 250,000 strong user community.

Lucy Woolfenden says:

Trust is one of the big hurdles standing in front of customer adoption of aggregator platforms. What is Yolt planning to do to increase trust and engagement?

We built Yolt to empower people to do more with their money, easily and securely. We only use the information that our users agree to share with us to provide a smart thinking money app; we don’t sell user data.

Yolt is at the forefront of the Open Banking movement and we have published a number of handy blogs on our website to assure users about the safety nets that are in place. We also send out regular communications to our users to help educate them on the subject and by doing that we hope it will increase their trust and engagement.

We appreciate that it is important that customers know who they can trust. Yolt is a licensed Third Party Provider and, as part of ING Bank N.V, is regulated by the Dutch Financial Authorities. We can be found on the FCA register by clicking here.

Is there a future plan for Yolt to create and promote your own products within the app?
With Yolt, users benefit from smart, seamless integrations with provider partners, empowering users to Unthink Money.

Yolt has already partnered with a number of exciting Fintechs and watch out for further integrations in the near future.

You’ve now reached over 250,000 registered users.  How are you evolving your measures of success?
Reaching 100,000 registered app users in less than six months of open beta in the UK was a great achievement and we have just been able to announce that we have now hit 250,000 registered app users in less than a year. It has been really exciting to see these numbers rise daily and can’t wait to see this continue.

We don’t just measure success on registered users though. Building a strong community of users who are empowered to do more with their money is our key focus. User reviews and feedback are central drivers towards future updates and helps guide our thinking on who we should integrate with going forwards. For example, we listened to our users who strongly informed us they wanted us to expand our banking connections by partnering with Starling Bank last year and most recently with Monzo.

Likewise, when our community told us they wanted a simplified top bar we worked with them to build a customisable experience right for them. We have lots more upcoming exciting updates and improvements in the pipeline based on our user feedback.

What will be your biggest challenge in 2018?
Open Banking and integrating with partners will continue to be a focus in 2018, and we expect this to be the year of engagement and awareness. Harnessing the power of Open Banking is at the heart of what we do; over the next year, we will be adding more features and exciting partners to empower our community to do more with their money, enabling them to achieve their goals.

With the continued roll out of Open Banking in the UK and PSD2 across Europe, the introduction of payments will also be a key focus for us in 2018. We were the first TPP to successfully test a PIS connection and we’re really excited about the opportunities PSD2 brings for Yolt, including increasing our exposure in Europe. Our aim is to become the only money app you need, empowering as many people with their money as possible.

Check out our other Spotlight Seriesarticles. For more information, contact us.

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