Accenture (News - Alert), a global management consulting, technology services and outsourcing company, has entered into a strategic alliance with Moven, an innovative digital banking service and financial wellness app, to collaboratively develop and deliver next-generation digital banking solutions. The partnership draws on Accenture’s extensive experience in the banking industry, system integration knowledge, digital capabilities and digital customer focus, as well as the fresh approach to digital banking taken by Moven’s recently-launched banking app and financial wellness solution.
The two companies signed a services agreement in which they will collaboratively develop new digital banking capabilities to be offered to Moven’s customers, such as more intuitive account opening and management capabilities, biometric authentication and real-time marketing. The ability to offer next-generation banking services is becoming increasingly important — especially among Millennials — as customers expect a more integrated and feature-laden experience that takes advantage of the proliferation of mobile devices and growing prevalence of wearable technology.
In addition the services agreement, Accenture and Moven have entered into an alliance agreement in which they will deliver the new solutions to banks around the world. These banks will then be able to deliver more innovative digital products and services to their customers and offer an overall better experience centered around mobility and financial wellness. Furthermore, the alliance will play a large part in launching Moven’s operations onto a global scale.
“As the digital era accelerates the pace of change, with faster innovation cycles and technology adoption, banks will need to embrace and implement digital innovation, including from leading disruptors, at faster speed if they want to remain relevant to their customers,” said Joydeep Bhattacharya, a Managing Director for Accenture Interactive, part of Accenture Digital. “Moven is an innovator in digital banking, and we are pleased to work with them to bring banks solutions that can help them raise the bar in customer experience and operate in the digital era.”
Moven’s financial management software helps customers manage their budgets through gamification and behavioral design, which the company refers to as “Impulse Savings.” One feature notifies a customer when they enter a familiar retail location but funds in their account are too low to cover what they spend on average at that location. Another is “Lock Away Savings,” which provides fun tools for customers to save up for a virtual wish list of items. The app also provides instant notifications following every transaction made using the connected debit card or a mobile payment tool.
“We set out to change what the world thinks of as a day-to-day bank account, starting from scratch with mobile, and providing customers with advice on spending and savings,” said Brett King, CEO and Founder of Moven. “The alliance with Accenture will be invaluable in helping us mobilize our services globally as we grow to tens of millions of users in a dozen countries.”
Edited by Rory J. Thompson