Moven, the only fintech solution that holds a US patent for financial wellness, has added Monett, Missouri-based MEA Financial to its growing list of partners.
Moven turns data into actionable insights that improve financial health through embedded smart-banking experiences. Solutions are offered through companion apps, SDKs and APIs, which include a bank-in-a-box solution as well.
The company can also provide it’s one-of-a-kind UX as a front end to a challenger bank that allows established banks and credit unions the ability to launch a new challenger bank seamlessly, or to provide a banking platform for fintechs.
MEA Financial is a leading software solutions provider for community banks and credit unions, with decades of experience working with some of the biggest names in the financial services sector. MEA provides software and marketing solutions that drive revenue growth as well as improve customer satisfaction for its customers.
“Financial institutions recognize the value of their data as they seek to personalize customer engagement and build stronger solutions around financial wellness”, said Bryan Clagett, Chief Revenue Officer at Moven. “Ed and his team at MEA have been pioneers for many years in building meaningful digital experiences, and we’re thrilled they see the value in our comprehensive digital financial wellness solutions.”
“The addition of an industry leading financial wellness offering was a strategic goal of MEA for 2021,” said Ed W. Rhea, President/CEO of MEA. “The single focus at MEA is to provide financial institutions with the tools to engage consumers, and Moven’s platform is a great addition to UniFI, our full-suite digital banking platform.”
Over the past three years, the percentage of consumers opening an account with a digital bank has grown from 6% in 2017 to 18% in the second quarter of 2020.
At the beginning of 2020, just 3% of U.S. consumers considered a digital bank to be their primary bank. By the end of the year, that percentage had grown nearly 400%.
Challenger banks will continue to drive deposit displacement, and the Moven / MEA Financial collaboration will help financial institutions not only build new digital bank solutions, they can also drive revenue from day one.