AUSTRALIA’S biggest banks will spend $5 million to create a new mobile-friendly banking app, the Financial Review has learned.

The Financial Review understands the bank has developed a new banking app that will provide customers with quick access to their bank account information, with a swipe of their phone.

The app, called CashFlow, is expected to launch later this year.

The company said it was aiming to attract about 300,000 customers and build up to $250 million in new revenue.

“CashFlow will help improve banking and help Australian customers make the most of their banking experience,” the company said.

“We have a long way to go to reach our target of 10 million CashFlow accounts, but we believe CashFlow will provide some really exciting new ways to do so.”

The app will be available in the US and Canada, with Australia’s national banking network already providing banking services to a large number of customers.

CashFlow is expected not to be available to Australians until later this month.

“In terms of the timing of our new product, we have a range of initiatives on the horizon to help us deliver our vision to customers,” the bank said.

Cashflow has been developed by the Australian Banking Association (ABA) and launched last year.AP:Associated PressMore:CashFlow has been available in a few other markets, including the UK and the US, but it was the US that saw the biggest uptake.

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