UK bank NatWest is trialling a standalone personal finance app that uses AI, data analytics and Open Banking APIs to help customers better manage their money.
The app, called Mimo, will help customers budget, remind them of the financial tasks they need to do and provide proactive and personal insights into their money, looking at their bills or day-to-day spending, as well as insurance, subscriptions and utilities before offering tips on the best deals on the market.
The app has been trialled with a small number of NatWest staffers and is now ready for a customer pilot before a wider rollout later in the year.
Frans Woelders, chief digital officer, NatWest, says: "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."
