Saving money sounds simple enough, but it can be a tough habit to form. Thankfully, new mobile banking apps have arrived on the scene to help you manage your finances and set aside money for a rainy day. One of the newest offerings is a personal finance app called Moven.
The Cheat Sheet spoke with Alex Sion, president and managing director at Moven for details on the app, how it works, and his thoughts on the future of mobile banking.
The Cheat Sheet: What is Moven?
Alex Sion: Moven helps people build better money habits. Customers who use our award-winning app and the free debit card and mobile payment sticker we provide can stay mindful of their spending habits in real time and manage all their daily money matters on the go. They’ll make smart spending decisions and save effortlessly all from their mobile phone.
CS: What was the motivation behind creating Moven?
AS: We first conceived Moven in 2011, when I was leading financial services innovation at a digital marketing agency called Sapient, and our CEO, Brett King, was on the road speaking about his book, Banking 2.0. We both saw there was an unmet customer need for banking services that are on the customer’s side, and we saw that emerging technologies in the mobile, social, and mobile payments space provided an amazing opportunity to change that. Our goal was, and still is, to start a movement to offer a universal digital experience that inspires people to make smart financial decisions and reach their personal goals.
CS: How does the Moven app work?
AS: Moven combines the best technology has to offer and the best spending card into one and makes it all about mindful spending and real-time insight into your spending habits. Here’s how it works: to begin, all users need to do is download the free app (iOS and Android) on their mobile device and register with basic information. It takes just two minutes to register for the app and apply for the free Moven card. Once approved, your free Moven debit card is mailed to you. You can also request to get a free mobile payment sticker so you can “tap and pay” with your phone. While you are waiting for your card and sticker to arrive you can start to use the Moven app immediately to track spending on any other debit or credit card you might have. It’s simple and easy to link any card (credit, debit or ATM) to the Moven app so that you can see all of your spending habits in one place.
The Cheat Sheet: What are some features of the Moven debit card?
Alex Sion: There are many ways to move money in and out of your Moven account all from your mobile phone. You can do direct deposit, take a picture of a check, or transfer money to and from your existing checking account. Many of our customers use Moven as a smart spending card that compliments their existing bank checking account. Other customers use Moven to fully replace a bank checking account, especially if they never write any checks. Either way, once you place money on your Moven card and you’ve registered with the app, you’re all set.
CS: What happens when you make a purchase with the card?
AS: Every time you use your Moven card to make a purchase you receive an instant notification on your phone that provides you with an “at a glance” view of your spending habits. It will help answer questions such as: is this daily Starbucks habit OK or taking me over the edge? From the instant “at a glance” view, you can effortlessly dive in deeper to get more info that will help you make decisions and change habits. No math or budgeting bar chats are involved. We make managing your money on the go effortless and easy, too. You can pay a bill, text money to a friend, and save instantly and automatically. With Moven, anyone with a mobile phone has the chance to spend differently and make smarter decisions.
Stay tuned for part two of our chat, where Sion will discuss his take on the future of mobile banking.