Egg cracks on with software launches

Online bank brings out new applications in just two months

Online bank Egg has built and launched a new banking service in just two months, using the latest rapid application development techniques.

The Egg Money account allows customers to separate spare cash from their regular financial commitments, with a software tool helping to calculate how much they typically have available to spend each month.

Another tool launching in October will analyse spending to tell where and how people spend their money, and weekly text messages will be available later this month to inform customers of their current balance and last transactions.

Pete Marsden, chief technology officer at Egg, says the bank’s product team worked closely with IT staff to build the new product so fast.

‘It was a very rapid development process, with between 40 and 50 IT and business staff working on this,’ he said.

Marsden says the project was relatively cheap because of the quick development time.

‘The costs of IT projects are usually related to the length of time it takes to develop. Projects scheduled for six months to a year often take so long that markets move on,’ he said.

Marsden says Egg is working closely with Apple and Microsoft to see how their new operating systems can help develop even more interactive products for customers.
‘Microsoft’s Windows Vista and Apple’s Tiger operating systems, in conjunction with always-on broadband, offer a huge opportunity for customers to better understand their money,’ he said.

Egg has previously developed a sample application that shifts away from a pure web browser interface, taking greater advantage of client-based features that Microsoft is building into its future operating system.

Marsden says he envisages desktop tools that automatically analyse customers’ spending and give out alerts via text or instant messages.
‘There are some very exciting developments and we’re working with Apple and Microsoft, as we have to think about changes a long time in advance,’ he said.