Real-time mobile money management app will help customers improve financial wellness
TORONTO, Dec. 2, 2014 /CNW/ - TD and Movencorp Inc. today announced an exclusive agreement that unites the strengths of each organization and marks a tipping point in the Canadian mobile banking landscape.
Under the terms of the agreement, TD will have the exclusive Canadian distribution rights to Moven's industry-leading real-time, mobile-based money management app. The first of its kind in Canada, the Moven app will operate alongside the TD mobile banking app and provide customers with the ability to manage their spending habits at every transaction by linking their TD banking activities in real-time to their savings goals.
"The TD agreement with Moven offers our Canadian customers access to leading-edge technology with a simple, convenient and innovative way to manage day-to-day financial choices alongside long and short-term financial goals," said Rizwan Khalfan, Chief Digital Officer, TD Bank Group. "The addition of real-time money management capabilities to the TD mobile app demonstrates our commitment to comfort and convenience and to our growing leadership in the digital banking space. Customers will be better informed on how they use their money and empowered to improve their financial wellness with each spending decision they make."
Moven is a money management app that provides users with instant feedback on their spending behavior. Moven's app links with both traditional plastic payment cards as well as newer mobile payment technologies to provide instant notifications and spending insight whenever a card is swiped or a phone is tapped to make a payment. Where traditional budgeting apps often entail hard work and scold users when they over-spend, Moven's instant notifications make managing money effortless and use positive reinforcement to guide users toward building proficient spending behaviors.
"No other mobile-based bank account or personal spending app currently available to Canadians offers the ability to track your financial health in real-time," said Brett King, founder and CEO, Moven. "This is a big step for Canadian banking and we are excited to work exclusively with TD to bring Moven technology to customers along with the information they need to create money habits they can feel good about. Budgeting isn't the answer – changing your spending behavior is – think of this as a personal trainer for your wallet."
Additional details around the design and functionality of the Moven app and how it will work with the TD mobile banking app will be made available at market launch later in 2015.
About TD Bank Group
The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Group ("TD" or the "Bank"). TD is the sixth largest bank in North America by branches and serves over 22 million customers in three key businesses operating in a number of locations in financial centres around the globe: Canadian Retail, including TD Canada Trust, TD Auto Finance Canada, TD Wealth (Canada), TD Direct Investing, and TD Insurance; U.S. Retail, including TD Bank, America's Most Convenient Bank, TD Auto Finance U.S., TD Wealth (U.S.) and an investment in TD Ameritrade; and Wholesale Banking, including TD Securities. TD also ranks among the world's leading online financial services firms, with approximately 8.8 million active online and mobile customers. TD had CDN$922 billion in assets on July 31, 2014. The Toronto-Dominion Bank trades under the symbol "TD" on the Toronto and New York Stock Exchanges.
About Movencorp Inc.
Moven is a disruptive mobile-centric banking app and money management tool, described by Wired, Washington Post, Forbes and the New York Times as the "bank of the future." Moven is the first spending app and debit card that provides real-time financial insights to help customers create spending habits they can feel good about. Moven provides customers with instant feedback, spending analysis alerts and savings tools built right into their account. Moven launched in the US in February 2014, and is currently available for iPhone and Android users. Visit https://www.moven.com/ for more information.
SOURCE TD Bank Group
