Moven Partners with MoneyDesktop to Improve Spending Data
It's not enough to be multichannel anymore, says author and Movenbank founder Brett King. Banks need to help people bank within the context of their lives.
Fintech startups, like many young software companies, are using fun recruiting strategies to attract most-coveted technical talent to their teams and to engage people with their brands.
MoneyDesktop, a personal financial management vendor well-regarded for its design, announced Thursday an expanded relationship with Moven, a digital money management service tied to a debit card that is issued by CBW Bank.
Moven now uses MoneyDesktop's application programming interface to allow customers to pull in outside financial accounts and to clarify spending data and transaction categories, among other things, that influence the utility of the data-crunching service. The Moven app is designed to show smartphone-equipped customers how much they've spent on, say, coffee, within the last week, and positions itself as a financial health tool with a mobile focus.
The partnership is meant to make customers better understand what they bought, and in turn, improve the experience. Transaction data could come in with a bunch of numbers plus the retailers' names, while MoneyDesktop's software will shorten the spend data to the name, like The Cheesecake Factory, and categorize it under the heading "restaurant."
"We feel like our ability to provide context and better data to the end user is really important," says Nate Gardner, vice president of client services at MoneyDesktop.
MoneyDesktop partners with more than 400 financial institutions.