• Register
Return to: Home > Opinion > Moven will find a small but receptive audience in the UK

Moven will find a small but receptive audience in the UK

Consumer research by GlobalData shows that Moven, which has just entered the UK market, will find a receptive audience among a substantial minority of consumers looking for added-value account management services.

In February 2017, the self-styled neobank Moven, which already operates in the US, Canada, and New Zealand, launched a UK version of its personal financial management app. The app acts as an account aggregator that categorises spending, provides a running total of spending over the course of the month, and compares spending levels to previous months. The app, which makes extensive use of graphical visualisations, links to all of a user’s accounts, thus providing a holistic view of their finances.

GlobalData’s 2016 Retail Banking Insight Survey found that there is a large gap between UK consumers’ expectations in this area and what they actually receive from their existing providers. 32% of consumers, for example, state that graphical representations of their spending would be useful, but more than three quarters of these consumers are not offered this by their bank. Similar shortfalls are seen for personalised recommendations for managing finances more efficiently, and the provision of saving aids.

These persistent needs give Moven an opportunity to get its foot in the door, and planned moves towards open banking will improve its chances of acquiring customers. Starting in 2018, new regulations will mandate UK providers to offer API-driven access to customers’ transactional data. This will enable account aggregators to operate without requiring users to share their online banking login credentials.

This will help to create a favorable environment for third-party providers. By establishing its presence in the UK now, Moven will give itself a valuable head start as it builds its profile and knowledge of the UK market.

Top Content

  • RBC net income rises 9% in Q2

    Royal Bank of Canada (RBC) has reported a net income of CAD2.81bn for the second quarter of 2017, up 9% from CAD2.57bn in the same quarter of the previous year.

    read more
  • CIBC retail and business banking unit net income dips in Q2

    The retail and business banking arm of Canadian Imperial Bank of Commerce (CIBC) posted net income of CAD647m for the second quarter of 2017, a fall of 1% compared to CAD652m in the same period last year.

    read more
  • TD Bank Canadian retail unit net income rises 7% in Q2

    TD Bank Group's Canadian retail unit has reported net income of CAD1.57bn for the second quarter of 2017, up 7% from CAD1.46bn in the corresponding quarter of the previous year.

    read more
  • Dubai to grant temporary financial services licence to fintech firms

    Dubai Financial Services Authority (DFSA) has decided to allow fintech firms to apply for a restricted financial services license to foster innovation in Dubai.

    read more
  • Archover secures full FCA authorisation

    ArchOver, a P2P business lending platform in the UK, has received full authorisation from Financial Conduct Authority’s (FCA) to function as P2P lending platform.

    read more
Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.