P&N Group’s BCU Bank division has launched a personal financial management app aimed at providing its customers greater oversight of their money.
The tool, ‘mymo by BCU’, allows users to see their BCU Bank account alongside any other accounts from other financial institutions.
It also offers bill and spend tracking capabilities, transaction categories and budget features to enable users better oversight of their personal finances.
Available on both iOS and Android, the app was released on the back of its 2021 partnership with fintech Frollo.
BCU used Frollo's consumer data right (CDR) gateway and its personal finance management (PFM) platform to develop the ‘financial well-being’ features of the app.
BCU Bank general manager Mark Smyth said various surveys identified the desire from its customers for financial empowerment tools.
“Through our research, we know most of our customers give themselves a pass mark for financial literacy; they know the basics fairly well, but they don’t have the intimate knowledge around what they should and shouldn’t be looking for,” Smyth said.
“We also know that when you’re able to achieve a strong level of financial knowledge, this leads to a life of less stress which is of course hugely appealing.
“Using mymo by BCU, our customers will be able to keep a better track of their spending, goals and budgeting to achieve financial empowerment.”
He added users will also be able to personalise app interactions “including reorganising transactions categories, because it’s their money, used and spent their way.”
“Technology and apps are an important part of the banking experience, and in today’s world they are expected to be easy, intuitive, and part of the day-to-day," he said.
“mymo by BCU complements our existing suite of digital tools, and will allow us to build deeper, more personalised member relationships and value-adds through rich data."
Beyond Bank kicked off a similar proposition via the Frollo platform last year, to offer customers a complete view of their money across over 400 financial institutions.
