Westpac customers will be at the forefront of global mobile banking innovation with the release of CashNav, the first integrated app in New Zealand to track finances and deliver spending insights.
Developed in collaboration with New York finTech company Moven, customers can link CashNav to selected accounts, including credit and debit cards, where their spending will be categorised. Customers will then receive automatic alerts after purchases along with a comparison of their current spend in that category against the previous month to help manage their spending and improve savings.
Westpac Chief Digital Officer, Melissa MacFarlane, said consumers are not only used to getting and analysing data about their health, fitness, sleep and other activities, they now expect it in more parts of their life, including managing their finances.
“Customers want to do more with their money and key to this is where it actually goes. Only then can you really take action to change your spending, so that you don’t miss out on the things that you’re saving for,” she said.
“CashNav delivers this on the most used and important device, the smartphone. It’s a big step in the new direction that mobile banking is taking across the world.”
“Mobile banking is no longer just about transferring funds between accounts on the go or getting a balance at the supermarket check-out. It is about knowing where your money is; how you’re spending it and helping you save and budget.”
A recent online survey of 1400 New Zealanders by Westpac showed Kiwis are more than ready for a money management tool like CashNav.
The survey found that 43% feel they don’t know where their money goes and 35% feel they only sometimes know where their money goes. More worrying, 47% spend more than they earn and 34% sometimes spend more than they earn. Nearly 80% said tracking their spending was a good idea but a hassle, or they couldn’t find the time to do it.”
“CashNav eliminates those hassles for customers. It makes money management super easy and super effective and working with Moven ensures our customers are on the cutting edge on a global level,” Mrs MacFarlane said.
“People generally make better decisions when they have good data and it’s our hope that by understanding where and how they are spending their money in the moment, customers will be able to make decisions that make a difference to achieving their financial goals.”
Around the world apps that help users save, budget, pay bills and predict cash flow are being trialled or have launched and like CashNav, are reshaping mobile banking. Customers currently engage with Westpac digitally over 12 million times a month and over 50% of these engagements are now happening on mobile devices.