Dutch bank, ABN Amro has announced that it will partner with Swedish fintech firm Tink in order to develop a new personal financial management app that it hopes will appeal to its customer base and demonstrate its willingness to innovate. The new app called Grip, will continuously collect, sort, and provides analysis around consumer spending and help curate user-defined budgets and alerts when a maximum spending limit is reached.
Commenting on the application, Frank Verkerk, chief digital officer, ABN Amro said,
“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.”
Partnerships between established banks and new entrants are increasingly common and the deal between Tink and ABN Amro shows that the growing fintech community does not always have to represent a challenge to the status quo but rather help complement existing players and improve the customer banking and payment experience overall.
Overview by Tristan Hugo-Webb, Associate Director, Global Payments Advisory Service at Mercator Advisory Group
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