Moven Mobile NeoBank Brett King Founder 2018 Show 007
I first interviewed Brett King back in 2016. It is now two years later and Moven a Mobile NeoBank is now raising money to buy a US bank. SBI Group from Japan is providing funding and Moven Enterprises will create a joint venture with SBI Group in Japan.
What is happening to the boundaries of traditional banks, online banks, neobanks and the future of banking in 2019 and beyond. Just Listen Up to Brett King!
Brett King will be back on the show when Moven closes and completes this acquisition of a US bank later this year.
For now, Moven is still a neobank and Moven works with Westpac in New Zealand and Moven’s partner in the US CBW Bank which provides customers with FDIC insurance.
In Canada, TD Bank licenses the Moven technology
In addition to being the Founder of Moven Brett king is also a podcast host, best selling author of five books.
His latest book is called Augmented in the Fast Lane and was found on China’s President Xi’s bookshelf during his 2018 New Years Greeting to his country.
Brett is originally from Australia and we discuss how business meets tech
and the future of banking.
He loves being on the speaking circuit and he embraced the future with the startup of the next generation Bank based on the smartphone called Moven. Brett raised $24 million and the bank is headquartered in New York.
Customers can sign up for an account in less than two minutes, sent a card to use but now can just use their phone.
Breaking banks number one Fintech radio show on the planet
Brett speaks around the world on future of banking speaking in 39 countries back in 2015.
On the show he talks about how tech meets business.
Australia was his home country.
He started out as a coder, software developer, worked for the Publicist Group of Motor Media and ran a financial services training company in Dubai.
He has gone from Singapore, London to New York.
He discusses the aha moment he came up with the idea for Move n Bank now known as Moven.com.
What is the future of banking?
Moven is about banking mobile commerce payments but not a bank, not a telecom not a card company
Brett tells us it was a combination of passion and ego to redefine how people think of a bank account.
So that in 10 or 15 years from now bank account now is so different then what we had before people will say these are the guys that did it first
Spoke to banks about digital disruption what tech was going to do behavior was changing they would say it’s really hard to do and he would say no it’s not
He said let me show you so motivation was to show them how it could be done but it wasn’t easy but has not been impossible been interesting growth fenomial business to be in and start
Banks are slow success behirial what do people really want to see a balance starting point
Download
Spending meter start up app color to much if on Track
Westpac in New Zealand
Look at meter before balance helps with decision
Real time swipe card get receipt immediately tells you how much dining out u spent and u r already above ur limit so there is s cognitive thing going on these behaviors have an immediate correlation
Smart spending
Fico scores or social media behavior used to score
Physical health discipline financial
Tool doesn’t allow you to commit to something just use app
Partners New Zealand westpac
Cdw Bank fdic
Most customers see us not banks that
TD Bank in Canada livestock
MasterCard tech
Fintech common bond student loans
Payoff credit card consolidation
debt lending club
Talking to Betterment to offer an savings investment option
About your competitors
Strategy of Moven going forward to stay number one in niche digital banking digital money management
Peer to peer lending
Digital wallets
On deck
Where is the future bank account going ?
Tell us about the future of financial behavioral updates or features to the app and capabilities –
In pulse savings emergency credit real time credit facility based on your credit
Access to credit
Access to savings
In p2p credit karma, Lender out of San Francisco Schel orloff gives you a little bit of money but helps you boost your credit score
Mobile bank account side per se simple tried to link up with Bank Corp.com and Betsy Cohen but when Google dropped their card program attached to their wallet them launched a year before Moven
Success I want to make a living from speaking – saw a Scientist speak at conference Dr. Michio Kaku – Physics of the Future: How Science Will Shape Human Destiny and Our Daily Lives by the Year 2100
Thought goal would be speak write books retire at 50
Moven success goal have 50 million people around the world using their app help them manage their money and save money
distributor approach
White label tech it’s a Moven experience Why License their app use tool to save more money with app
Use an app to change behavior
Failure: funding steepest learning curve
Training co in Middle East Dubai 2001 moved there in 2005
4-5 million in revenue by 2008 China Hong Kong Dubai
375000 revenue in 2009 couldntcanticipatr that
Partner professional certificate Atty In US tried to cut them out Legal notices
They re-engineered
Only an equity investing now
If partner with someone business shouldn’t rely on partner and any partnership can end in divorce could you exit without reputation risk to brand
Disruptive Technology
4 key things disruptive AI robotics
Smart vehicles
Smart grids renewable energy
Resourceful allocation smart cities smart govt
Home is smart
Talk to a Simple AI or voice agent amazon echo book flights next generation Siri book flights and it can conduct commerce for you like book restaurants
Now google duplex
Senses that we ingest on our bodies leads us to 4th disruptive health tech changing the way we think of health care and how we manage our health
4th gene edit manage our health
From banking disruptor we have the blockchain
Machine to machine commerce
A self driving car in 10 years time owned by a shared collective group of people maybe owned by a city then it logs onto Uber for three hours a day and drives for the Uber Network as an autonomous vehicle it’s getting paid it has a bank account but bank account is not owned by a human doesn’t have to pay tax
Biggest one for finance is advice (just got Smarter!) totally disrupted by artificial intelligence and technology and If you are an advisor in the financial services space right now robo Advisors vs humans robots will be better at investing then humans – > they will know your investment behavior better than a human relationship manager ever could adjust and adapt quicker so you can put in tolerances they won’t have to remember to call agent to sell this asset class or that it will know if gold drops below 1100 an ounce do this then sell it all automatically managed by a robo advisor
More importantly that advice itself has changed its becoming real time
Operationally to manage a trust no reason why humans would be involved maybe advice still given by humans you plug it in and the capabilities of AI
In past when thought of a Trust or family office you went to a human who knew more about the subject then you did
Information asymmetry
It has been eroding since the internet and now AI is the last piece of that puzzle for humans to stay differentiated
An AI can deal with so much more data and info so that’s the advantage to an ind to analyze and synthesize all that info
For example analyst and advisor key to their success is dealing with all that data and info that now can be done by AI
Predictive analytics financial elements
Important and impactful
Ie Buying a new headset or play station I have enough money to cover it
But later this month I have to pay my ins bill so this is merely a just a data problem
so there might be money in acct now but then later in month not enough to cover other important bill
Prism money
Bill guard that was acquired by Prosper
Look at bill payment history
Invest in lending club with higher interest rate
Betterment wealthfront
Supp Inc strategy
Digital Fiduciary
Quote: Keep Moven Fast
Book: Neil Stevenson VR change the way we live Syfy.
App: google maps swarm foursquare local knowledge
Hero: Ramaz Naam – ex Microsoft guy, winner of the Philip Kay Dick award, author of Apex.
Best business advice: In approaching a prospect or current customer ask the following question: What are three things or problems that I can help you solve today. One of those three is a solution you can help prospect or customer.
other books by Brett King: Breaking banks, Bank 2.0, Bank 3.0 and he is currently working on Bank 4.0.
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