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/

1. Digital Financial Wellness
The Future of Money
Mohamed Khalil
Head of Product, Data & Marketing
mo@moven.com

2. Early Bank Branches ~ 2000 BCE to 1400 AD

3. Early Bank Branches ~ 2000 BCE to 1400 AD
• Grain loans
• Farmers & Traders
• Deposits, Lending & Forex
• Wealthy Families & Merchants

4. Early Bank Branches ~ 1400 AD to 1960 AD

5. Modern Banking ~ 1400 AD to 1960 AD
• Bills of Exchange / Bank Notes
• Wealthy Families & Merchants
• Retail Banking
• Mass Market Consumers

6. Processing & Connectivity
1960 1983

7. Modern Banking ~ 1967

8. Modern Banking ~ 2000s
1980s
1990s
2000

9. How Far Has Banking Evolved?

10. Technology Impacts Behaviors
STORAGE PROCESSING CONNECTIVITY FEEDBACK

11. New Ways to….Stay Fit….Get Around….Find Love

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. 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. "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. But then again others have had the same challenges

16. Eliminating? Coupons…Wallets…POS?

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. No one. Ever.
“I really wish it were easier
for me to spend my money.”

19. Millennials Aren’t Impressed

20. And They Don’t Expect to Be

21. Because Banks Aren’t TRULY Innovating
Finance Peer Group

22. Thousands of options. All of them the same.

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. Can it work the other way?
Financial apps can be built to make saving,
not just spending, easier.

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. 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. 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. 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. ONE FINAL THOUGHT
THE MOVEN OATH

30. Thank You!
Mohamed Khalil
Head of Product, Data & Marketing
mo@moven.com
@getMoven @mikhalil