Hey Siri, will our banks be digital casualties?

Moven, which works with banks in eight regions, including Westpac New Zealand, provides behavioural models that help banks drive better engagement and retention – little "nudges" such as spending alerts and notifications, and savings prompts. Brett King says Australian banks will struggle to keep up with the likes of Chinese giant Ant Financial. King, who grew up in the Melbourne suburb of Berwick and was speaking at the FINSIA summit in Melbourne on Tuesday, says Moven's experience with TD Canada Trust – Canada's second-biggest bank – provides a good example of what the future might hold. Half of TD's customers use Moven's platform, called My Spend. This group has seen a 4 per cent to 8 per cent reduction in monthly spending thanks to the various "nudges" they receive compared with a controlled group.