Mobile-first bank Moven is going the way of Citigroup, Bank of the West, and JP Morgan Chase by not requiring a password for low-risk banking interactions. An American Banker post cited that instead of passwords, Moven will authenticate using secure keystores to store a device-authentication token.
The New York-based neobank says that customers will not need to enter their username and password to conduct 80% of their account activities, such as:
- View balances
- View transactions
- Categorize transactions
- View spending insights
Moven will still require traditional login credentials for higher risk interactions, such as bill pay or transferring money to an external bank account. The change will roll out for Android users in the next few weeks and will be available on iOS in early January.
The company’s hope is that, by making it easier to access their account, consumers will be more willing to log in and use Moven’s PFM tools. Moven CTO Bob Savino says, “Even a fingerprint may be considered too much friction for checking one’s financial health, and we really are looking to inspire behavioral change via engagement.”
Moven debuted its Financial Health platform at FinovateSpring 2015 in San Jose.