NEW YORK (PRWEB) April 01, 2021
Movencorp and Nashville-based StrategyCorps recently announced a partnership. Moven, holding the only U.S. patent for financial wellness, turns data into actionable insights that improve financial health through an embedded smart-banking experience. Solutions are offered through companion apps, SDKs and APIs. The company can also provide its one-of-a-kind front end UX as a frontend to a challenger bank offer. StrategyCorps, with its robust offering of mobile-first consumer rewards solutions, can help financial institutions monetize a challenger bank offering almost immediately.
“Financial institutions are under fire from challenger banks like Chime, Varo and others, while navigating an unpredictable interest rate environment”, said Bryan Clagett, CRO at Moven. “Banks and credit unions are increasingly interested in standing up their own challenger bank offering, and with our relationship with StrategyCorps, we can now provide convenient and realizable savings to US consumers by incorporating the money-saving and personal protection benefits available through the StrategyCorps BaZing solution.”
“The rewards we offer are a perfect complement to Moven's companion app and bank-in-a-box model because we’ve seen firsthand how rewards not only help drive consumer friendly fee income, but also support loyalty”, said Dave DeFazio, StrategyCorps Partner, “We’re excited to help the financial services industry build product offerings that acknowledge and capitalize on the subscription economy.”
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 four-fold to 11%. Challengers will continue to drive deposit displacement, and the Moven / StrategyCorps collaboration will help banks and credit unions not only build new digital bank solutions, but they can also drive revenue from day one.
Moven has been a leader in providing innovative technology solutions to financial institutions for over a decade. Partners have relied on Moven's patented data-driven Financial Wellness® platform to deliver real-time insights into their customers, resulting in reduced attrition, increased engagement, and revenue enhancement opportunities. Moven pioneered the concept of alternative consumer financial profiles with CredScore®, a proprietary scoring metric based on generally accepted financial wellness principals. Offering three unique delivery options, Moven is well positioned to support customized models exclusive to the needs of individual financial institutions. To learn more, visit moven.com.
StrategyCorps helps financial institutions grow core deposits, fee income and overall retail checking relationships with innovative and energizing solutions to differentiate their checking products and enhance profitability. Nearly 350 banks and credit unions employ our analysis tools, white-labeled reward products and mobile solutions for checking success. The Nashville-based company is privately held with field offices throughout the United States