Westpac to bolster digital offering with MoneyBrilliant acquisition
Westpac has signed an acquisition deal with AMP Limited to acquire its money management app MoneyBrilliant for an undisclosed amount.
MoneyBrilliant is a budgeting and cashflow tool designed to help users manager their money by displaying financial accounts and insights in one place.
Westpac said the plan is to ultimately integrate MoneyBrilliant's technology into its digital banking app.
"The acquisition of MoneyBrilliant is another important step in Westpac's digital strategy. In recent years we've seen demand grow for simple and practical digital tools to help customers manage their personal finances," Westpac consumer and business banking chief Chris de Bruin said.
"We look forward to further building on MoneyBrilliant's existing capabilities and making these available to our customers."
The acquisition is expected to be completed by next month.
Just last week, Westpac announced more than 800,000 customers with a mobile running Android 10+ would be upgraded to the newest version of its mobile banking app over the coming weeks.
Following a trial with more than 20,000 customers, the updated app includes features such as smart search to enable customers to quickly locate banking services or transactions across multiple accounts; a digital card where customers can access a digital version of their card in the app which can be used for purchases; a cards hub so customers can consolidate their debit or credit cards in one place; and accessibility improvements including make it compatible with screen reader and voiceover technology for customers who may be hearing or vision impaired.
The rollout follows the app being introduced to the bank's 1.7 million iPhone customers earlier in the year.
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