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Finovate Fall 2015, Day Two: Live Blog

Session One

9:05am: Bizfi demonstrated an online marketplace with SBA loans, equipment finance loans, term loans and lines of credit targeting business owners. Bizfi is also a lender on the platform. The platform collects a business owner's information and then narrows down the field of lenders that would suit their needs. A funding concierge walks business owners through the pros and cons of each option available to them. A pilot program was launched in Japan four months ago with Credit Saison.

9:11am: SaleMove demonstrated its face-to-face engagement tool for online customers, enabling co-browsing with a remote assistant, video chat and voice interactions. The product aims to help FIs who lose customers due to frustration with their website experience. 

9:20am: Sliced Investing, aiming to democratize access to elite investments for as little as $10,000, demonstrated Sliced Institutional, a platform for registered investment advisors (RIAs). From blue chip to niche hedge funds, the company touts its catalog as intuitive and easily searchable. Analytical tools are provided to RIAs, along with an advisor dashboard. 

9:27am: Kapitall, which boasts a gamified investing platform that targets millennials, talked about a new savings application - KapitallM - that also taps game theory. The application motivates users to transfer checking funds to savings with raffle tickets to earn money and also awards raffle tickets via financial quizzes. The idea is to motivate users to save, pay down debt and improve their financial knowledge.

9:33am: Big Data Scoring collects customer data to manage credit risk. The tool leverages web and social media information about customers and has a scorecard based on information collected from Facebook. 

9:40am: Bleu discussed payment experience, envisioning a global network that could support any payment type. Bleu's solution uses Bluetooth low energy beacons. In-store analytics and payment data are provided to the merchant when a consumer pays with Bleu. The company is in the midst of raising capital.

9:47am: "What happens when people are fearful of their finances? They don't plan." Digging deeper into this problem, Dyme noticed that millennials in particular don't plan; 3 in 10 don't have a savings account. Dyme aims to turn spenders into savers using text messaging. A twice-weekly text message encourages users to add to their savings and the system also updates users on their progress with humorous messages. 

9:54am: D3 Banking asserts that financial institutions have failed to provide small businesses with the tools they need to succeed. The company introduced the latest addition to its product suite, D3 Small Business Banking. The product allows FIs to provide tailored services to small business, including auto-categorization, intelligent reporting and money movement. Small business owners are also able to view cash flow and understand where there may be shortages in the future, with FIs being able to offer assistance.

10:02am: Digital adoption has stalled and the largest banks are still sending a billion pieces of first class mail, asserts Eco-Mail. The firm is a digital post office that distributes both B2C and B2B mail. The company distributes content that FIs can use to strengthen their relationships with their customers while lowering operating costs and increasing margins. The company has two products, EMX Consumer for B2C mail and EMX Enterprise for B2B mail. The latter addresses transactional mail through the digitization of content.  

Session Two

10:54am: Fiserv focused on card-free cash withdrawals. Fiserv showcased an app with thumbprint authentication which acts as a virtual ATM card. The platform extends to the wearable space and taps beacon communication. 

11:02 am: RMS highlighted its referral solution, YAP. New account holders are paired with their choice of rewards, be it gift cards or cash. The solution provides FIs with data on the channels customers are using to make referrals. 

11:09am: Encap Security addressed authentication solutions. Money movement via Encap is paired with approval by biometric identifier. The solution ensures secure communication between bank and customer. 

11:17am: Lexmark, previously Kofax, aims to change the way customers are onboarded and reduce complexity for processes like home equity loan applications. Addressing high abandonment rates, the company delivers a voice-driven customer experience that photographs ID documents, asks the customer for financial details and enables a quick application and approval process. Upon clearing the first hurdle, the customer would be connected by video to a customer service agent who would ask for more information and enable e-signatures. 

11:26am: How do you communicate with your data? Liquid Landscape aims to fill the communication gap with its Liquid Landscape Notebook. Utilizing open source visualization technology, it allows FIs to manipulate a single parameter and see how it impacts other measures. Data workbooks are shareable across an organization. 

11:31am: Novabase presented wizzio, a tool enabling financial advisors to place their clients in context. The tool allows advisors to view fund performance, analyst opinion of funds and other key indicators. The solution aims to improve the advisor's workflow by utilizing an ecosystem of apps and provide better quality service in less time. 

11:38am: Addressing the problem of suspected fraud blocking legitimate transactions, Tranwall allows customers to control the authorization settings on their cards to avoid the embarrassment of a declined purchase. 

11:45am: LiftForward highlighted TaaS, a service with a monthly fee that provides Microsoft devices to small businesses and larger enterprises. LiftForward manages credit analysis, collections and risk around the devices. 

11:52am: Thetaray helps banks leverage data, touting high detection rates of fraud. Multi-source analysis and anomaly detection drive the engine, which allows analysts to examine unusual events. 

11:59am: 85 percent of all retail transactions are still conducted in cash. Quisk aims to bring cash into the mobile age. Through a cloud platform connected to core banking systems, the company allows consumers to use their money without needing cash or cards.

Session Three

1:14pm: Kicking off the afternoon at Finovate, Hedgeable  presented a banking platform targeting millennials. The company provides an automated investing platform, equipped with rewards, and asserts that its growth rate will allow it to soon catch up with Betterment and Wealthfront.

1:20pm: White labeled for healthcare and government, PaySwag provides financial education, games and rewards (swag) for users who pay on time. The companies gamifies payments and collections. The engine allows users in a financial crunch to request a special payment schedule and provide a reason that a payment schedule be adjusted (i.e. sudden car repairs). The company asserts that serious delinquencies can be reduced by 50% using its tool, allowing organizations to collect from the underbanked.

1:27pm: A collaboration network between banks and merchants to prevent fraud, Ethoca alerts merchants in real time that a transaction must be stopped. The platform enables merchants to take immediate action to pull fraudulent orders. 

1:35pm: Delivering mobile apps as a secure service from the cloud, Hypori takes responsibility for all security functions of a client. With customers in healthcare and finance, Hypori presented remote bluetooth capabilities. 

1:41pm: Socure offers a range of ways to verify identity. They presented an app that only asks for name and email to sign in and then relies on facial recognition to send money. It matches their identification with pictures of the user across the web. Socure also demonstrated how a hacker will be denied from any fraudulent efforts.

1:47pm: Ldger allows users to restructure and aggregate P2P loans to create new portfolios. It's primarily for mitigating risk and increasing flexibility in loan restructuring.

1:55pm: RedCloud demonstrated their ability to process payments in real time for cross-border transactions. Banks and credit unions are able to customize the RedCloud portal to meet the needs of specific regulations, track where money is going, and verify whether the funds are legitimate or not.

2:10pm: Ephesoft can take a bunch of scanned loan documents and classify the information using algorithms. If their product works as smoothly as their demo, they will save institutions a tremendous amount of time when organizing loan data.

2:20pm: Dynamics Inc. announced that they're adding international capabilities to their computerized card platform. They demonstrated a host of capabilities, including the ability to create a pin directly on the card as well as the ability to deny fraudulent card transactions in real time. For instance, if someone has slipped a card reader into an ATM, a Dynamics card can sense it and deny the transaction.

2:30pm: ArcBit aims to bring bitcoin use to the masses. They offer a mobile wallet that enables simple bitcoin transactions.


That's a wrap! End of Finovate, day two. So many fantastic presentations in such a short time. Now we're looking forward to FinovateSpring 2016!

Topics: Design