– Strengthening the consumer protection and adding a new layer of relevance to the neobank's customers
Stockholm 18 November 2020: Swedish neobank Northmill Bank and the open banking platform Tink, have started a collaboration that will open up new opportunities for the neobank's more than 200,000 customers. Northmill Bank, which recently joined both RIX och Bankgirot, continues to create conditions for delivering personal and relevant banking services for everyone. Today, the neobank's savings customers may already benefit from the collaboration with Tink. For example when making withdrawals from one or several of their savings accounts.
Babel Poli, VP Product at Northmill Bank commented:
“Tink can be seen as an international leader in open-banking today and has broken many barriers leveraging their strong technical capacity. For us as a cloud-only bank it means that we get a solution that is easy to implement and makes it possible for us to immediately start generating value for our customers. For example, now it only takes a few clicks in the application process for our customers to obtain their account number. At the same time, the collaboration means that we can accelerate the development of Personal Finance Management solutions.”
The partnership with Tink also enables Northmill Bank to add another layer of intelligence to its credit assessments. This is an important part of making processes for identification and security even stronger. It ultimately contributes to continued strong customer protection, without negatively affecting the customer experience.
Babel Poli commented:
“In the end, everything we do is about creating the best customer experience possible. With Tink handling over 10 billion transactions each year and having more than 8,000 developers already using their platform, we know we are getting the right leverage in our ongoing work to democratize banking and give the power over personal financing back to the user.”
Northmill Bank and Tink will continuously keep developing their partnership. In the near future, the neobank will be able to offer its customers a range of services which all take full advantage of the power of open-banking. For example a full overview of expenses, simplified verification of income and additional layers of personalization that aim to help people improve their financial lives.