UK’s consumer banks are about to present apps for money management aiming to rival the already existing ones of fintech companies, assured that their trusted brands, vast number of clients and affluence will enable them to catch up with the leaders.
Britain’s three big banks are in the process of developing state-of-the-art apps that will let their clients gather data from various accounts, including those at competitor’s lenders, with the help of mobile gadgets and personal computers. To get close to the top apps is a tough task.
Multitude of fintech companies and e-banks as Monzo or Money Dashboard already distribute apps resembling to those being developed by the banks, gaining popularity among young people and technology aficionados. Monzo app’s client base surged by 300% over 9 months of the past year, reaching 450,000.
The app allows to analyze spending patterns, provides budgeting advice and enables to block or unblock cards in one click. After long years of rebuilding balance sheets and working with regulatory revamp following the crisis of 2008, digital is currently on every lip in the banking sector, said Edward Firth of Keefe, Bruyette & Woods.