The Moven Smartwatch App Uses Behavioral Tricks to Reign In Your Spending
Rahul Kalvapalle — April 16, 2015 — Tech
References: moven & venturebeat
Moven is a smartwatch-centric banking app that has already been launched on Samsung Gear and Moto 360 smartwatches. This app is designed to help consumers rein in their spending.
Moven has been likened to a health-tracking device for your finances, which is why it's ideal for use with smartwatches. The app has a spending meter that assigns users green, yellow or red ratings based on how much they've spent in a specific category compared to previous months. The app also guilt-trips you into saving money by displaying a receipt that tells you how much you've spent during the week or month or on a particular item.
What's brilliant about this app is that rather than trying to make users more disciplined with their finances, a very difficult and often impossible task, it uses a behavioral approach that conditions responsible spending.
Moven has been likened to a health-tracking device for your finances, which is why it's ideal for use with smartwatches. The app has a spending meter that assigns users green, yellow or red ratings based on how much they've spent in a specific category compared to previous months. The app also guilt-trips you into saving money by displaying a receipt that tells you how much you've spent during the week or month or on a particular item.
What's brilliant about this app is that rather than trying to make users more disciplined with their finances, a very difficult and often impossible task, it uses a behavioral approach that conditions responsible spending.
Trend Themes
1. Behavioral Finance - Wearable finance apps like Moven are leveraging behavioral tricks to encourage responsible spending.
2. Smartwatch-centric Banking - The rise of smartwatches has led to the development of finance apps like Moven that specifically cater to these platforms.
3. Health-tracking for Finances - Wearable finance apps are adopting a health-tracking approach to help individuals monitor and improve their financial well-being.
Industry Implications
1. Banking - The banking industry can explore opportunities to incorporate wearable finance apps like Moven to provide their customers with enhanced budgeting and spending management tools.
2. Fintech - The fintech industry can capitalize on the rise of wearable finance apps by developing innovative solutions that combine behavioral insights and financial technology.
3. Wearable Technology - The wearable technology industry can continue to expand by creating more finance-focused applications that leverage the capabilities of smartwatches and other wearable devices.
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