News & Events
Moven Enterprise Launches Globally
October 22, 2018, New York – Moven Enterprise, the smart-banking solutions division of Movencorp, Inc, today announced that it has expanded its footprint globally to help banks deepen their digital customer engagement and drive new revenue streams while significantly reducing attrition and acquisition costs.
After working successfully with TD Bank (TD) in Canada, Westpac in New Zealand, and others, Moven is now bringing its AI-driven digital banking platform to banks across LatAm, APAC, Africa, the Middle East and Europe. The global expansion is well-positioned as Moven Enterprise received investment from SBI Group to enhance Moven’s footprint in Asia earlier this year. This included the formation of a joint venture, SBI Moven Asia. The company’s innovative platform leverages a bank’s data and uses proprietary algorithms to create contextual, individualized smart-banking experiences for consumers; providing them the right advice at the right time with the right offer and helping them move towards a better financial lifestyle.
Starting out as a direct-to-consumer banking app in 2011, Moven began licensing its technology to TD in 2016 as the app attracted increasing interest from the banking community to enhance customer engagement. The licensing extension led to the launch of the proprietary TD MySpend® app, TD’s leading mobile money management app that now has more than 1.5 million users. As a result of this success, Moven piloted a soft-launch of Moven Enterprise with several banks, including Westpac in New Zealand, quickly expanding its global footprint to customers worldwide.
Today, global banks have access to Moven Enterprise’s customizable technology options to drive their digital growth. In addition to significantly reducing a bank’s time to market, Moven offers a range of implementation options to help banks expand their market reach and generate new revenue streams. Moven Enterprise’s solution aligns a consumer’s needs to a bank’s revenue and relationship goals. Moven’s turnkey technology model offers a range of options for easy access including Moven’s smart banking solutions stack together with open APIs and SDK tools.
Marek Forysiak, Moven CEO, adds, “Moven has a proven model for success. Several of our client banks’ results tell the story – from significantly reduced attrition rates, positive customer engagement and increased savings behaviors and reduction in spending, Moven is well-positioned to roll-out our enterprise offering to banks around the world.”
Rizwan Khalfan, TD’s Chief Digital and Payments Officer, explains, “Moven’s technology innovations have helped us offer our customers new ways to bank that foster a greater understanding of their finances and contribute to their overall well-being. We will continue to work with Moven as we develop inspiring new mobile experiences for our more than 12 million digital customers across North America.”
Moven’s recent partnership with SBI Group, which included a $10 million-dollar investment from the financial services company, is helping drive this global growth with the establishment of SBI Moven Asia. For the first time, this new entity will offer customizable technology for banks to deliver personalized advice-driven mobile banking to optimize customers’ financial wellness. The investment from SBI and local support will bring greater opportunity for Moven Enterprise’s Asian partners.
Brett King, Moven founder, states “SBI’s partnerships with more than 60 banks across Asia gives us the opportunity to deploy our solutions quickly and efficiently, offering our Asian customers tailored and localized support and attention.”
Today, millions of Moven customers use the mobile banking app, debit card, and advice-driven savings tools which provide real-time, personalized spending insights that help motivate users to make smarter decisions, helping them ‘spend, save & live smarter’. To better service Moven’s partners and meet the demands of the global expansion, Moven Enterprise has expanded the sales team into the LatAm, APAC, Middle East and European regions. Additionally, Moven has strengthened its management team with experts in management, sales and marketing to support the company’s customers and global growth.