Startup bank Pennyworth begins beta testing of augmented intelligence app

Pennyworth, the digital bank founded by former-Barclays executives for busy professionals, managers and business owners, has made the first version of its financial planning app available on iOS devices for testing by members of its Pennyworth Pioneer community. An Android version of the app will be made available in early May.

Pennyworth’s app was created to help aspiring-affluent individuals earning more than £40,000 a year, or with a similar level of savings, make the most of their money by making it easier to identify, prioritise and fulfil important life goals.

The Pennyworth app’s initial version features augmented intelligence technology to support advanced goal-setting, create tailored financial plans, and provide smart suggestions to help customers achieve their goals.

This testing phase will hone Pennyworth’s planning capability and help determine users’ requirements for a range of new financial functionality made possible by open banking.

Jeremy Takle, founder and CEO of Pennyworth, comments: “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. 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.”

Ben Harvey, founder and Chief Product Officer of Pennyworth, comments: “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. 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.”