Moven ports 'financial fitness' app to smartwatch

Moven is looking to cash in on the New Year resolutions of customers and prospects for physical and financial fitness by launching its budgeting app on Motorola's 360 and Samsung Gear smartwatches.

The Moven app - billed by the neo-banking upstart as "a health tracker for your finances" - provides users with a real-time analysis of their recent spending activity.

The app is designed to keep users informed of their spending behaviour and in so doing encourage them to make better choices about how they use their money on a day-to-day basis.

In December, Canada's Toronto Dominion Bank followed in the footsteps of WestPac NZ and licensed Moven's mobile financial management software to enable customers to track their spending on the move.

By pushing its app into the wearable device market, Moven is looking to become a more ubiquitous money management tool available across a range of consumer mobile devices.

Related Companies

Moven

Channels

Retail banking Payments

Keywords

Mobile & online banking Personal finance

Comments: (5)

Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune 06 January, 2015, 09:42

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By law, Indian customers have been receiving realtime SMS Alerts for all debit and credit card transactions for several years. Going just by the screenshots displayed in this article, I find my SMS Alerts far more informative - if not easier to read - than these watch alerts. But that's only me: I'll readily agree with anyone who claims that GenY doesn't fancy SMS and that they'd would go gaga over anything happening on a wearable device.

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Chetan Ghadge - Wipro - Pune 06 January, 2015, 18:04

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The text really should be "Your bank has authorised a payment of xxx amount for yyy merchant". The bank cannot accurately say whether you have spend money ie completed the transaction. I had quite a few experiences where I got sms for expense even when my transaction didn't go through at merchant.

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Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune 07 January, 2015, 06:12

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@ChetanG: The way I understand the transaction flow, the moment the bank authorizes a credit / debit card payment, it makes a provision to debit your account, whether or not it credits the merchant's account (in the event of a successful transaction) or not (in the event of a failed transaction). Therefore, the bank can alert you that you've "spent money" - just that it might not necessarily be for your intended purpose with the merchant:). Didn't this happen in your numerous experiences when the transaction didn't go through at merchant?

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Chetan Ghadge - Wipro - Pune 07 January, 2015, 09:40

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@Ketha - I didn't see multiple debits on my statement(online) on that day. Infact it takes couple of days for the transaction to appear on the statement .Hence I had to call phone banking and find out whether I would be charged multiple times. The answer I got was that the bank has authorised the transaction but if the merchant doesn't pick it up I will not be charged.

In a way you are right because as far as the bank is concerned I have spent money. The only problem is I have wait two more days till the settlement occurs to really know whether I have been charged multiple times.