NatWest trials Mimo, a new companion to the NatWest app. Mimo has been designed to help customers save time, save money and enjoy financial peace of mind.
Mimo stands for ‘money in, money out’.
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In particular, Mimo will help customers budget and remind them of the financial tasks they need to do. In addition, Mimo provides proactive and 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.
NatWest believes that customers utilising the personal financial app will benefit from receiving the best deals in the market.
Chief Digital Officer for NatWest, Frans Woelders says:“We know that customers want to keep better track of their money. But many find it hard to find the time or the motivation to manage the admin around that.
“So NatWest launches Mimo to make it easy, simple, and as straightforward as possible
for customers to keep on top of their finances.”
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. And results in missing opportunities to save money.
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By GlobalDataNatWest trials Mimo: using AI and Open Banking APIs
Mimo uses contemporary technologies, including Open Banking APIs, AI and data analytics to give customers new insights about their finances.
Mimo Lead, Calvin O’Brien says: “Our aim for Mimo is that it will help customers have a better overview of their financial life. It will help them achieve their financial goals from the ease of their own phone.
“It’s important that the app reflects customers’ needs to be as useful as possible. We’ve already trialled Mimo with 50 colleagues.”
In addition, NatWest trials Mimo with a number of customers who will provide feedback to help optimise Mimo prior to its general roll out.
