Frost Money begins beta testing of new online current account
A new online current account has started beta testing ahead of its full launch next year.
The mobile account is due to launch in the first half of 2021.
Over 8,000 people have already signed up to use the app, with a select number currently helping Frost to refine all aspects of the service to users during the beta testing period. Over half (58.3%) of users are aged 25-44, with a fifth of total users (19.7%) under the age of 25. Meanwhile, 8.5% are aged 55 and over, showing the broad appeal of being able to bank and manage money from your phone.
Frost is particularly keen to help consumers manage their money and find the best deals on the market. As consumer champions, like Martin Lewis, and the Government itself have been pointing out for many years, around 14 million households in the UK could save themselves hundreds of pounds by switching energy providers. The problem for many, is the process involved with doing this.
Frost accounts will have the functionality to automatically compare utility companies and find the best deals for each user so they can switch energy providers directly from their phones. Therefore, customers will no longer need to spend time trawling and comparing all the different deals on the market. This is possible because Frost’s app is powered by an Artificial Intelligence (AI) engine called Save Assist which boosts the level of automation a user can enable in their account while also benefitting from rich, personalised features and improved functionality.
In addition to finding the best deals for its customers to make switching easy, Frost’s fully online banking account also allows users to send and receive payments using just their phone number and exchange currency at the preferential inter-bank rate for a small fee.
Pawel Oltuszyk, co-founder and CEO of Frost Money, said: “Now is a wonderful time to be thinking about money management and what that means to us as individuals. Our vision is to help Frost customers better understand their finances and save them time and money by automating boring, time-consuming tasks, such as finding better deals and switching providers.
“This is because our Save Assist engine will do all the heavy lifting for our customers, making smart and informed decisions and alerting them instantly so they can save on their utility expenditure by being on the best possible deal.”
Edyta Sliwinska, co-founder and chief marketing officer for Frost, said: “The seasonal break is a valuable time to think about finances, make New Year’s Resolutions and plan for the year ahead. This is why we have invited some of our future Frost Money community to put the service to the test during this beta testing stage and make their recommendations. By doing this, we can create the best and most user-friendly experience, so our customers find it as easy as possible to manage their finances and keep those Resolutions for a lifetime.”
Those who sign up now for an account will be one of the first to benefit from the app when it launches next year.