The Moven smart banking app helps users track, understand and manage their spending

moven

Country: USA

Year: 2011

Moven reimagined daily banking with a Personal Financial Management (PFM) app for mobile. It offers user-centric banking features to track money transactions and help customers manage wisely their budget through gamification and behavioral design. With no fees and no possibility of overdraft, Moven is accessible for all.

Concept

  • Moven is not a bank, but a financial service provider that offers personal banking insights and innovative PFM features
  • Moven the “PFM aggregator”:
    • With Moven, users can aggregate all your bank accounts in one app in order to have a complete view of their overall current banking situation
    • The app automatically categorizes every banking transaction with the objective of helping users  identify “wants”, “needs” or “others”
  • Moven – the “neo bank”:
    • Moven offers a payment account with a MasterCard credit card issued by CBW Bank which is a FDIC member
    • With a Moven account and card, users can pay through P2P (emailing or texting), mobile (xPay), and send money instantly for free to other Moven users

Consumer Benefits

  • Freemium:  Opening an account is free and there are no monthly fees. All day-to-day transactions are free: deposits, transfers of funds, withdrawals of cash from 42.000 ATMS and payments. There are only fees in special circumstances. Bank overdrafts are not authorized
  • P2P payment: pay another Moven user instantly or a friend without a Moven account by using his or her phone number or email
  • Mobile payment: use the Moven debit card with Samsung Pay or Android Pay to shop in stores or in apps
  • UX: the app uses an interesting UX/UI approach with different innovative features such as widgets to display your balance, Spending Meter, and recent transactions at a glance
  • Personal Finance Management features:
    • Understand your expenses: Moven categorizes your expenses and sort them in three ways: Wants (discretionary spending: Dining Out, Shopping,…), Needs (basic living expenses: Home, Groceries, Transportation, etc.) and Other
    • Make wise spending decision: Moven tracks daily spending habits and shows usual spendings (“typical spending”).  Moven calculates also your typical average spending to identify under- or over- spending in real time
    • Visualize your money path: Moven proposes a graph of your daily spending compared to your typical spending

How To Use

  • Download the app “Moven” for free
  • Select your interaction mode:
    • Either apply for “Moven smart banking” and open a FDIC insured accounts with a free Moven debit card (MasterCard)
    • Or try Moven as a PFM by linking your existing bank accounts
  • Add Money into your Moven account to activate it (Direct deposit, ACH transfer, check or MasterCard rePower)
  • Wait to receive your Moven Debit Card then activate it and get your PIN by calling Moven Back Office
  • Enjoy the experience!

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