Westpac has announced a small upgrade to its online banking app with the addition of two new personalised digital banking features to help customers better manage their spending.
Among the new tools, which are set to be rolled out later this month, include a ‘Savings Finder’, designed to help customers find potential savings from existing recurring payments, including subscriptions.
As well, Westpac will add a new ‘Bills Calendar’ to its online banking function, enabling customers to track and add upcoming payments and receive alerts when these bills are due.
Westpac chief digital officer Jason Hair said the new tools would give customers greater visibility over their expenses, providing “personalised insights that allow them to make more effective and informed decisions about their spending”.
Recognising current cost of living pressures facing Australians, Hair said that more than 450,000 customers are now accessing the bank’s budgeting tools each month.
He added that the new features build on the bank’s existing suite of budgeting tools made available in the Westpac App, including spend categorisation, cashflow tracking, the ability to create savings goals, or ‘buckets’, within individual accounts, and the ability to instantly cancel direct debit transactions.
“As the economic landscape evolves, it’s reassuring to see that many are taking proactive steps to adapt and manage their money more efficiently,” he said.
“We’ve particularly seen a growing number of customers scrutinising their spending through our categorisation feature, where customers are keeping a close eye on how much they’re withdrawing from ATMs, followed by how much they’re spending at bars and restaurants, as well as on groceries, transport, and entertainment.
“We’re also seeing more customers prioritising their savings with a growing number of people setting up dedicated ‘emergency’ or ‘rainy day’ savings goals.