Westpac, ANZ make moves in budgeting app space

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on December 08, 2021 Fact Checked
Westpac, ANZ make moves in budgeting app space

Westpac announced it will acquire budgeting app MoneyBrilliant, while on Wednesday ANZ opened its digital banking service 'ANZ Plus'.

Westpac and financial services provider AMP have reached an agreement on the sale of budgeting and cash-flow app, MoneyBrilliant.

MoneyBrilliant is a budgeting and cash-flow tool that helps users manage their money by providing practical insights and displaying their financial accounts in the one place.

The technology utilised by MoneyBrilliant will ultimately be integrated into Westpac’s digital banking app.

Westpac Chief Executive Consumer & Business Banking, Chris de Bruin, said the acquisition of MoneyBrilliant is another important step in Westpac’s digital strategy.

"In recent years we’ve seen demand grow for simple and practical digital tools to help customers manage their personal finances," Mr de Bruin said.

AMP will continue to offer personal finance solutions for its clients through its wealth-focused 'My AMP' app.

The acquisition of MoneyBrilliant is expected to be completed by next month.

ANZ opens registrations for 'ANZ Plus'

On Wednesday ANZ announced customers can register for its new digital banking service 'ANZ Plus', available from early 2022.

ANZ Plus will initially offer savings and transaction accounts with other features expected later.

ANZ Plus smart, digital money management tools include:

  • Manage spending with detailed transaction data including maps, categories and contact details.
  • Alerts when you spend or get paid.
  • See how your spending adds up with monthly summaries broken down by category.
  • Know what’s coming with predictions for upcoming bills and subscription payments.

ANZ Group Executive Digital and Australia Transformation, Maile Carnegie, said ANZ Plus will completely reinvent what customers expect from the bank.

"We have made significant progress on building the underlying platform in 2021 and it will soon be ready for our customers, which is very exciting. ANZ Plus will start with savings and transaction products and we will add to that progressively," Mrs Carnegie said.


Image by Clay Banks via Unsplash.

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Jacob Cocciolone joined the Savings team in 2021 as a Finance Journalist. Driven by a passion for keeping Australians up to date with the latest financial news and trends, his areas of interest include financial technology, investing, property and motoring.

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