We wrote before on BankSimple, an awesome new banking website and app that aims to make banking work better for its clients (which, coincidentally, just announced it'll be going live in November). We think that's a great idea, and it's definitely in line with our mission here at Priority Payments Northwest: to bring simplicity, trust, and integrity back to payment processing.
Well, more good news: there's going to be competition in the sphere of next-generation banking. Another all-online bank is also beginning a private beta-phase, and offers a potentially even more radical revision of how a bank can serve its customers better.
Movenbank, unlike BankSimple, will completely ditch all the traditional physical components of brick-and-mortar banks. While BankSimple will still provide plastic cards to customers, Movenbank will rely on mobile communications technology for payments. No more debit cards: all your payments through your smartphone and online. Maybe it sounds crazy, but with over 14,000 merchants in the US able to accept payments by NFC technology, it's becoming more practical every day.
One of the most revolutionary features of Movenbank's operations will be its use of social media data from its customers to help it understand clients, and help clients understand their finances. Their idea is to replace traditional credit scores with what they're calling "Cred." While there are some detractors who fear Movenbank my be biting a bit more off the web data buffet than it will be able to chew, its definitely a great way to be able to proactively engage with your clientele.
What do you wish banks did that they don't do now? What do you fear about losing as banks move online? How do you feel about banks using your recent Facebook check-in at the local watering hole to remind you that you only have $23.38 available to spend on beer until your paycheck clears at midnight? Let us know your thoughts!
Matthew Koren is the President of Priority Payments Northwest, a credit card processing and payroll service provider located in Portland, OR. He runs his company, as well as partnering with a consulting practice: Causeit, Inc. You can contact him by filling out the Contact Us page, or by calling 503-548-6312, ext 750.