The Dutch Bank ABN Amro has collaborated with the Swedish FinTech startup Tink to launch a PFM app called “Grip.” Launched against 10,000 beta testers, the app is in its initial phase. The app will provide customers with an overview of their financial situation, giving them more control over their spending. Through the pilot, the bank wants to learn from the experiences and customer feedback about the app.
Frank Verkerk, ABN Amro's Digital Director, said in an interview that the goal of the collaboration is to help the bank’s customers gain better control of their personal finances. “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."
According to the company, the iOS application will provide its users with multiple functions such as:
- Understanding revenues and expenses: Additions and deletions are automatically classified into categories such as housing, transport and food & drink. This allows the customer to view expenditure in each category.
- Budgeting: With the app, the customer can specify what needs to be spent per month by category. Then he can see what he has already spent and what its spending limit is yet. The customer can set it to receive a push notification when a maximum budget is close.
- Compare: Grip compares the income and expenditure of the current month with the average income and expenditure of the past.
- The income and expenses of the customer are shown on a timeline. Updates on the spending of that month and the status of the set budgets are shown as well.
The Swedish bank said that it will offer their customers faster innovative digital products by entering into collaboration with such FinTech startups.
About ABN AMRO:
On July 1, 2010, the legal merger between ABN AMRO Bank NV (ABN AMRO Bank) and Fortis Bank (Nederland) NV (Fortis Bank Nederland) was completed, creating a combined entity called ABN AMRO Bank NV. Click on the “History” timeline to see where ABN AMRO has come from or read about our predecessors. ABN AMRO serves retail, private and corporate banking clients with a primary focus on the Netherlands and with selective operations internationally. In the Netherlands, clients are offered a comprehensive and full range of products and services through omnichannel distribution including advanced mobile application and Internet banking. Internationally, ABN AMRO is active in areas in which it substantial expertise.
The Tink app is a smart, fun and simple way of keeping track of your money. The company was founded in 2012 by Daniel Kjellén and Fredrik Hedberg; the Chairman of the Board is Nicklas Storåkers. Tink currently has 10 employees and is located at Döbelnsgatan 24 in Stockholm.