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Brett King launches Movenbank at #sibos #innotribe

So #SIBOS 2011 kicks off well, with the opening of #innotribe.

Rather than bells and whistles, the guys used drums with a drumming half-dressed native American getting everyone pumped for the starting session.

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People knew this was going to be slightly different for a banking conference already.

The drummer was followed by Kosta Peric, innotribe leader along with Peter Vander AuweraMatteo Rizzi and Mariela Atanassova.

Kosta gave some words of welcome and then SWIFT CEO Lazaro Campos surprised everyone by saying that “innotribe has been the most successful SWIFT brand launch in its thirty year history, with more hits on the net coming to the innotribe pages than any of SWIFT’s other areas.”

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Impressive.

The session was then followed by an impressive range of innotribal stories from:

Ably chaired by James Gardner, Managing Director, International for Spigit.

Dan gave an overview of socialflights.com, where crowd sourced private air seats are managed through social networks to enable point-to-point private jet travel at affordable prices.

Heather gave an interesting view on currencies by showing a group of four people paying for their restaurant bills using alternative currencies.

And Brett King launched Movenbank, a bank that works without paper, has no cards, no cheques and no hidden fees.

Brett’s bit was the most interesting for me, as he contends that “banking is no longer a place you go, but a thing you do”.  It’s necessary for banking to be re-invented to focus upon the “utility of banking, not the formality of banking”.

Movenbank is therefore that reinvention or, as Brett calls it, “banking re-booted”.

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Movenbank includes a thing called CRED that recognises your social reputation as well as your financial behaviours.  In other words, as your credit score can be used to recognised how credit worthy you are, your social credibility on Facebook, Twitter, eBay, Amazon and other services can increase trust in dealing with you too,

It also uses gamification techniques to encourage certain behaviours too apparently.

I guess that means that if you check-in to your hotel on Movenbank via Foursquare, you get a badge to say what a high or low roller you are.

The details were sketchy in the session, but the alpha site is launching on 1st October apparently, and the full consumer site mid next year.

Can’t say much more, but if you’re interested, there’s been a few articles already written about Movenbank.

Meanwhile, great to see an opening session of innotribe that has a brand new Bank 2.0 being launched in the real world.

Now off to see Peter Sondergaard of Gartner give us some theory in the opening plenary. 

 

About Chris M Skinner

Chris M Skinner
Chris Skinner is best known as an independent commentator on the financial markets through his blog, the Finanser.com, as author of the bestselling book Digital Bank, and Chair of the European networking forum the Financial Services Club. He has been voted one of the most influential people in banking by The Financial Brand (as well as one of the best blogs), a FinTech Titan (Next Bank), one of the Fintech Leaders you need to follow (City AM, Deluxe and Jax Finance), as well as one of the Top 40 most influential people in financial technology by the Wall Street Journal’s Financial News. To learn more click here...

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