Bank innovation evangelist and inveterate Finextra blogger Brett King took to the stage at the Sibos international banking conference in Toronto to outline his plans for the creation of Movenbank, an entirely new branchless, paperless, and mobile centric bank.
Speaking before a packed house at the opening Innotribe session on Monday morning, King finally took the wraps off the Movenbank project, a revolutionary concept in retail banking that promises to import modern internet trends in gamification (Gamification is the use of game design techniques and mechanics to solve problems and engage audiences) to re-imagine the customer experience.
Operating in stealth mode for the past six months, Movenbank has taken its cue from disruptive start up BankSimple to create a simple Google-esque holding page on the web inviting people to sign up for more information. The page advertises the imminent arrival of a “third generation banking experience…built from the ground up for mobile and online’, which will abolish paper, plastic and hidden fees.
Movenbank will apply gamification techniques to encourage repeat business and reward customer loyalty through the use of a points system, which at a certain level will instantly qualify customers for a line of credit. King says the customer ‘cred’ mechanism will help foster a new trust-based ecosystem for credit scoring based on a customer’s financial behaviour and social reputation.
The “reboot’ begins on 1 October, says King, when Movenbank will take the wraps off its ‘alpha’ site, with plans for a formal launch by mid-2012.