NatWest has announced the launch of a brand new banking app, called Mimo that works in a similar way to a personal assistant. NatWest is trialing the Mimo app (which consequently stands for Money In, Money Out) with 1,000 customers from Tuesday, 2nd April 2019.
Mimo app Features
The app has been designed to manage:
- Day-to-day spending
- Budgeting
- Bills
- Financial to-do list
- Subscriptions
- Insurance and Utilities - with the aim to help customers switch providers by bringing them the current best deals in the market
NatWest's new banking app Mimo has similarities to the current financial assistant app Emma (read our full Emma app review for more information). Mimo is a step in the right direction for high street banks, as they are competing with app only banks such as Monzo and Starling Bank which already offer all of these features. High street banks have noticed the trend in finance of capturing data and the ability to make money with a personalised comparison service that works by recommending products/services based on individual needs.
Interestingly the robo-advisor evestor also has plans to launch a new digital app, 'Open Money' in late 2019, which has similarities to Mimo. Evestor have partnered with uSwitch with the aim of helping investors manage their money by ensuring they don't overpay on household bills. To find out more about evestor read our full 'Evestor review.'
With high street banks increasingly threatened by the wave of money management apps and app only banks I would expect the more forward-thinking of them to announce their own equivalents of Mimo. For those not already developing their own Mimo-style apps I wouldn't be surprised if we start seeing a number of high street banks buying some of the already established money management apps to plug into their own in-house systems.
However, the one thing that these money management apps don't offer is financial planning, which is why Damien created Damien's Money MOT. Damien's Money MOT is a free tool that offers the opportunity to take control of your personal finances by answering a few simple questions. In return you'll receive your own personal grade together with a detailed breakdown of where you need to focus your attention. Damien's Money MOT will also tell you how you measure up compared to the thousands of other people that have taken the MOT as well as providing a tailored action plan should you choose to receive one. Check out Damien's Money MOT to try it for yourself.
