NatWest debuts Tink-powered spending analytics

via AltFi

Move comes after NatWest’s digital-only banks Bo and Mettle both recently launched.

Just weeks after the official launch of its digital bank Bo, NatWest has also launched an overhaul of the spending analytics in its main banking app.

The move comes seven months after NatWest announced a partnership with Swedish fintech Tink to take over the running of the personal finance management features in NatWest’s banking app.

Tink’s feature debuts with a ‘spending’ tab in the app, which categorises spending as bills, transport or entertainment.

“We know that the more engaged customers are with their money, the better their financial health,” said NatWest’s Chief Digital Officer Frans Woelders.

“The new ‘spending’ feature gives customers insights into their spending habits with real-time data, to help them make informed financial decisions. We want to empower customers to make better decisions and have smarter finances, explained engagingly, simply, from the app that they already use.”

NatWest stressed that its ‘spending’ tab is just the start, next customers will be able to set budgets in the app, calculate savings and track savings goals.

“We are very proud to now make our technology available for more than 7m bank customers in the UK through our partnership with NatWest,” said Tink’s CEO and co-founder Daniel Kjellén.

“Our personal finance management expertise and data enrichment capabilities have already helped millions of bank customers across Europe to get a better overview and understanding of their finances.”

Last month NatWest launched Bo, its digital-only bank, in app stores as a direct challenge to the likes of Monzo and Starling, and has debuted digital-only SME bank Mettle currently in beta.