How Moven’s New App Encourages Savings, Eliminates Product Silos
Friday, May 15, 2015
At a time when most traditional banks in the U.S. are falling behind consumer expectations with respect to providing basic mobile banking services, Moven continues to blaze a trail of innovation that disrupts conventional banking paradigms. With the advantage of building a mobile banking platform from scratch, CEO and founder of Moven, Brett King was joined by Moven president and co-founder Alex Sion as they presented what some are coining ‘Bank 4.0′ at Finovate Spring in San Jose.
The introduction of its new Impulse Savings feature was one of several major expansions and enhancements to Moven’s overall experience that was introduced to another sold out crowd of bankers, investors, news media and others interested in fintech innovations. Moving beyond providing insight into spending behavior, Moven customers will have access to tools designed to encourage savings behavior and thus improve overall financial well being.
Data-Driven Contextual Experience
The 2015 Retail Banking Trends & Predictions report says the future of digital banking will combine four key elements underrepresented in the majority of today’s mobile banking apps:
- Data-driven contextual experience
- Highly visual mobile-first design
- Integrated share of wallet expansion potential
- Expansion beyond the smartphone
The new Impulse Savings feature leverages Moven’s existing real-time contextualized notifications, including instant receipts that automatically categorize every transaction, as well as an updated, color-coded Spending Meter® and app home screen, making it even easier for users to turn spending insights into savings behaviors in line with the app’s financial wellness mission.
According to King, “The entire app responds to the user’s behavior, using proprietary gamification and behavioral design to eliminate the need for budgeting in order to save. Users can track their spending, seeing how much and how fast they are saving in real-time.”
“Most banks have some form of mobile notification, a smaller number have actionable notifications, but Moven’s contextual notifications raises the bar for all FIs in the U.S.,” stated Alex Jimenez, SVP, Digital and Payments Innovation at Rockland Trust and an attendee at Finovate Fall. “Context gives intelligent emotion to real data. People need to believe in themselves first, then achieve success to change self-defeating behaviors,” added Lisa Kuhn Phillips, founder of inaVision, LLC.