WILMINGTON, Del., Oct. 17, 2017 /PRNewswire/ -- Barclays' consumer business in the United States took another innovative step in growing its direct consumer bank with the launch of its My Personal Bank tool.
This new service, embedded in the credit card mobile app, is a personal financial management tool intended to help make banking more effortless for customers. The app brings all of a customer's Barclays' credit cards, personal loans and savings products, as well as their accounts with other banks, into a single place. With this aggregated view, customers can engage easily with their finances and Barclays can provide timely insights and better product offers tailored to them.
Launching My Personal Bank is another important milestone in the continued growth of Barclays' consumer business in the U.S., which includes credit cards, online savings accounts, certificates of deposit (CDs), and personal loans. Recently, Barclays surpassed $12 billion in deposits, which represents growth of almost $1 billion year-to-date. This accomplishment comes just five years since the bank began offering savings accounts and CDs in the U.S., making it one of the fastest-growing online banks in the country. Barclays U.S. savings accounts currently offer rates that are 15 times the national average (1.30% APY), have no monthly maintenance fees and require no minimum balances to open.
"Our goal of building the premier direct bank in the U.S. is driven by the principle that we believe banks should help customers get more out of their finances, for less effort," says Jeremy Takle, Managing Director, U.S. Branded Consumer, Barclays. "We offer great value in every product to our customers and we make their experience with us easy – easy to understand, easy to decide, and easy to act – which is where My Personal Bank comes in."
Using a test-and-learn approach, this proof of concept tool is being offered to select Barclaycard Arrival Plus™ World Elite Mastercard® and Barclaycard Arrival™ World Mastercard® cardmembers. The first 7,500 to register will have the opportunity to experiment with various sign-up options and insights.
Barclays is leveraging solutions by MX, a global financial technology provider, to deploy the tool. MX has experience working with U.S. banks and has been named six-time consecutive Best of Show winner at the Finovate conference.
"Since our beginning, MX has sought partners that embody our mission to empower the world to be financially strong," said Ryan Caldwell, founder and CEO at MX. "Barclays has repeatedly proven that they're highly invested on this front through their products and services. We couldn't be more pleased with the partnership, and we look forward to what we'll accomplish together for customers at Barclays."
"We are thrilled to offer this enhanced service to our pilot group of customers," says Jeremy. "We look forward to hearing their feedback as they test the product so we can continue to improve the experience. This pilot exemplifies how we never settle and continuously think hard to anticipate our customers' banking needs – so that they don't have to."
To learn more about the personal banking and credit-card offerings from Barclays in the U.S., visit banking.barclaysus.com and findmybarclaycard.com.
Barclays is a transatlantic consumer, corporate and investment bank that moves, lends, invests and protects money for customers and clients worldwide. Its US consumer business, headquartered in Wilmington, Del., is one of the fastest growing top-10 credit card issuers in the nation. The company creates customized, co-branded credit card programs for some of the country's most successful travel, entertainment, retail, affinity and financial institutions. The business also issues its own Barclaycard branded credit cards and offers high-yield online savings accounts and CDs, and personal loans.
MX enables financial institutions and fintech providers to collect, refine and present actionable data that empowers the world to become financially strong. Founded in 2010, MX is one of the fastest growing fintech providers, partnering with more than 1,700 financial institutions and 35 digital banking providers. For more information, visit www.mx.com.