Westpac New Zealand has announced a partnership with New York-based Moven to launch a series of new mobile initiatives.
Under the partnership, Moven’s mobile money management tool will be integrated into Westpac’s new internet banking platform in October.
Westpac said that the tool will help its customers manage their money day-to-day on their smartphones, tablets, or desktops, and allows Moven to continue their roll out of their downloadable bank account strategy across the world.
Westpac chief digital officer Simon Pomeroy said: "Moven’s approach to banking in the digital age was aligned with Westpac’s own strategy and objectives.
"Like so many other sectors, banking is changing rapidly because of consumer uptake of new technology. Partnering with Moven to provide our customers access to new tools and features for managing their money is another step toward our goal of being the No.1 digital bank in New Zealand.
"While these tools were developed originally as a mobile app, we are integrating them into our fully responsive internet banking platform meaning customers will be able to use the features from any smartphone and tablet as well as desktop. They also complement other features we will be releasing on our new internet banking platform later this year."
Both the companies are working towards enabling customers to automatically categorise transactions and drill into any group for more details such as where, on what and when purchases were made.
The customers will receive a mobile receipt within seconds of a purchase being made, with the purchase automatically categorised to provide real time insights into the implications of their spending.
Further, the customers will be able to see their average spend versus their actual spend for a month via a graph. The graph will utilise a traffic light colour system – red, yellow, green – to reinforce the state of their current spending against their average spend.