NatWest is trialling a new companion to the NatWest app called Mimo, designed to help customers enjoy financial peace of mind.
Mimo will help customers budget, remind them of the financial tasks they need to do, and provide proactive and personal insights into their money, looking at their bills or day-to-day spending – as well as insurance, subscriptions and utilities.
Internal research and customer feedback has shown that customers lack the time or motivation to manage their ‘life admin’, resulting in them forgetting important tasks, such as paying their credit card bill, thus incurring unnecessary charges, or missing opportunities to save money.
The bank’s chief digital officer Frans Woelders said: “We know that customers want to keep better track of their money, but find it hard to find the time or the motivation to manage the admin around that, so we’ve developed Mimo to make it easy, simple, and as straightforward as possible to keep on top of their finances.”
Mimo uses Open Banking Application Programming Interfaces (APIs), artificial intelligence (AI) and data analytics to give customers new insights about their finances.
Mimo lead Calvin O’Brien said: “We’ve already trialled Mimo with 50 colleagues, so I hope that by extending the trial our customers will tell us what they think of it, and where we can improve it.”
The latest version of the app is currently being trialled with a select number of customers and colleagues, who will provide feedback to help optimise Mimo before it’s rolled out further this year.
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