By Aisling Finn on Tuesday 20 October 2020
The redesigned app will include features such as Money Jar and Jar Boosters, as well as a contactless card to link to a new Yolt account.
The redesigned app promises to help Yolt’s customers save as they spend in light of the “changing financial priorities brought on by the Covid-19 pandemic.”
As well as launching a sleek new app, the fintech is also introducing its first account and contactless card.
The account will serve as a daily spending account, which will let users round-up transactions, much like other digital banking platforms, and get cashback from selected retailers, with the app automatically redirecting customer savings into its new Money Jar feature.
The Money Jar will allow users to collect savings automatically, as well as topping up where they see fit, with the app also featuring a new Jar Booster function, in which users can earn cashback and set up automatic transactions to keep their Money Jars topped up.
Pauline van Brakel, chief product officer at Yolt, said: “Our research shows despite many of us trying to save money during the Covid-19 crisis, 65 per cent of us were unable to. And whether it’s to free up money for a rainy-day fund, stash some cash away for Christmas or to pay off debt, saving has never been more important.”
“That’s why we’ve evolved Yolt and our aim with this new launch is to help users save whilst they spend – combatting the persistent and pressing feeling that we need to save for the uncertainty that lies ahead, whilst also recognising the fact that life goes on and spending with it.”
Yolt claims that the new features have been designed to help users acclimatise to saving automatically by making small adjustments to their daily routines, rather than a complete overhaul.
Despite its long history as a money management platform, Yolt first began its life as an open banking provider, making the first third-party API call after the implementation of PSD2 in January 2018, before splitting into Yolt the money management app and its open banking arm Yolt Technology Services.
Its move to introduce account features and a card marks one step closer to an all-encompassing money management platform, and one step further away from its first iteration, with features such as account aggregation, the ability to switch and save on household bills, combining pensions and investment features being added recently.
Yolt’s shiny new app is available for its 1.5m existing users from today, with full access for iOS users coming in early November and Android following shortly after.