ABN AMRO launches pilot for financial planning app

Press release -

ABN AMRO Grip app on an iPhone

Today ABN AMRO launches a pilot project to develop a new app called Grip. Ten thousand of the bank’s customers running iOS will be trialling the app, which offers a range of financial planning features allowing them to get a grip on their spending.

Frank Verkerk, Chief Digital Officer, says, “Half our customers say they want to get a better understanding of their finances, while a quarter of all our customers admit they have a hard time controlling their spending. The Grip app can help them in both these areas.”

The initial stage involves the app being rolled out to 10,000 ABN AMRO customers. Grip will then be further developed using feedback on their user experience. If the results are promising, the app will be made available to all the bank’s customers.

Features

Grip offers a range of features including:

  • An overview of income and expenditure. Debits and credits are automatically broken down into categories like housing, transport, and food and drink, giving customers an immediate overview of how much they’re spending per category.
  • Budgeting support. Grip also lets users set limits on how much they want to spend per category per month, showing them exactly how much they’ve already spent and how much they’ve got left. Customers can also opt to receive push notifications when they’re close to maxing out a particular budget.
  • Surplus income. Grip shows the user how much surplus income remains for the current month, comparing income and expenditure for the current month with average income and expenditure in the past.

Customers’ income and expenditure are shown on a timeline, which also features updates on their spending pattern in the current month and the status of all defined budgets.

Collaboration with FinTech start-up

ABN AMRO can speed up access to innovative digital products for its customers by collaborating with FinTech start-ups. Grip, for example, has been developed by ABN AMRO together with the Swedish FinTech start-up Tink on the basis of Tink’s design and technology. The company has been very successful in Sweden, where it has launched a similar app used by over 300,000 customers.

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