Movenbank has made great progress in last few months with its innovative mobile application that combines personal finance management (PFM) & mobile payment features.
Brett King, author of Bank 2.0 and founder of New York-based banking startup Movenbank, founded in 2010, agrees with Damelin. “Credit scores are a lagging indicator — they only look at what has happened in the past,” he says. “They [credit agencies] don’t use data to look into whether your behaviour is risky or not now.”
Movenbank’s goal is not just to use technology to personalise the banking experience, but to reinvent the traditional risk model to provide banking to people who are denied banking because of their bad credit. “Most banks reject around 50 per cent of credit applications. It’s a pretty strange business when you reject half of your potential customers and don’t even tell them why.” says Brett King.
Some of the features highlighted were:
MoneyPulse: A financial situation dashboard with green, yellow, & red dial so the user interface is designed for user to know if there exists a problem & they need to take action for it.
MoneyPath: Helps you to budget
Account Aggregation: Users can connect several accounts from different bank & credit unions (Like Simple, Mint.com)
Spend, Save, Live:
Financial Health Score (CREDscore): Always know where you stand with your CREDscore. CRED takes into account an individual’s traditional credit score including other aspects such as users social reputation and trust weighting, their eBay rating is good or no ? Do they send receive money peer-to-peer? It also measures their social network (Facebook/Linkedin) reach. It consolidates all this data points in its proprietary CREDscore rating engine, to assess their risk, also to measure the potential value of the customer. You can improve you CRED score by refereing other friends & family from your network or pay your bills on time.
The CREDscore number that provides an instant assessment of your financial health. Watch your score rise as you spend smarter and save smarter. (movenbank.com)
Movenbank is also carving its way to mobile payments. Stay tuned for more on that.
Movenbank was founded by Brett King, financial innovations expert & author of Banking 3.0; the company has 2.4 million seed funding to date.