NatWest has developed an app called 'Housemate' that helps renters living in shared housing split and pay their bills.
Using Experian's Open Banking platform, the app can track who owes each other money and could provide an easy way to repay instantly. NatWest also says the app could help renters build their history with Experian.
In a survey for the bank, 45% of those renters living in house shares say they find it uncomfortable having to remind housemates to pay their share of household bills, with a further 48% feeling awkward when a housemate falls behind with payments.
Almost half of those renting with others are the sole flatmate to take control and organises all the bills, collect money and send reminders. One in five renters who live with other people worry renting stops them building up their credit score.
Wendy Redshaw, chief digital officer, retail banking DigiTech, NatWest, says: "From our research we found that a good proportion of those in shared accommodation find sorting finances frustrating and awkward.
"With Housemate, we have created a one stop shop for renters to simplify this experience, enabling those in shared accommodation manage their joint finances smoothly and at any time."