As a further signal that Movenbank and their reputation based scoring system CRED are hitting the mainstream, King was recently interviewed in WIRED magazine:
Movenbank's goal is not just to use technology to personalise the banking experience, but to reinvent the traditional risk model. King spent more than 18 years working for traditional banks and was struck by the opacity of much of the credit assessment process. "Most banks reject around 50 per cent of credit applications. It's a pretty strange business when you reject half of your potential customers and don't even tell them why."
Compared with this rich data platform, nuanced user experiences and the amazing capabilities of our smartphones, the humble plastic card is just plain dumb. It can’t tell us anything at all. Even when we use it at the POS, we can only find out if the transaction is approved or declined. When a transaction is declined, we’re none the wiser – we wouldn’t know if it were due to insufficient funds, whether the merchant has screwed up, or whether there is a hold on our card for some other reason. Payments just look dumb, old and out of date.
The driver for reinventing payments is not putting the card into the phone to get rid of the plastic in our wallet – it is about reinventing and leveraging a payment instance married with data. The trouble for the incumbents is that you just don’t need a card, a swipe or even a POS terminal when it gets down to it. A rapid transition to NFC would have saved the swipe-at-a-POS paradigm by allowing for a rich data support envelop around the payment.
With the poor industry adoption of next-gen POS payment tech, consumers and innovators are seeking that user experience without the swipe at all."Read the rest on Brett King's Banking 4 Tomorrow blog