ABN AMRO to start pilot app for financial insight. ABN AMRO today launched a pilot project involving 10,000 customers with iOS, to develop the new Grip app. The app offers customers deeper understanding of their financial situation and better control over their spending.
Frank Verkerk, Chief Digital Officer, says: “Half of our customers indicated that they would like to understand their financial situation better. A quarter of our clients find it difficult to get their spending under control. The Grip app will contribute to this. “
The introduction of the app will start as a pilot project involving 10,000 customers in order to learn from their experiences and feedback to further develop the app. If the results are positive, the app will be available to all customers.
The Grip app includes the following features:
· Understanding of income and expenses – everything is automatically categorized, e.g. housing, transport and food & drink. This allows the customer to immediately see what she spends on the category.
· Budgeting. With the app, the customer can specify by category what she wants to spend per month. The customer can then see what she has already spent and what the spending limit is. The customer can set it to receive a push notification when a maximum budget is close.
· Income. Shows how much money the customer has left from income per month. Grip compares the income and expenses of the current month with the average income and expenses of the past.
The income and expenses of the customer are shown on a timeline. The timeline will also show updates on the spending of that month and the status of set budgets.
Cooperation with FinTech startup
ABN AMRO will offer their customers faster innovative digital products by entering into collaboration with FinTech startups. The Grip app has therefore been developed by ABN AMRO together with the Swedish startup FinTech Tink. In addition, the app was developed based on the concept and technology of Tink. That company is successful in Sweden with a similar app with more than 300,000 users.