Moven and StrategyCorp form challenger bank alliance

Moven and StrategyCorp form challenger bank alliance

Risk Disclaimer >>
Ad disclosure Fintech-Insight stands firm in its mission to facilitate sound financial decisions for you. We forge alliances with specialists to provide the latest in news and facts. Engagement with designated links, sponsored entries, products and/or services, leading transfers to brokers, or promotional content might entail financial recompense for us. We pledge to protect our users from any negative repercussions arising from utilizing our site. Be informed that no content hosted here should be interpreted as authoritative in legal, tax, investment, financial matters or any expert counsel; it is meant for informational purposes exclusively. Should there be any concerns, securing the guidance of an independent financial consultant is recommended.

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 it’s one-of-a-kind 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 first hand 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, they can also drive revenue from day one.

Risk Disclaimer

Fintech-Insight is dedicated to delivering unbiased and dependable insights into cryptocurrency, finance, trading, and stocks. However, we must clarify that we don't offer financial advice, and we strongly recommend users to perform their own research and due diligence.

Leave a Reply