By Aisling Finn on Wednesday 25 August 2021
The app uses Experian’s open banking platform to enable housemates to easily split bills.
NatWest is taking a first step into the lucrative world of renting, launching a new app to help renters split and pay their bills.
The bank has developed a new app, called ‘Housemate’, which will help to take out the awkwardness of asking their housemates for their share of the bills.
Based on responses from over 1,500 across the UK, NatWest found that 45 per cent of renters find it uncomfortable reminding housemates to pay their share of household bills, with a further 48 per cent finding it awkward when a housemate falls behind with payments.
‘Housemate’ helps renters manage shared bills, connecting tenants to help manage their shared finances more easily.
“From our research, we found that a good proportion of those in shared accommodation finds sorting finances frustrating and awkward,” Wendy Redshaw, chief digital information officer of Retail Banking DigiTech at NatWest said.
“With Housemate, we have created a one-stop-shop for renters to simplify this experience, enabling those in shared accommodation to manage their joint finances smoothly and at any time.”
The new app uses Experian’s open banking platform to track who owes each other money and allows them to link their current account to the app to make repayments.
“We’ve seen a boom in helpful new digital apps and tools over the course of the last 18 months, as the pandemic has prompted more people to turn to online services to manage their finances,” Paul Speirs, managing director of digital consumer information at Experian UK and Ireland, added.
“By using the data made available through Open Banking, financial services providers are helping people take more control of their financial health and manage their money more effectively.”
The app is free to download and use and you don’t need to have a NatWest account to sign up.