Published on the 26/08/2014 | Written by Newsdesk

New-York based start-up and banking disruptor Moven has revisited the banking experience and “reinvented” it based on a different set of values said founder and CEO, Brett King, at its New Zealand launch this week. Moven has signed a four-year exclusive licensing partnership with Westpac New Zealand to integrate a white label version into its internet banking platform. King said that only 10-15 percent of us actually use budgeting tools while 70-80 percent of us have expressed a desire for more control over our finances. King said that the introduction of plastic cards has dumbed down the user experience but mobile banking means we can regain control.

Moven uses behavioural psychology and gamification techniques to get users to engage with their spending habits. The tool automatically categorises each transaction and shows users how their monthly spend is tracking in comparison to their usual spending habits per category. The results are depicted in a graph using a traffic light colour system to indicate spending levels. It also sends mobile receipts within seconds of purchase, allows users to drill down in to each category and receive a money report. The tool has been live in the US since February and King said customers use the app three to four times a day, paving the way to offer : something that looks a lot more like financial advice” than a typical transactional banking relationship.

According to King, New Zealand was a target market for Moven because we have a high level of smartphone and contactless payment penetration, plus a high demand for financial awareness. Westpac was not the only New Zealand bank to approach Moven about using its solution, according to King, Westpac had the best synergies in terms of its desire to be a mobile-first business and the number one digital bank in New Zealand. Its goal is to be on 10 million smartphones in the next couple of years and its next target market is Canada, although Westpac Australia would also be a natural step.

Westpac’s chief digital officer, Simon Pomeroy, said that from Westpac’s point of view, banking is “no longer about just product, it’s about the experience”. Asked why Westpac wouldn’t simply create the technology in-house, Pomeroy said the bank needed innovative thinking from external partners.

“While these tools were developed originally as a mobile app, we are integrating them into our fully responsive internet banking platform meaning customers will be able to use the features from any smartphone and tablet as well as desktop. They also complement other features we will be releasing on our new internet banking platform later this year,” he added.

The next step for Moven is a permissions-based notification layer that allows banks to provide tailored advice appropriate to their ‘financial personality’ when users are most open to hearing it. This jives with Westpac’s desire to create personal one-to-one communications with its customers said Pomeroy.

The tools will be available in Westpac’s wrapped mobile version from October and on the entire banking platform from early 2015.