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NatWest iPhone APParently useless

Grace Carroll
by Lovemoney Staff Grace Carroll on 07 April 2010  |  Comments 2 comments

NatWest jumped on the mobile banking bandwagon and quickly fell off. Find out why...

Considering the state of the UK economy, one would assume that leading financial institutions would plough resources into improving customer service and retaining their customer base. NatWest must have received a different memo.

According to NatWest, 96% of their customers would recommend online banking. Without doubt, online banking represents the future of personal finance. It is a quick, safe and easy way to monitor your finances.

While NatWest have recognised the merits of online banking, they have failed to acknowledge the advancement of account aggregation, whereby you can view all of your accounts in one place. However, an even greater failing lies with their latest ‘innovation’, the NatWest iPhone App.

Released in November 2009, the application has failed to find a following. While a massive budget was invested in the concept, seemingly the majority was spent on marketing rather than design. The application is limited with services restricted to viewing rather than transferring your money. The app only allows the user to check their balance and view mini-statements. The app is also restricted to iPhone users only.

At lovemoney.com, we agree that mobile banking is a future feature of personal finance. It was refreshing to see the first major UK bank develop a free personal finance app for the iPhone. It was incredibly disappointing to see what a poor effort they made at it.

Despite the flurry of media activity, the app has been largely panned by users. According to iTunes, the app has gained a 2.5 star rating. Out of almost 8,000 reviews, over 3,000 iTunes customers have given the device only one star. Evidently, when it comes to money management style will rarely persuade customers to overlook substance.

With a growing demand for more sophisticated banking services, financial institutions need to step up to the plate. Do you know of any mobile banking apps that have made you happy to have an iPhone? I’d love to hear about any fantastic finance apps that you’ve discovered. Feel free to share your wisdom below!

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Comments (2)

  • PaulM
    Love rating 16
    PaulM said

    On top of being quite limited (although it's handy to check my balance and most recent transactions) the Natwest app suffers from performance problems. Often I get "network unavailable" error, and while I get that less than I used to it's really put me off using it unless I definitely need to.

    Report on 08 April 2010  |  Love thisLove  0 loves
  • russelljcarr
    Love rating 7
    russelljcarr said

    Yeah, I find it's really slow and all I can do is view balances and recent transactions...which I could do anyway!!

    Report on 09 June 2010  |  Love thisLove  0 loves

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