The open banking solution ensures customers can safely and securely share and manage their data
BCU Bank, a division of P&N Group, has rolled out a new personal financial empowerment tool designed to provide customers with a full picture of their finances.
Developed with open banking provider Frollo, mymo by BCU safely and securely links a customer’s accounts across all financial institutions in one place, as well as providing them access to a range of money management and financial wellbeing tools, so they can keep better track of their spending and take control of their budget.
Mark Smyth (pictured above), BCU Bank general manager, said surveys and research revealed the customers’ desire for greater financial empowerment.
“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 track of their spending, goals, and budgeting to achieve financial empowerment. They can also make the app their own through personalisation, including reorganising transaction categories, because it’s their money, used and spent their way.
Smyth said mymo by BCU, which is available for download from the Google Play Store or Apple App Store, complements the bank’s existing suite of digital tools, allowing for deeper, more personalised member relationships and value-adds through rich data.
The announcement comes as BCU launches its refreshed brand, which seeks to promote the bank as the preferred partner for its customers’ financial journey. The new brand positioning aims to bolster engagement and advocacy and will be essential to connecting with existing customers and growing BCU’s customer base along the east coast.
“We are excited to launch our refreshed brand, which reflects our commitment to our customers, investing in the future and creating new opportunities for growth and success,” Smyth said.
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