ABN Amro is to test a new personal financial management app developed in association with Swedish firm Tink, in a prime example of the bank's determination to work with smaller fintech startups on the creation of novel banking applications.
The app, dubbed Grip by ABN Amro, continuously collects, sorts and analyses consumer spending into definable categories and provides user-defined budgets and alerts when a maximum spending limit is reached.
Frank Verkerk, chief digital officer, ABN Amro says: "Half of our customers indicated that they would like to understand their financial situation better. A quarter of our clients find it difficult to get their spending under control. The Grip app will contribute to this."
The app is initially being released to 10,000 of the bank's iPhone mobile customers for feedback before being pushed out on general release.
Grip was developed in association with Swedish startup Tink, which already claims 300,000 users in its home market.
In a statement, the bank says: "ABN Amor will offer their customers faster innovative digital products by entering into collaboration with fintech startups."
To that end, the bank established a EUR10 million Digital Impact Fund in October to invest in startups which have already launched a product and are currently in the growth phase. The main criterion for investment is that the firm develops products and technologies that the bank can, in turn, leverage for its customers.