The app requires an approval from the account holder to check the banking and credit card details. It will inform users about the days remaining for their next payday, the payments they have to make by then and the amount of cash they can spend per day to avoid a negative or zero bank balance, ibtimes.co.uk reports.
Apart from these features the app will display a users spending according to various categories and will allow them to determine the best savings plans.Through Yolt, a user will only be allowed to view data and will not be able to make transfers or payments. The app will initially be restricted to only 2,500 customers for beta-testing, which could be followed up with a full-fledged launch in early 2017.
INGs move also comes at a time when both UK and European regulators are pushing banks to allow rival banks and financial technology companies to view their customers data. In August 2016, the UK Competition and Markets Authority asked high-street banks to adopt a digital standard called open banking by 2018. This is said to allow sharing of a customers account and transaction details with third parties, provided the customers approve.
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