Lloyds Banking Group has announced plans to trial a shared financial management app with its customers.

The Lumio app allows couples and other people who manage a household budget together to manage their finances in a shared space. They can also track and automatically split shared expenses and save together for common financial goals.

Lumio is a successful graduate of the Lloyds 2024 Launch Innovation programme, which provides a select group of participants with an opportunity to run a commercial experiment with the bank.

The platform will be rolled out to select Lloyds customers who jointly manage bills between May and August.

They will be invited to trial the app on a first come first serve basis and enjoy free access to Lumio Couples Pro, Lumio's premium package, typically priced at £39.99 per year.

“Lumio offers an easy way to manage money together, making every day financial tasks stress-free for people who need to do this together – whether that be couples, siblings or flatmates," said Tamara van den Ban, customer propositions director, Lloyds Banking Group. "We believe that collaboration is key to delivering exceptional services and enhancing our capabilities and we are excited for what our partnership with Lumio will bring to better address our customer needs.”

The move comes after Lloyds announced on Wednesday that it had launched a new travel booking service on its mobile app in a UK-bank first.

The new service, powered by travel tech platform Hopper, enables customers to book flights and accommodation worldwide.

Once a customer has booked, they can keep track of their trips directly in the Lloyds app.

The launch follows the roll out of several travel-related products at the bank, including foreign exchange (FX) and travel money services, breakdown cover for travel in the UK, and travel insurance.

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