SOURCE: Hoot

Hoot, bank wisely

September 06, 2017 09:00 ET

Introducing Hoot, a New Way to Bank Wisely

Redefining banking with a market-first smart screen debit card and AI-driven app for smarter budgeting

SANTA CLARA, CA--(Marketwired - September 06, 2017) -

CORE NEWS FACTS:

  • Qvivr -- a Khosla Ventures funded company -- today announced the launch of Hoot, a fresh take on digital banking for the next generation.
  • Founding team has over two decades of technology expertise; Hoot technology has been researched, developed and tested over the past two years.
  • The Hoot Card features a Bluetooth enabled smart screen for quick spending insights and a layer of dynamic personalization.
  • The Hoot App provides AI-driven budgeting for smarter spending and dependable savings.
  • Hoot Card holders enjoy worldwide acceptance in more than 210 countries and territories through Mastercard.

Hoot (www.hootbank.com) is a new approach to digital banking, offering a one-stop financial solution for the next generation. The goal is to simplify management of personal finances for millennials, while providing unique customization and convenience.

The Hoot Card features proprietary Bluetooth enabled smart screen technology that transforms the card surface into a canvas that can beautifully render photos, icons, and text using a wirelessly paired smart device. The simple to use mobile app complements the card with personal banking features, including a real-time transaction dashboard, AI-driven budgeting, expense categorization, spending insights and alerts.

"The next generation expects a huge upgrade in how they bank. Delivering on that expectation requires innovation across every level of the system. Going from brick-and-mortar branches to a branchless mobile experience. Going from a piece of plastic with a magnetic stripe to a smart card. We're excited to support a team that can actually deliver on redefining this experience." - said Keith Rabois, General Partner at Khosla Ventures

"We set out to reboot conventional banking in every sense. Hoot's smart screen card is like nothing you've ever seen before -- with a display canvas that can reflect your style or current mood, and an app that delivers effective insights. Customers should anticipate the attention they'll get, because Hoot will certainly command an audience wherever they go." - Ashutosh Dhodapkar, founder and CEO, Hoot

KEY FEATURES:

  • Personalization: Hoot Card's Bluetooth enabled smart screen can be updated at anytime to reflect the customer's lifestyle, mood, or status.
  • AI-Driven Budgeting: Hoot App customers can create savings goals for specific items or life events, and an AI-based coach will help guide them to achieve those goals.
  • Smart Alerts: Hoot provides automated alerts to keep customers informed of their spending to help prevent them from going over budget.
  • Security: Account information is only shown on the card when it's connected to the customer's phone through Bluetooth. The card can be disabled (or enabled) instantly through the app if it's misplaced, lost or stolen.

Beginning today, customers can sign up for Hoot by applying here: www.hootbank.com. The Hoot Card and App (for iOS and Android) will be shipped Holiday Season 2017.

KEY STATS:

  • Millennials (18-34) primarily use debit cards; 63% do not own a credit card (A First Data White Paper, 2015)
  • 80% of twenty-something's agree that saving money is important right now; 41% of them have downloaded money management apps. (A First Data White Paper, 2015)
  • Over 50% of Millennials are inclined to consider alternative payment providers (FICO, Millennial Banking Insights and Opportunities)
  • 70 percent of consumers indicate that they would welcome computer-generated banking advice and services (Accenture Newsroom January 2017)

About Qvivr, Inc.

Qvivr, the company behind Hoot, is redefining traditional banking to revolutionize personal finance for consumers. Based on two decades of expertise, Hoot founders have worked to develop and field tested this technology for the past two years. Qvivr is based in Silicon Valley, and is backed by Khosla Ventures. All Hoot bank accounts are FDIC insured, and are accepted in more than 210 countries and territories through Mastercard.

For more, visit www.hootbank.com or follow us @hootbank to #bankwisely.

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