Banking Startup Uses Social Influence To Calculate Credit Score

Banking Startup Uses Social Influence To Calculate Credit Score

Movenbank takes into account user's online presence and personality type when determining their financial profile.

Nestor Bailly, PSFK
  • 21 august 2012

Credit ratings can be frustrating. If you have a poor one, it can be difficult to secure anything from organizations that rely on a single number to determine your worth. Enter Movenbank, a financial startup that’s aiming to redefine banking and financial services.

Having recently secured $2.41 million in seed round funding, Movenbank just released its financial scoring system that allows users to monitor and understand their financial data in a whole new way. This innovative real-time financial credibility score combines data from shopping patterns, daily spending and social influence into a personalized ‘CREDscore.’ Think of it as the Nike+ for your money.

Already more than 5,000 Alpha customers have had their first glimpse of CRED and we’ve launched a site specifically on the advantages that CRED offers our customers,” said Brett King, CEO and Founder of Movenbank. “Our objective is not just simpler, better banking services, but giving consumers real control over their financial health.

A crack at signing up for this ‘more fair and open banking relationship’ was revealing. At their slick site, the first thing new users encounter is a social network login. This is already an important difference from most financial services, and reinforces Movenbank as a true Finance 2.0 enterprise that recognizes the importance of social in modern life. Then users are taken through a fun personality questionnaire that identifies their financial profile.

The CREDscore is just a warm-up to the full range of services that Movenbank will eventually offer. Based on one’s CRED they will provide daily personalized feedback to help spend and save better, and they aim to be an all-mobile banking system: Customers will use Movenbank’s app for all payments and transactions using NFC technology, with no credit cards or branches.

Movenbank is different from other financial startups like Mint because they offer much more than just colorful spending graphs. As part of their services Movenbank will provide instant real-time feedback on spending, with personalized insights that affect behavior. The mobile-only aspect is key because it inserts their tool into the purchasing path, thus allowing insight and context, around spending behavior so consumers can get the best advice possible.

We will have to wait until their actual services and app are launched before an ultimate verdict.

Check out this video animation by Hugh McLeod of Gapingvoid fame that introduces CRED and Movenbank’s philosophy of transparency, straightforward advice and feedback.



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