Canada's Toronto Dominion Bank is to license mobile financial management software from banking startup Moven to enable customers to track their spending on the move.
The latest agreement is the second win for Moven's licensing strategy, following a similar deal with WestPac NZ in August. The neo-bank has pitched itself as a mobile-based alternative to traditional banks in its home market of the US but is taking a different, cooperative, approach in other places.
"Our objective is to get as many people as possible around the world using our tools everyday. When you are talking about providing banking services, however, that also requires great bank partners in those markets where we launch," says Moven founder Brett King.
For Toronto Dominion Bank, the Moven app is seen as a “soft advice” tool, says Canadian daily The Globe and Mail, which got the scoop on the deal Rather than chastising users for spending too much money, the app instead offers updates and tidbits of information about their spending habits with every purchase.
“We've been interested in [personal finance management], but adoption is very low,” Rizwan Khalfan, chief digital officer and senior vice-president of digital channels at TD Bank Group told the paper. “It's one of those things where you're constantly being reminded of how you're missing your goals.”
The move is in line with TD Bank's push into the mobile banking market. Last week, the bank announced its participation in the commercial roll-out of UGO Wallet: an open digital wallet application that enables consumers to start replacing credit cards and loyalty cards from their physical wallet with a secure digital payment method on their smartphone.