The rollout of the latest features began on Thursday and, according to Westpac, will allow customers to have more control over their money.

Westpac’s app upgrade is part of its expansion strategy to become a “digital first bank”.

The new tools it unveiled this week include a “spend tracker” to categorize expenses; “improve budget” to record monthly spending trends; and “biggest spend” to identify the customer’s biggest transactions.

Westpac’s chief executive of consumer and business banking, Chris de Bruyn, said the development was aimed at making banking “simpler and more intuitive”.

“We want to empower our customers by letting them better understand where their money is going to help them achieve their financial goals.”

A recent survey of 2,000 people by the bank found 84 per cent of Australians are looking to cut costs, with 72 per cent saying a categorized spending tool would help them meet their budgeting goals.

“Our customers are demanding more personalized information about their spending and tools to manage their finances, especially as the cost of living rises. We want to empower our customers by giving them more control over their money with faster and easier budgeting tools available on their smartphone,” said Mr de Bruyn.

As of this week, ANZ’s new digital banking app, ANZ Plus, manages $500 million in funds with 40,000 users.

In a statement on Tuesday, ANZ confirmed that alongside its growing customer base, the bank has launched improved user efficiency and security measures.

With other major banks finding new ways to navigate online banking, Westpac continues to refine its digital strategy.

Its acquisition of online financial assistant, MoneyBrilliant, last year brought it one step closer to executing its digital plan – a plan that will see it explore further development in the future.