A new wave of firms called neobanks or challenger banks are looking to rewrite the relationship between consumers and their money.
Moven, which bills itself as a “Fitbit for your wallet,” injects fun into financial fitness through a mobile app that challenges the consumer into smart money management through a series of alerts and messages on budget and spending habits.
Customers transfer funds to a Moven account that works like a traditional bank account, except users never enter a bank branch; none exist. "This is really the big shift,” according to Moven CEO Brett King. “It's the first time in hundreds of years that the branch has not been essential to signing up for a bank account."
Traditional banks, be wary. Companies like Moven are looking to own the relationship between consumers and their money, and expand into lending, insurance and more.
Moven is just one of the disruptors covered in a new film, print and event series from KPMG and Forbes, “The Great Rewrite,” that takes a closer look at how systemic changes are transforming the way we do business. For more on the Great Rewrite of the financial services industry, visit https://home.kpmg.com/us/en/home/insights/2017/03/the-great-rewrite.html.