Swedish neobank Northmill is on a mission to build intelligence-led, personalised banking services that improve people’s finances. By plugging Tink’s account aggregation technology into its app, Northmill will leverage open banking to deliver a seamless and relevant customer experience.
When Northmill bank was created back in 2006, the founders wanted to build products that made a difference. Products that were personalised and customer-friendly. They felt traditional banking services weren't making use of technology fast enough, leaving a gaping hole where innovation should have been. Northmill saw an opportunity to use technology in a different way than banks and other financial institutions were doing at the time – to really benefit the customer. They were the first company in Sweden to digitalise the loan process by using BankID, long before the iPhone was even a thing. It’s in Northmill’s DNA to be tech driven and customer focused.
Today, Northmill has delivered products and services that create flexibility and value, like offering three different savings accounts with state deposit guarantees and very competitive interest rates, enabling customers to save money and help them make better financial choices.
Through its mission to constantly explore new, smart technology, Northmill is now leveraging open banking technology on its savings products, to improve the user experience for its 200,000 customers.
By using Tink’s account aggregation technology, Northmill is simplifying the process of withdrawing savings.
“Previously, customers needed to manually input the receiving account details. As most people don’t memorise them, it was a task that often involved some digging. Now, our customers can instantly and securely connect the bank account they want their savings sent to, automatically fetching the account details in the app. Already, a quarter of all transfers at Northmill are performed using Tink technology, reducing friction, protecting against fraud and eliminating the risk of human error,” says Strahinja Popovic, Lead Software Engineer at Northmill.
Last year alone, Northmill launched a wide range of new products and features, and with around $30 million in new funding it has ambitious expansion targets, being established in 10 markets by 2023. The partnership with Tink will continue to help Northmill accelerate its digital innovation strategy and add real value for its customers.
Are you curious about how open banking technology can benefit your business? Check out what you could build with Tink.
Connect with Northmill and see job openings here: https://careers.northmill.com/