Accenture and Moven have signed a services agreement that will see their combined innovation powers seek to create new digital banking solutions. The two firms also entered an alliance agreement that will see Moven’s flagship digital banking app be augmented with Accenture’s customer services and design capabilities as well as their wider knowledge of the banking ecosystem.
Moven is a mobile based banking service that allows users to pay their way with tap-to-pay through their device, with their account linked to a FDIC-insured debit MasterCard account. The company is seeking to bring more than just convenience to transactions, offering a feedback tool that helps consumers track and gain insight into their spending habits as well as savings tools. The company was founded in 2011 by Deloitte’s ex E-Business Director Brett King, with commercial operations starting in late 2012.
In line with its ambition to improve the overall service experience for its end-users, Moven decided to partner up with professional services firm Accenture. The two firms signed a services agreement to work together toward the creation and deployment of new banking capabilities – including, generation account opening, biometric authentication, real-time marketing.
In addition to the service agreement, the partners also entered into an alliance agreement that will see the partners work together to provide banks globally with new digital technologies, as well as help banking clients seeking to launch new digital capabilities bring the capabilities online faster and more cost-efficiently. Moven’s mobile-centric banking app and financial wellness solutions will be combined with Accenture’s wider experience in the banking industry as well as its digital customer services offering developed by Accenture Interactive and Fjord.
Commenting on the deal, Piercarlo Gera, Global Senior Managing Director Banking at Accenture Strategy, says: “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. 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 personalised experience. The alliance helps achieve the digital transformation strategies that we help shape and execute.”