Westpac announced on December 7, 2021, that it has agreed to terms to acquire money management app, MoneyBrilliant from AMP Limited and management shareholders.
As noted in the update from Westpac, MoneyBrilliant is a budgeting and cashflow tool that “helps users manage their money by providing practical insights and displaying their financial accounts in the one place.”
MoneyBrilliant’s tech will “ultimately be integrated into Westpac’s digital banking app.”
Chris de Bruin, Westpac Chief Executive Consumer & Business Banking.
“The acquisition of MoneyBrilliant is another important step in Westpac’s digital strategy. In recent years we’ve seen demand grow for simple and practical digital tools to help customers manage their personal finances. We look forward to further building on MoneyBrilliant’s existing capabilities and making these available to our customers.”
The acquisition of MoneyBrilliant is “expected to be completed by next month, subject to various customary closing conditions,” the announcement noted.
The terms of the acquisition “have not been disclosed.”
As covered recently, Westpac is bringing its enhanced mobile app to Android clients, as the COVID-19 outbreak continues to accelerate the adoption and usage of virtual banking services.
The app from Westpac makes it quicker, convenient, and a lot more secure for clients to effectively manage their funds, supported by intuitive search and navigation tools, improved security, personalized banking services and a more user-friendly design.
Over 800,000 clients with a mobile running Android 10+ will now be updated to Westpac’s latest banking app in the coming weeks, after a successful pilot or trial phase with over 20,000 customers.
The roll-out to Android customers has come after the app was introduced for 1.7 million iPhone clients earlier in 2021, with a 15% increase in clients using mobile-only for accessing virtual banking services.
Westpac Chief Executive Consumer & Business Banking, Chris de Bruin, remarked:
“Mobile has become the channel of choice for customers, with more than 84 per cent of consumer and business digital banking taking place on a smart phone or tablet. We wanted to create an app where we put the customer in control and give them on-demand access to their finances, where and when they want.”