The race to compete with emerging Fintechs is compelling most all banks to up their game. This is good for the consumer. Better service and lower costs (hopefully). If traditional banks want to survive ongoing iterations and a willingness to change is vital. Today, NatWest is updating their banking app with features that are already widely available elsewhere. These include the ability to track spending and automatic categorization. Low hanging fruit in the world of banking.
NatWest Chief Digital Officer Frans Woelders says 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.”
NatWest says they already enable users to view all accounts, even from other banks, within their App – something Open Banking makes simpler to do.
The NatWest app features have been built on tech provided by the European PFM provider, Tink – a Fintecch chosen as a partner for the project due to its experience of developing user-friendly finance apps for banks. Soon, NatWest expects predictive data on spending will be available too.
Expect more features to be added by NatWest in the coming months.