Startup Budgently was one of the winners of the 2017 The Hague Innovators Challenge. Founder Danny Mulders has been working hard throughout the year to put his startup idea on the map. In his guest contribution below, he reflects on last year’s developments and looks forward to the year ahead.
You may have read about it in the newspapers. Financial institutions across Europe will soon be introduced to new banking industry legislation: the Payment Service Directive 2 (PSD2). PSD2 is regarded by many as the single biggest change in the European banking industry as it will force banks to open their infrastructure to third parties – of course, only with permission of the account holder.
PSD2 allows us to make a direct connection to personal bank accounts, which makes personal finance a lot easier and more fun. As a result, around the world, banks are rethinking and redefining strategies to seize new opportunities.
With the introduction of PSD2, access to customer data will be practically common good. Nobody knows exactly how the industry is going to change. A lot is still to discover. However, a number of important parameters should be taken into account.
Finance is a low-interest product. Many people don’t like to manage their finances. It’s boring to them. Research has shown we prefer to clean the toilet rather than manage our finances.
My generation – the millennial generation – has financial issues. We are saddled with student debt, aren’t buying cars or houses, and are job hopping like there’s no tomorrow. What’s more, millennials have come of age during a time of technological change, globalization, and economic disruption. That’s given us a different set of behaviors and experiences as compared to our parents.
“The prize money we won in the The Hague Innovators Challenge helped us to develop our product and vision” – Danny Mulders, founder at startup Budgently
Temptation is everywhere
We’re building a personal finance app that helps to make smarter decisions. The prize money we won in the The Hague Innovators Challenge helped us to develop our product and vision. Looking back on 2017, we have been optimistic to quickly connect various banks to Budgently. We’re happy to have connected the first Dutch bank and look forward to continuing our journey.
The prize helped us achieve great things in 2017. First and foremost, Budgently is now officially registered as a company during the FinTech & CyberSecurity accelerator program of Startup Bootcamp. We started collaboration with Onegini to guarantee security and privacy within the app. Onegini protects data of millions of end users in the banking and insurance market.
What’s more, in 2017, bunq was the first Dutch bank to launch an API with which developers can link services to the bank’s system. Within 72 hours, the integration between Budgently and bunq was a fact. The collaboration between Budgently and bunq went on to be awarded with the NRC Live Impact Award 2017. In addition, we are planning to start collaboration with Zwitserleven on the development of a financial app for seniors.
We’re looking forward to 2018 to unfold, when we will expand the Beta test group and we expect to connect to new partners and banks. A lot of stuff to do and a lot of challenges to take.
Interested to stay up-to-date on Budgently’s journey? Check back here to find out how they’re progressing.