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Digital Financial Wellness 
The Future of Money 
Mohamed Khalil 
Head of Product, Data & Marketing 
mo@moven.com
Early Bank Branches ~ 2000 BCE to 1400 AD
Early Bank Branches ~ 2000 BCE to 1400 AD 
• Grain loans 
• Farmers & Traders 
• Deposits, Lending & Forex 
• Wealthy Fami...
Early Bank Branches ~ 1400 AD to 1960 AD
Modern Banking ~ 1400 AD to 1960 AD 
• Bills of Exchange / Bank Notes 
• Wealthy Families & Merchants 
• Retail Banking 
•...
Processing & Connectivity 
1960 1983
Modern Banking ~ 1967
Modern Banking ~ 2000s 
1980s 
1990s 
2000
How Far Has Banking Evolved?
Technology Impacts Behaviors 
STORAGE PROCESSING CONNECTIVITY FEEDBACK
New Ways to….Stay Fit….Get Around….Find Love
There’s Almost Always an App for That 
When was the last time you couldn’t… 
…find your way? 
…plan your day? 
…get the be...
But What about Banking? 
Almost every bank app today is… 
…a digital version of a paper statement 
…unable to give you mea...
"Apple will sell a few to its fans, but the iPhone 
won't make a long-term mark on the [financial] 
industry." 
Bloomberg,...
But then again others have had the same challenges
Eliminating? Coupons…Wallets…POS?
ELIMINATING FRICTION 
In a perfect world you would 
• buy everything at a discount 
• without a physical wallet/purse (App...
No one. Ever. 
“I really wish it were easier 
for me to spend my money.”
Millennials Aren’t Impressed
And They Don’t Expect to Be
Because Banks Aren’t TRULY Innovating 
Finance Peer Group
Thousands of options. All of them the same.
So What is the real Need? 
Tough financial times for Millennials in the US 
Average debt $45,000 
Avg. credit cards 3 
Une...
Can it work the other way? 
Financial apps can be built to make saving, 
not just spending, easier.
Transform the retail banking 
account into a primary financial 
app 
Cost-effective business 
model focusing on financial ...
1 2 3 
Download the app, 
use debit card or 
contactless sticker 
Get instant feedback 
with every purchase 
Track spendin...
The New Way of Getting Around 
Context: 
Where Am I 
Control: 
What Can I Do 
Advice: 
What Should I Do 
Action 
How do I ...
The New Way of Getting Around 
Context: 
Where Am I 
Control: 
What Can I Do 
Advice: 
What Should I Do 
Action 
How do I ...
ONE FINAL THOUGHT 
THE MOVEN OATH
Thank You! 
Mohamed Khalil 
Head of Product, Data & Marketing 
mo@moven.com 
@getMoven @mikhalil
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Digital Financial Wellness: The Future of Money - BDI 11/06 The Future of Financial Services Communications Summit

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Presentation: Digital Financial Wellness: The Future of Money

Presented by: Mohamed Khalil, Head of Product, Data & Marketing, Moven

Mobile technology coupled with data and behavioral sciences now allow for highly personalized, real time interactions that alter consumer behaviors. This talk will examine how the retail financial services model must adapt to survive this digital disruption.

http://www.bdionline.com/

Published in: Business
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Digital Financial Wellness: The Future of Money - BDI 11/06 The Future of Financial Services Communications Summit

  1. 1. Digital Financial Wellness The Future of Money Mohamed Khalil Head of Product, Data & Marketing mo@moven.com
  2. 2. Early Bank Branches ~ 2000 BCE to 1400 AD
  3. 3. Early Bank Branches ~ 2000 BCE to 1400 AD • Grain loans • Farmers & Traders • Deposits, Lending & Forex • Wealthy Families & Merchants
  4. 4. Early Bank Branches ~ 1400 AD to 1960 AD
  5. 5. Modern Banking ~ 1400 AD to 1960 AD • Bills of Exchange / Bank Notes • Wealthy Families & Merchants • Retail Banking • Mass Market Consumers
  6. 6. Processing & Connectivity 1960 1983
  7. 7. Modern Banking ~ 1967
  8. 8. Modern Banking ~ 2000s 1980s 1990s 2000
  9. 9. How Far Has Banking Evolved?
  10. 10. Technology Impacts Behaviors STORAGE PROCESSING CONNECTIVITY FEEDBACK
  11. 11. New Ways to….Stay Fit….Get Around….Find Love
  12. 12. There’s Almost Always an App for That When was the last time you couldn’t… …find your way? …plan your day? …get the best price? …find the best product? …etc.
  13. 13. But What about Banking? Almost every bank app today is… …a digital version of a paper statement …unable to give you meaningful insights …focused on selling more banking services When it comes to innovation, banks have often resisted changes that benefit consumers • Overdraft Fee Reforms • Same Day ACH • Student Loan Refinancing What is the behavior change we’re trying to drive?
  14. 14. "Apple will sell a few to its fans, but the iPhone won't make a long-term mark on the [financial] industry." Bloomberg, January 14, 2007 This is how the industry thinks about disruptions
  15. 15. But then again others have had the same challenges
  16. 16. Eliminating? Coupons…Wallets…POS?
  17. 17. ELIMINATING FRICTION In a perfect world you would • buy everything at a discount • without a physical wallet/purse (Apple Pay) • and without having to check out The goal is to make spending invisible with little thought to the consequences.
  18. 18. No one. Ever. “I really wish it were easier for me to spend my money.”
  19. 19. Millennials Aren’t Impressed
  20. 20. And They Don’t Expect to Be
  21. 21. Because Banks Aren’t TRULY Innovating Finance Peer Group
  22. 22. Thousands of options. All of them the same.
  23. 23. So What is the real Need? Tough financial times for Millennials in the US Average debt $45,000 Avg. credit cards 3 Unemployment 12.4% Live with their parents 24% Don’t pay bills on time 42% No cash savings 70%
  24. 24. Can it work the other way? Financial apps can be built to make saving, not just spending, easier.
  25. 25. Transform the retail banking account into a primary financial app Cost-effective business model focusing on financial wellness 3-5x interactions a day with higher engagement than any other basic banking product ✓ ✓ ✓ Reinventing Personal Banking
  26. 26. 1 2 3 Download the app, use debit card or contactless sticker Get instant feedback with every purchase Track spending across all accounts Send money easily with social integration 4 The Phone as Your Account
  27. 27. The New Way of Getting Around Context: Where Am I Control: What Can I Do Advice: What Should I Do Action How do I do It
  28. 28. The New Way of Getting Around Context: Where Am I Control: What Can I Do Advice: What Should I Do Action How do I do It
  29. 29. ONE FINAL THOUGHT THE MOVEN OATH
  30. 30. Thank You! Mohamed Khalil Head of Product, Data & Marketing mo@moven.com @getMoven @mikhalil

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