Moven Enterprise: Delivering Personalized Financial Experiences and Advice through Artificial Intelligence (AI) and Machine Learning (ML)

Marek Forysiak, CEO, Moven EnterpriseMarek Forysiak, CEO
For years, many mobile-banking applications have been offering customers similar features and functionalities such as the ability to track and monitor expenses and at a foundational level. So how do banks and financial institutions (FIs) go beyond the status quo to stay competitive in 2019 and beyond?

Embracing and leveraging innovative technologies such as AI and ML are essential to survive. It’s important to select a trusted, turnkey technology solution that offers cost-effective, fast and easy access via APIs and an SDK. One of the most proven, innovative technologies on the market now enables banks and FIs to quickly and easily provide customized financial experiences that deliver personalized advice to the right person at the right place and at the right time—when they need it most. These latest technologies can offer predictive insights that help improve customers’ digital engagement and overall financial wellness.

Banks and financial institutions are challenged in offering this latest technology for a myriad of reasons, one of which is due to the legacy technologies that are utilized in their operational processes, resulting in the creation of disparate systems that cannot share information. This failure in the integration of systems is hindering the development of a mobile application that can offer meaningful engagement with users through highly personalized services.

New York-based Moven, offers a next level cutting edge smart-banking modular platform that provides users with real-time AI-powered feedback and insights that allows them to gain real-time control of their spending and increase savings. “Moven offers an understanding of where and how users spend their money and helps customers keep track of their finances to direct them toward improved financial wellness,” says Marek Forysiak, CEO of Moven.

For CIOs in financial firms, the challenge caused by legacy frameworks is resulting in the lack of the ability to respond to requests quickly. This coupled with the growing trend of sharing and delivering data and information in real-time is causing difficulties in building a personalized banking service for their customers. With Moven Enterprise, banks can consolidate their fragmented infrastructure by integrating their disparate systems with the company’s technology stacks.

Moven offers an understanding of where and how users spend their money and helps customers keep better track of finances to direct them toward healthy financial wellness

“Moven collects structured and unstructured data from multiple systems in a bank and surface insights in real-time from the collection to deliver a mobile application that offers personalization,” explains Forysiak.

Founded in 2011, Moven offered their smart banking solution direct to consumers and only began collaborating with banking institutions in 2016; with their partnership with Toronto- Dominion Bank (TD). This venture spurred the inception of Moven Enterprise—where they offered their platform as a white-labeled solution to TD Bank. This collaboration also led to the creation of TD MySpend, which has over 1.5 million users in Canada. “After the launch of TD MySpend, TD Bank saw meaningful growth in customer savings rates,” adds Forysiak.

The secret behind the success of Moven’s solution is its ability to visualize spending behaviors. Spending Meter, one of the core features in the company’s application, analyzes a user’s spending behavior over 90 days and calculates the average spend, before visualizing their current spending by color coding them in green (better) and red (worse) depending on their history. On the savings side, Moven’s Stash feature allows clients to categorize and prioritize items on their wishlist and controls their spending by connecting expenses with savings. Moven leverages its AI to evaluate average spend, understands upcoming bills, and prompts the users to “stash” some money when the client is better at controlling their expenditure to help them get through their wishlist.

Moven delivers its unique offering based on the digital and mobile maturation level of financial institutions. For instance, the company developed the entire front-end application for its Indonesian partner, BCA. However, on the other hand, Russia-based Yandex only required Moven’s back-end processing capabilities to enhance their already developed mobile application. “Moven allows clients to choose various components of their platform and see how it will look on their native app to offer personalized experiences to the bank’s customers,” states Forysiak.

In 2019, the company is planning to launch its conceptualized credit feature on the current Moven 4.0 application to provide a customized offering that will help customers understand how to borrow finances efficiently. “The new feature will be available on the market in the first half of 2019, and it will bring us closer to achieving our goal to have 100 million Moven users by 2020,” concludes Forysiak.