Today we witnessed a quantum step forward for the banking industry, as author of Bank 2.0, Brett King, announced the launch of Movenbank. A radically different way for people to engage with their money. Long gone are the formalities of banking, allowing consumers the power to spend, save and access their money in completely new ways. Utilising the power of gameification, consumers will have transparent power in their hand, known as CRED.
The modern consumer already carries one of the most powerful service delivery devices in the history of man, the mobile phone. Which has amazing ability to create behavioural, geographical, demographic and timeliness information that contextualized the world around us. Just like the daily ritual 750 million Facebook users have, as they check their news feed to see what's going on with their friends, family and associates. Advertising is targeted with precision, suggested services, new friends, all are built leveraging the power of information.
Movenbank has is the bank redesigned for the modern day, in a world that consumers create, engage and utilise information in an increasingly more rapid and empowering ways. Many of the the modern day digital natives have embraced the power of Facebook, Twitter, LinkedIn, etc. changing the by gone perception that everyone wants to hide from the world. Instead the modern consumer is happy to agree to an exchange of value, where the consumer allows the world access to their information in exchange for an optimised, contextualized consumer experience. Thus empowering the consumer with the utility of money and their mobile.
Movenbank is based on "CRED," which is based not just on your traditional credit scores, but recognises your "influence" at the bank, through the inclusion of information from your transactional behaviour, social networks and network influence.
With the Alpha release on October 1st. This truly will alter the course of how we all live with our money.
Best of luck to Brett King and the team at Movenbank