UK-based banking company Novus is due to launch its beta banking app in the coming weeks before introducing the product to the wider public in summer 2021.
According to Novus, the smart banking app is a ‘next generation’ banking and lifestyle tool that uses the most advanced technology to create a positive impact from everyday financial activity.
Those who use the app will be able to use an in-app marketplace and can buy from a range of sustainable and ethical brands, while at the same time bagging rewards for their ‘smart’ buys in the form of discounts, cashback and a number of other benefits.
Furthermore, the company claims it rewards its community of ‘conscious consumers’ through impact points that can fund automatically a range of social and environmental causes.
Novus said it has a vision to become the ‘Super App’ for a growing number of consumers who seek conscious businesses, and stated it plans to practice its core values of empowerment, community, diversity, transparency and a positive mindset to create meaningful change in the world.
The firm’s waitlist currently stands at over 10,000 people, however, it noted it plans to cap its membership through the initial stages to maintain a tight-knit community and ensure a ‘seamless in-app experience’.
Novus co-founder and CEO Hristian Nedyalkov said, “We created Novus to empower a new generation of conscious consumers to literally change the world with their fingertips. By combining ethical values with a modern, forward-thinking approach to banking, Novus works collaboratively towards a more inclusive and sustainable future.
“Every time you ‘tap’ your Novus card, we contribute to the causes closest to your heart, generating impact points as you spend and save. You can then track your impact and even view your carbon footprint to see just how far your conscious purchases have gone.
“Novus isn’t just a digital bank – it’s a way of life. Our next-gen technology allows you to turn everyday actions into micro-wins for you, people and the planet. By simply switching your debit card to Novus, your regular financial activities can be used as an actual force for good. Novus is for the cool, the conscious, and the world-changers. In this ‘new’ world, banking needs to change for the better, and the change starts now.”
Novus chief growth officer and co-founder Shruti Rai added that ‘conscious consumerism’ is when buying practices are driven by a commitment to making purchasing decisions that have a positive social, environmental and economic impact.
She continued, “ Whilst other banks reward their customers with points to buy more ‘stuff’, the rewards we offer the members of our digital community make real-time impact through their everyday spending habits and give back to NGOs we work closely with – whether that’s helping fund meals or education for those in need, saving animals, planting trees, cleaning the ocean and so much more.
“Since the start of the pandemic, there has been a growing sentiment (especially in the UK) about shopping more sustainably. Where consumers have previously been driven by accessibility, COVID-19 has seen shopping habits changing from convenience to being more purpose-driven. Many challenger banks are successfully digitising a more traditional banking experience, however, now is the time for the next phase in the digital banking evolution for financial services.”
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