TD Bank-Moven Deal: A Smart Move

Canadian bank The Toronto-Dominion Bank TD announced a contract with New York-based Movencorp Inc, the world's first real-time mobile money management service, with a target to provide personal finance management to its customers in a smart and innovative way.

Under the agreement, TD Bank will get the distribution rights to use Moven's mobile-based financial management software in Canada. The Moven application helps people in budgeting by providing them instant notifications after every transaction, either made by cards or mobile payment tools. This way the users can keep track of their spending and not stray from their set savings target.

TD bank will link banking activities of its clients with the Moven app, which will assist users in managing their expenditure and staying focused on their personal finance in the most simple and convenient way. Moreover, the bank will get an insight into the customers spending behavior, which will aid it in offering personalized services.

The market launch of the collaborated version of TD mobile banking app and Moven app will be made next year and all details regarding the updated app's functionality and design will be revealed then.

This affiliation between TD bank and Moven highlights the fact that banks these days are open to integrating the latest innovative technology in their operations in order to keep their existing client base satisfied and attracting new customers.

TD bank's latest step into the digital banking space will prove to be beneficial given the increasing demand for unique and effortless tools by the tech-savvy public. Moreover, the feature provided by the Moven app will be the first of its kind in Canada. This will give TD bank a competitive edge over the local peers.

For Moven, this partnership will mark its entry into the Canadian market. The neobank, founded in 2011, has been expanding its activities in the global markets. In Aug 2014, Moven signed a four-year exclusive licensing partnership with Westpac NZ, a division of Westpac Banking Corp. WBK.

Currently, TD bank sports a Zacks Rank #4 (Sell). Some better-ranked foreign banks include Itaú Unibanco Holding S.A. ITUB and Banco Latinoamericano de Comercio Exterior, S.A BLX. Both these stocks hold a Zacks Rank #2 (Buy).