UK-based retail and commercial bank NatWest is set to trial a new personal finance app, which has been designed to better serve its customers.
Image: NatWest is set to trial a new personal finance app called Mimo. Photo: courtesy of Royal Bank of Scotland.
Mimo, the new personal finance app, will help customers budget, prompt them of the financial tasks they require to do, and offer proactive and personal insights into their money.
The app will also look at the customer’s bills or day-to-day spending, in addition to insurance, subscriptions and utilities.
NatWest is presently trialing the latest version of the app with a select number of customers and colleagues, who will offer feedback to help enhance Mimo before its launch in 2019.
NatWest chief digital officer Frans Woelders said: “We know that customers want to keep better track of their money, but find it hard to find the time or the motivation to manage the admin around that, so we’ve developed Mimo to make it easy, simple, and as straightforward as possible to keep on top of their finances.”
NatWest said that research and customer feedback has shown that customers lack the time or motivation to manage their life admin, which has made them to forget crucial tasks such as paying their credit card bill, or missing opportunities to save money.
The company has designed Mimo to help make financial life easier for the customers.
The app uses contemporary technologies such as Open Banking APIs, AI and data analytics to support customers manage their money and find them new insights about their finances.
Mimo lead Calvin O’Brien said: “Our aim for Mimo is that it will help customers have a better overview of their financial life and help them achieve their financial goals from the ease of their own phone. It’s important that the app reflects customers’ needs to be as useful as possible.
“We’ve already trialled Mimo with 50 colleagues, so I hope that by extending the trial our customers will tell us what they think of it, and where we can improve it.”