Movencorp, Inc, a leading provider of smart banking technologies to promote financial wellness, today announced that the United States Patent and Trademark Office has issued US Patent No. 10,217,162 covering the “Methods and Apparatus for Promoting Financial Behavioral Change.”
Representing the first-ever patent expressly designed to improve the financial wellness of consumers, this issuance further underscores Movencorp’s overall mission.
“We are very proud of this accomplishment, as it is the foundation of Moven to help consumers ‘Spend, Save & Live Smarter,” said Marek Forysiak, CEO of Movencorp. “The heart of Moven’s business is financial wellness and this industry-first patent underscores the fact that we have our user’s financial health in mind first and foremost. It’s embedded in everything we do and every solution we develop, and now it’s recognized and protected legally.”
The patent provides coverage for real-time analysis and advice designed to encourage the type of ongoing financial behavior that, over time, leads to financial well-being. Insights are provided in response to a transaction being performed, or to the user indicating they are contemplating a transaction to encourage responsible spending and saving behaviors.
Further, some embodiments of the invention may incent a user to maintain or improve their financial well-being by offering access to services, special offers, discounts, etc. Some of these incentives may bolster the user's financial wellness over time, creating a cycle of positive behavioral reinforcement.
Brett King, founder and executive chairman of Moven, said: "Having successfully been awarded this patent reinforces our leadership position within the financial wellness and smart banking space. This is the first patent awarded around financial wellness, putting the well-being and financial health of our customers at the center of not only Moven’s values but also our intellectual property development.”