Tink partners with Youtility, promises household savings to UK customers

European open banking platform Tink has partnered with subscription technology platform Youtility in a bid to unlock cash and carbon savings for customers of UK retail banks on their utility bills.

In combining Tink’s money management tools with Youtility’s household contracts business, end-customers will be able to set budgeting goals and make savings on their utility bills—including energy, broadband, TV and mobile—all without leaving their banking app.

The companies claim it’s good news for carbon-conscious customers too. Household energy is the largest single contributor to individual carbon output, according to Youtility.

By allowing greater choice and visibility in sourcing energy for their homes, the company claims it can help each customer to reduce their carbon footprint by up to 25 per cent annually.

“Both the climate crisis and rising cost-of-living will be defining issues for consumers in 2022 and beyond,” said Tasha Chouhan, UK and IE banking lead at Tink.

“This is why we are building an ecosystem of partnerships, including Youtility and partners like Cogo, to help banks provide the clarity that’s needed for people to make meaningful decisions on how they manage their finances, and reduce their climate footprint.”

As the energy crisis continues to rage, Youtility says the product could prove a useful tool to help households bring down their costs.

“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,” added Will Kostoris, co-founder of Youtility.

“With inflation at its highest in 30 years and average energy bills due to rise by 54 per cent in April, we believe this product should be on all bank roadmaps.”