By Aisling Finn on Wednesday 5 May 2021
In for a Pennyworth, out for a pound.
In an already crowded market, there’s another digital banking service joining the fold.
Pennyworth, founded by former Barclays executives, has begun beta testing of its AI-powered digital banking app.
The app, which is available to iOS beta testers from today and will be available to Android testers imminently, hopes to tap into the market of busy professionals, managers and business owners.
Pennyworth is hoping to attract “aspiring-affluent” customers that earn more than £40,000 a year and help them identify and create goals for important life events, like buying a home or retirement.
“The Pennyworth app is a giant leap forward for made-to-measure banking. We are putting a bank manager in the pockets of busy people and making it easier for them to get the most out of their finances,” Jeremy Takle, founder and CEO of Pennyworth, said.
“Helping people fulfil their goals is crucial for truly personalised banking and allows us to build new and unique services that help achieve those goals faster.”
The beta version of the app will use AI-powered technology to support goal setting, create a tailored financial plan and provide smart suggestions to help users reach their goals.
“We’ve done lots of research with our Pioneers to discover how to help them best and are delighted to share the results of our initial development work for their feedback,” Ben Harvey, founder and chief product officer of Pennyworth, added.
“Pennyworth’s app delivers advanced goal-setting, clear guidance and a personal-finance algorithm to help customers achieve the important things in their lives. No one else comes close to delivering this kind of tailored support for aspiring-affluent banking customers.”
To celebrate the launch of its beta app, Pennyworth is also extending its waitlist to allow more people to join the testing phase and gain early access to its app.