NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Tuesday, February 17, 2015

Moven, the first app and debit card to provide real-time behavioral feedback to help users change their spending habits and save more, announced today the appointment of Founder and CEO Brett King to the Board of Directors of the prestigious Center for Financial Services Innovation (CFSI).

King is the first mobile banking CEO to be appointed to the 14-member board, which is comprised of executives from Citigroup, Amazon, The Urban Institute, and other leading companies. In this role King will contribute his expertise in banking innovation and technology disruption to an organization committed to leading the nation towards Increased consumer financial health during a transformative time in the financial services industry.

“CFSI is a well-respected organization led by some of the brightest and most successful leaders in business, and it’s an honor to be asked to join,” said King. “Over the next decade, mobile banking will continue to transform the financial wellness of billions of people around the world who formally did not have access to proper financial services. Along with my fellow CFSI board members, I am dedicated to being a major part of these changes in the United States and beyond. “

While consumers in developed nations have easy access to banking services, recent studies by the World Bank indicate that more than two and half billion adults still do not have bank accounts. Furthermore, millions of consumers in developed nations lack access to the high-quality products they need to be financially healthy. This lack of access to financial services remains a significant obstacle for many global consumers. Fortunately, advancements in technology and mobile payment systems, coupled with the rapid proliferation of mobile devices have already begun to transform the industry.

“Brett King is recognized as a leader in the financial services industry,” said Jennifer Tescher, President & CEO, CFSI. “We are excited to welcome him to our board of directors as we continue to grow our network of innovators and advance consumer financial health in America.”

Mobile banking has the ability to remove the barriers that have prevented many from developing the assets and credit they need to build a more stable future. By 2020 over 65 percent of the global population will own a smartphone, with developing nations expected to lead this growth. Just recently, the Bill and Melinda Gates Foundation published its annual letter and projected that mobile banks will be a major transformative factor in reducing global poverty in the next 15 years.

“Technology has always had the power to transform the lives of many of the world’s underbanked citizens,” said John Owens, Senior Policy Advisor on Digital Financial Services & Financial Inclusion Policies at the Alliance for Financial Inclusion. “Specifically, advancements in mobile payments and mobile banking have shown to have one of the greatest potentials for transforming access to financial services in emerging markets and bringing about real change for those in need. Moreover, we see greater public-private dialogue as one of the keys to unlocking this potential.”

About Moven:
Moven is the first spending app and debit card that provides real-time behavioral feedback and instant receipts to help customers make smarter decisions and save more. Moven customers receive a debit MasterCard tied to an FDIC-insured account with no monthly fees, as well as instant spending feedback and savings tools built right into the account. Moven’s innovative financial wellness app and debit card is currently available for iPhone and Android users.

To sign up, visit Moven at www.moven.com or download the free app for iOS or Android. Connect with us on Twitter @getMoven.

About CFSI:
The Center for Financial Services Innovation (CFSI) is the nation’s authority on consumer financial health. CFSI leads a network of financial services innovators committed to building a more robust financial services marketplace with higher quality products and services. Through its Compass Principles and a lineup of proprietary research, insights and events, CFSI informs, advises, and connects members of its network to seed the innovation that will transform the financial services landscape. For more on CFSI, go to http://www.cfsinnovation.com and follow on Twitter at @CFSInnovation.