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.

Moven Enterprise News

Moven Enterprise Announces New Chief Innovation Officer

NEW YORK Mar 12, 2019 - Movencorp, Inc. today announced that Davor Ebling has joined the company as chief innovation officer. Mr. Ebling will be responsible for driving Moven’s global vision and strategy for empowering financial institutions to deliver personalized, contextual digital customer engagement experiences leveraging Big Data, artificial intelligence and machine learning.

Mr. Ebling will be based out of Movencorp, Inc’s global headquarter’s in NYC’s financial district, reporting into Movencorp, Inc. CEO, Marek Forysiak and working closely with Brett King, Moven’s founder and executive chairman. He will be responsible for the developing and accelerating Moven’s innovation strategy and agenda by harnessing disruptive innovations and emerging technologies to enable Moven’s enterprise customers to quickly gain a competitive advantage through digital transformation initiatives.

"Davor brings a unique perspective to Moven and deep roots in Fintech and innovation that will be critical in guiding how we make and deliver products now and in the future," said Brett King, Movencorp’s founder and executive chairman. "At Moven, a relentless pursuit of innovation is at the core of everything we do. Adding Davor’s proven expertise further validates our commitment to meaningfully advance our ability to empower global banks to enhance their digital banking strategy with AI/ML by leveraging our turnkey delivery models including APIs and SDK."

Mr. Ebling joins Moven after seven years of success at SAP where he drove the innovation agenda for the SAP’s Banking Industry Business Unit as the Global Head of Ecosystems, Partnerships and Innovation focusing on SAP’s adoption of disruptive technologies such as Machine Learning, AI, and IoT. Prior to joining SAP, Mr. Ebling was a Vice President of Mobile, e-Commerce and Payments Strategy for JPMorgan Chase & Co. He also held a similar role at Wells Fargo & Co. He holds an MBA degree from William and Mary’s Mason School of Business, and is based in New York, NY.

Moven Enterprise offers an innovative, data-driven smart-banking and financial wellness platform enabling financial institutions to better acquire, retain and grow their customers by providing contextual, personalized advice which can be embedded into their existing mobile app; resulting in decreased attrition, increased revenues and improved customer relationships. Moven’s consumer app is currently used by over 2 million consumers.

Moven’s flexible, turnkey technology solutions offer a range of options that can be embedded into an existing mobile banking app, from open APIs, to customizable modules and a hybrid solution. These integration options result in faster speed to market.

"I am excited to join such an innovative and disruptive industry leader that gives financial institutions a turnkey solution to deliver Moven’s smart-banking technology to provide a highly personalized customer experience. I look forward to working closely with our customers around the globe as well as our internal teams to further develop Moven’s next-gen financial services offerings utilizing the latest advancement in AI/ML, virtual assistants, big data, and real-time predictive analytics with the ultimate goal of delivering enhanced digital customer engagement solutions to the market," explains Davor Ebling, Chief Innovation officer, Moven Enterprise.