Moven’s integrated app offers multiple features in addition to the usual transaction and balance information. The app provides alerts to notify users if they are spending more than usual on their day-to-day purchases and also displays saved amount if spending is less in comparison. This drastically increases customer engagement down to the transaction level. The alerts are given not only through numbers but also through color codes. “If the user opens the app and if the color indicator is green, spending is within the limits, if it’s yellow—moderate levels, and if it's red—spending is more than usual,” explains Mihaescu. This is very different from traditional banking processes.
In addition, the app displays information about the user’s spending on different activities like transportation, travel, and grocery expenditures. Users can even compare their current spending with their previous months’ to effectively control their expenses. “We also do spending analytics to provide users with a graphical representation of day-by-day spending also separately indicating person-to-person money transactions,” adds the COO.
Our mobile first, Software as a Service solution helps banks accelerate their digital transformation
“Banks and financial enterprises deploying these lively features in their banking culture would retain customers as the solution becomes a part of their everyday life.”
The firm’s unique capabilities in delivering a multi-featured mobile application have helped many banking organizations to rapidly increase their number of customers and achieve higher levels of customer satisfaction. For instance, Westpac, a leading financial enterprise in New Zealand, decided to add integrated mobile applications to their array of services to enable their customers track finances and avail spending insights. The client implemented the CashNav app developed in collaboration with Moven which drastically changed their customer experience. The client’s customers gained complete insight into where and how their money is being spent; also helping them save and prioritize their expenditures by categorizing their spending. This helped Westpac to improve customer satisfaction to a great extent, also drawing new accounts.
Over the years, Moven has served the banking industry with its unique solutions empowering financial enterprises not just to facilitate their customers in financial transactions, but help them effectively track their expenses. Forging ahead, the company is planning to launch their own versions of savings and credit methodologies. “We are a group of technologists with deep knowledge in the banking space, confidently launching new banking experiences,” concludes Mihaescu.