Spending made simple – new NatWest app features give customers more control over their money

• New features in app now let customers track spending, putting them in control
• The ‘spending’ tab in the app now shows customers what they’re spending their money on from nights out to morning coffees
• Automatic categorisation will let them see how much they’re spending each month on bills, transport or entertainment

Customers using the NatWest app will now be able to easily see where their money is going with the new ‘spending’ tab which will show them how much they’re spending from their current account each month on bills, transport or entertainment, helping them stay in control of their money. If the app doesn’t get it right first time, they’ll be able to change categories easily.

Over 1000 customers told NatWest that they wanted to know where their money was going, and that they wanted to balance living for today while trying to plan for tomorrow. The ‘spending’ tab on the app will allow customers to set the time period they want to track, rather than just sticking to the calendar month.

Chief Digital Officer Frans Woelders said:

“We know that the more engaged customers are with their money, the better their financial health. 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.” 

The app already shows customers all of their accounts in one place – even from other banks, and gives customers the ability to have a totally secure comprehensive overview of their financial position – including their mortgage, savings, loans and current accounts. This gives them a view of their total financial position, and idea of their overall financial health.

Soon customers will be able to tell the app how much they want to spend each month and it’ll tell them how much they’ll save over the year if they stick to that budget. It’ll even help them stay on track each month.

The app features are built on technology provided by the European PFM provider, Tink. Tink was chosen as a partner for the project due to its experience of developing user-friendly finance apps for banks, fintechs and startups across Europe.

Daniel Kjellén, co-founder and CEO, Tink, said:

“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. We are very proud to now make our technology available for more than 7 million bank customers in the UK through our partnership with NatWest.”

Notes to editors:

1. Tink is Europe’s leading open banking platform that enables banks, fintechs and startups to develop data-driven financial services. Through one API, Tink allows customers to access aggregated financial data, initiate payments, enrich transactions and build personal finance management tools. Tink connects to more than 2 500 banks that reaches over 250 million bank customers across Europe. Founded in 2012 in Stockholm, Tink’s 250 employees serve 14 European markets out of nine offices. For more information on Tink please contact Mattias Lindquist: +46 72 092 23 42 mattias.lindquist@tink.com

The Royal Bank of Scotland plc. Registered in Scotland No 83026. Registered Office: 36 St Andrew Square, Edinburgh EH2 2YB. The Royal Bank of Scotland is authorised by the Prudential Regulation Authority, and regulated by the Financial Conduct Authority and Prudential Regulation Authority. The Royal Bank of Scotland N.V. is authorised and regulated by the De Nederlandsche Bank and has its seat at Amsterdam, the Netherlands, and is registered in the Commercial Register under number 33002587. Registered Office: Gustav Mahlerlaan 350, Amsterdam, The Netherlands. The Royal Bank of Scotland N.V. and The Royal Bank of Scotland plc are authorised to act as agent for each other in certain jurisdictions.

National Westminster Bank Plc.  Registered in England No. 929027.  Registered Office: 250 Bishopsgate, London EC2M 4AA.  National Westminster Bank Plc is authorised by the Prudential Regulation Authority, and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

The Royal Bank of Scotland plc and National Westminster Bank Plc are authorised to act as agent for each other.

This e-mail message is confidential and for use by the addressee only.  If the message is received by anyone other than the addressee, please return the message to the sender by replying to it and then delete the message from your computer.  Internet e-mails are not necessarily secure.  The Royal Bank of Scotland plc, The Royal Bank of Scotland N.V., National Westminster Bank Plc or any affiliated entity (RBS or us) does not accept responsibility for changes made to this message after it was sent.  RBS may monitor e-mails for business and operational purposes.  By replying to this message you understand that the content of your message may be monitored.

Whilst all reasonable care has been taken to avoid the transmission of viruses, it is the responsibility of the recipient to ensure that the onward transmission, opening or use of this message and any attachments will not adversely affect its systems or data.  No responsibility is accepted by RBS in this regard and the recipient should carry out such virus and other checks as it considers appropriate.