03/10/2011
By Scott Thompson
Movenbank has started to alpha test its services with a select few members of the public.
The launch of the world's first branchless, paperless, mobile centric bank was announced by founder and chairman, Brett King, at the SIBOS Innotribe conference in Toronto during September. Commercial operations are due to commence in the second half of 2012.
In his opening address to the Innotribe delegates, King said: "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 CRED."
CRED uses a combination of mobile technology, social media and behavioral game theory. King outlined the core differences of Movenbank from a traditional bank: "It recognises 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 realised 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."
"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. It will be the first bank to integrate contactless technologies, such as NFC, into our core banking proposition along with a simple and intuitive customer interface that make everyday banking interactions much easier," he concluded.
