World’s First Everyday Cardless Bank to Launch October 1st!
As of 1st October, Movenbank, the world’s first everyday cardless bank, will begin to “alpha test” its services with a select few members of the public. 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.
In his opening address to the Innotribe delegates, Mr. King established: “This is the reboot of Banking as we know it. 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.
“The goal of our new fin-tech company is to create a bank that is highly focused on utility and customer engagement. To enable this, Movenbank has created a foundation ecosystem we call CREDTM.”
The key benefit of Movenbank’s CREDTM 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.
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. Movenbank will be the first bank to integrate contactless technologies, such as NFC (Near-Field Communication), into our core banking proposition along with a simple and intuitive customer interface that make everyday banking interactions much easier.”
Movenbank’s Alpha site will launch on 1st October 2011, with commercial operations due to commence in the second half of 2012.