Due to ‘new’ ways of making purchases, such as online shopping and the boom in subscription services such as Netflix, Spotify and Swapfiets, Dutch people have less and less control over their spending. The average Dutch person has about 5 to 15 subscriptions and there’s even a big group that has more than 20 subscriptions.
This makes it easy to lose track. Ninety percent of Dutch people underestimate how many subscriptions they pay for each month. Most people think they only have a few,which is not true unfortunately. Young people under 25 are least aware of the amount of subscriptions they have: they have an average of sixteen subscriptions.
People don’t know what their money is going to and the bank statements aren’t much help. Furthermore, the banking apps do not meet the consumers wishes to create a clear overview of all their expenses in this financially complex environment of subscriptions, memberships, and online purchases.
There are four regulatory authorities in the Netherlands that ensure that all third parties handle your data safely and correctly. The audit is carried out by the Netherlands Authority for the Financial Markets, the Netherlands Authority for Consumer Affairs and Markets, the Netherlands Authority for the Protection of Personal Data, and the Dutch Central Bank. A company first needs to apply for a permit to access your bank details. In order to obtain this permit, the company must adhere to strict requirements regarding privacy, data security, and communication.
The PSD2 officially went into effect on 19 of February 2019 in the Netherlands. The operational implementation of the legislation started on 14 September 2019.
Dyme uses the new PSD2 directive to get reading rights of its users’ bank accounts, as long as permission has been given for this. With Dyme’s smart algorithm, the app recognises all the monthly fixed expenses, such as energy contracts and other current subscriptions.
The bank link is only possible if the user has explicitly given permission to do so. After the initial permission, Dyme is obligated to ask the user for permission every 90 days. You are also able to revoke your permission at any moment.
Dyme’s bank link now works with ING, ABN AMRO, Rabobank and bunq. The remaining Dutch banks will soon be added.