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London-based Tail is a new fintech startup that offers a glimpse into the promise of Open Banking. This is seeing upcoming legislation in the EU and U.K. force banks to offer third-party developer access to your bank account data — with your permission, of course.
The app, initially available for iOS and serving London only, offers heavy discounts at local places to eat and drink, all linked to the card you pay with and delivered each week in the form of cashback. However, the draw is how seamlessly it all takes place, by being built on top of digital-only challenger bank Starling‘s API, with Monzo integration also in the works.
Tail - App - Access - Starling - Bank
This means that it is as simple as granting the Tail app access to your Starling bank account, a one tap process akin to Facebook or Twitter log-in, presuming that you are already a customer of Starling. Once you’ve agreed to a set of permissions — which can be a little daunting the first time, even though they can be easily revoked within the Starling app at any time — any offers that pop up in the Tail app can be redeemed simply by using your Starling Mastercard at the corresponding merchant.
No coupons or receipt scanning or even having to explicitly tell Tail the bank account or card number you want your cashback deposited. And, presumably, once your Starling card has expired (or is lost or stolen), you won’t have to manually link your new card to Tail as it will simply pull the new card info via the challenger bank’s API.
Takeaway - Banking - Nothing - Convenient - Access
My takeaway: Open Banking is going to be nothing if not convenient, depending on how comfortable you are with granting third-party apps access to your banking data.
“Tail is turning open banking APIs into an offer platform, thereby eliminating all friction points...
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