In an effort to help their customers better track their spending habits, the Toronto-Dominion Bank is partnering up with New York-based app developer Moven on the TD app. Although TD Bank has been offering mobile banking for a while, their collaboration with Moven will allow its users to save more of their money.
The Moven app functions similar to health trackers, but with a focus on personal finance. Moven enables users to use their smartphones like a mobile wallet and keep track of all purchases at the same time. This helps to analyze the financial health of the app user. So in addition to monitoring spending habits, the app can also influence behavior and incentivize saving.
The updated TD app will offer "soft advice" by giving updates and information about spending habits with every purchase instead of chastising over spending.