Moven, Accenture to jointly develop technology for banks
Accenture and Moven, the online-only bank founded by Brett King, have signed a deal to jointly develop new digital banking services — including services for the established banks. The two firms say their partnership will be useful to the larger banks because it will help them to cut costs and roll out digital services to their customers faster.
Through the services agreement, Accenture and Moven will collaborate on design and implementation services for developing new digital banking capabilities — such as account opening, biometric authentication, real-time marketing. The aim is also partly to help improve the overall service experience for Moven’s own end-users.
“We set out to change what the world thinks of as a day-to-day bank account, starting from scratch with mobile, and providing customers with advice on spending and savings,” said Brett King, Moven’s chief executive and founder. “The alliance with Accenture will be invaluable in helping us mobilize our services globally as we grow to tens of millions of users in a dozen countries. Accenture’s phenomenal footprint with the biggest banks in the world, combined with the digital and end-user experience from Accenture Interactive and Fjord, made it the only choice for this global alliance partnership.”
The allies will draw on Moven’s mobile banking app and personal financial management tools, as well as Accenture’s experience in banking and systems integration. The two companies claim to have already signed a contract with a bank since forming the alliance, although they did not specify which bank.
“As the digital era accelerates the pace of change, with faster innovation cycles and technology adoption, banks will need to embrace and implement digital innovation, including from leading disruptors, at faster speed if they want to remain relevant to their customers,” said Joydeep Bhattacharya, a managing director within Accenture Interactive, part of Accenture Digital. “Moven is an innovator in digital banking, and we are pleased to work with them to bring banks solutions that can help them raise the bar in customer experience and operate in the digital era.”
“Banks can learn a lot from digital disrupters such as Moven, and those that move quickly to harness the power of digital technologies can drive growth by reaching new customers and improve customer engagement by offering new services,” said Piercarlo Gera, global senior managing director, banking at Accenture Strategy. “Our alliance with Moven will enable us to help banks benefit from these disruptive innovations, which can help them move away from reactive, transaction-based customer relationships and provide their customers with a more intimate, proactive and personalized experience. The alliance helps achieve the digital transformation strategies that we help shape and execute.”