'Mimo' will help customers budget their finances and allow them to switch insurance, subscription, and utility deals:
for a customer pilot with a wider rollout planned for later in 2019. Natwest's move marks the first time an incumbent has enabled switching in-app, according to the newspaper.Natwest's initiative aligns with the Competition and Markets Authority's vision of enabling customers to shop around for better deals and prices; and it offers the bank a potential new stream of revenue.
Mimo could work as an additional revenue source for the bank. Natwest could earn a referral commission from suppliers featured on its app when customers switch to them, for instance. MoneySuperMarket's fee As the full implications from Open Banking and increased competition from digital-only neobanks hit home, incumbents are expected to focus more on their digital strategy. We see Natwest's choice to launch a stand-alone personal finance app as a smart one, as it allows the firm to use technologies like AI, data analytics, and APIs to achieve fintech-like agility and nimbleness.
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