Last month US digital bank, Moven, launched a money management app in the UK. Available in iPhone and Android, the app lets users see spending across all accounts organised into categories, such as entertainment or groceries, and receive simple tips on how to save more or spend smarter.
This simple feature-set will likely resonate with a minority of UK bank customers. For example, 32% say graphical representations of spending would be useful – but only 7% get this from their bank. 27% saying personalised recommendations on how to manage finances would be useful – but only 8% get that. Similar shortfalls exist around savings aids.
These would-be users are typically banks’ “best” customers – they earn more money, hold more assets, spend more time online and buy more financial products – usually online.
Moven will be launching as a direct to consumer proposition, but also seeking to white label its services to incumbent banks.