The launch of Movenbank was announced by its founder and chairman, Brett King, at the SIBOS Innotribe conference in Toronto last week.
It is a completely new model of bank that will operate entirely online embracing mobile and social technology.
Your mobile phone will be used as a primary payment device and to access other everyday banking services via Movenbank.
Movenbank will combine the best aspects of both a financial services provider and a customer-focused, tech start-up.
It is integrating mobile, online engagement, social media and gamification into a new kind of customer experience for banking products and financial services.
Movenbank will be the first bank to integrate contactless technologies, such as NFC (Near-Field Communication), into their core banking proposition along with a simple and intuitive customer interface that make everyday banking interactions much easier.
Movenbank has created a foundation ecosystem called CRED.The key benefit of Movenbank’s CRED ecosystem, using a combination of mobile technology, social media and behavioral game theory, is to help consumers save, spend and live smarter when it comes to their finances, and to reward them for doing so.
According to Its Founder:
Mr. King outlined the core differences of Movenbank from a traditional bank: “Movenbank recognizes that banking is changing rapidly as a result of mobile technology, social media, consumer awareness and better user interface design.
However, the epiphany came when we realized the future of banking is really about context.
Banking is no longer about a place you go to, it is something you do. At Movenbank we’re focused on building a better mobile bank that works for every customer, everyday, no matter where they are or what they need.”
Mr. King finished his keynote announcement stating: “Movenbank has been under development for many months. Our tag line that we’ve used on our website during that time ‘No Paper, No Plastic, No Hidden Fees’, has already generated a great deal of commentary. Our ‘No Plastic’ vision, most notably, means that a customer’s mobile phone will be used as both their primary payment device, as well as their access to everyday banking.