This week, Barclays announced it is launching a new product for its U.S. customers called My Personal Bank. My Personal Bank is a personal banking tool that is designed to make banking and money management easier for customers. The service is embedded in the credit card mobile app, and it puts all of the customer’s services and accounts into one place. Customers can manage their finances in real time, and Barclays can help consumers more easily and efficiently.
My Personal Bank brings together not only a customer’s Barclays credit cards and loans but also their accounts at other banking institutions. With all of these accounts in one location, customers will have an easier time managing their money. And Barclays is able to offer each customer personalized insights and recommend other services that might be beneficial to them.
The new tool is the next big step in Barclays’ efforts to continue expanding on their U.S. consumer business. Barclays’ savings accounts currently offer rates that are 15 times the national average. This has helped them become one of the fastest growing online banks in the U.S. There are also no monthly maintenance fees and there is no minimum amount required to open an account.
Barclays hopes that launching My Personal Bank will simplify the online banking experience for their customers. Jeremy Takle, Managing Director of Barclays U.S. stated that the decision to launch My Personal Bank was driven by one of Barclays’ core principles; the belief that banks should help their customers make the most of their finances.
To launch the product, Barclays has enlisted the help of global financial technology provider MX. MX works with financial companies and fintech firms to help them create a more visualized and cohesive map of their customers’ financial data. As a result, customers will more readily engage with their online banking products.
Barclays is testing the My Personal Banking tool to a select group of 7,500 pilot customers. The first customers to sign up will have the option to experiment with different sign-up options. Barclaycard Arrival Plus World Elite Mastercard and Barclaycard Arrival World Mastercard cardholders will be offered the chance to try out My Personal Bank first. Barclays plans to use the feedback they receive from their customers to continue making improvements to the product.
Barclays is a British financial service that is located in London and began offering services in the United States just five years ago. Their U.S. consumer business is located in Wilmington, Delaware. Barclays U.S. offers savings accounts, CDs, and loans and recently they hit $12 billion in deposits. This is means they have grown over $1 billion just in the past year.