NatWest trials personal finance Mimo app to help customers budget

Monday 1 April 2019 11:07 CET | News

UK-based NatWest Bank has announced trials Mimo, a new companion to the NatWest app designed to help customers budget and remind them of the financial tasks.

Mimo stands for ‘money in, money out’. In particular, Mimo will help customers budget and remind them of the financial tasks they need to do. In addition, Mimo provides personal insights, looking at customers’ bills or day-to-day spending. It also covers insurance, subscriptions, and utilities, and will be able to take direct action for them.

Research and customer feedback has shown that customers lack the time or motivation to manage their life admin. This results in them forgetting important tasks such as paying their credit card bill, thus incurring unnecessary charges. Mimo uses Open Banking APIs, AI and data analytics to give customers new insights about their finances. In addition, NatWest trials Mimo with a number of customers who will provide feedback to help optimise Mimo prior to its general rollout.

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Keywords: NatWest, Mimo, banking, product launch, personal finance, Budget, bank account, financial task, UK, Europe, Open Banking, API, open banking platform
Countries: World