Customers using the NatWest app will now be able to easily see where their money is going with the new ‘spending’ tab which will show them how much they’re spending from their current account each month on bills, transport or entertainment, helping them stay in control of their money.
If the app doesn’t get it right first time, they’ll be able to change categories easily.
Over 1000 customers told NatWest that they wanted to know where their money was going, and that they wanted to balance living for today while trying to plan for tomorrow. The ‘spending’ tab on the app will allow customers to set the time period they want to track, rather than just sticking to the calendar month.
Chief Digital Officer Frans Woelders said:
“We know that the more engaged customers are with their money, the better their financial health. The new ‘spending’ feature gives customers insights into their spending habits with real-time data, to help them make informed financial decisions. We want to empower customers to make better decisions and have smarter finances, explained engagingly, simply, from the app that they already use.”
The app already shows customers all of their accounts in one place – even from other banks, and gives customers the ability to have a totally secure comprehensive overview of their financial position – including their mortgage, savings, loans and current accounts. This gives them a view of their total financial position, and idea of their overall financial health.
Soon customers will be able to tell the app how much they want to spend each month and it’ll tell them how much they’ll save over the year if they stick to that budget. It’ll even help them stay on track each month.
The app features are built on technology provided by the European PFM provider, Tink. Tink was chosen as a partner for the project due to its experience of developing user-friendly finance apps for banks, fintechs and startups across Europe.
Daniel Kjellén, co-founder and CEO, Tink, said:
“Our personal finance management expertise and data enrichment capabilities have already helped millions of bank customers across Europe to get a better overview and understanding of their finances. We are very proud to now make our technology available for more than 7 million bank customers in the UK through our partnership with NatWest.”