Westpac NZ licenses Moven money management tech
26 August 2014 | 9141 views | 3
Westpac New Zealand is integrating money management technology from New York-based Moven into its new digital banking platform.
Under a two year licensing deal, from October Westpac customers will be able to use Moven's technology to manage their money day-to-day on their smartphones, tablets and desktops.
The firms are working on a host of features that will see transactions automatically categorised so that people can drill into any group for more details such as where, on what and when purchases were made.
Users will receive a mobile receipt within seconds of a purchase being made, with the transaction automatically put into one of the categories. In addition, customers will be able to see their average spend versus their actual spend for a month via a colour-coded graph.
Simon Pomeroy, chief digital officer, Westpac, says: "The key to this set of features is the ease of use. It is developed with the digital age and the mobile consumer in mind. There is very little manual set up, it comes preloaded with 12 categories and other features and the way graphs are displayed delivers quick and effective budget and money management information in real time."
Westpac NZ has been aggressively pushing itself as a digital innovator. Earlier this month it showed off plans to use augmented reality in its app and it has also been trialling HCE-based mobile payments, fingerprint-based app logins and Google Glass apps.
The latest agreement is the first win for Moven's licensing strategy. The startup has pitched itself as a mobile-based alternative to traditional banks in its home market of the US but is taking a different, cooperative, approach in other places.
Announcing an $8 million funding round earlier this month, it revealed that it has a deal similar to the Westpac arrangement in the pipeline in Canada and founder Brett King is on the lookout for partners in other countries.
"Our objective is to get as many people as possible around the world using our tools everyday. When you are talking about providing banking services, however, that also requires great bank partners in those markets where we launch," says King.