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Finovate Fall 2017, Live Blog Day 1

Sep 11, 2017 7:04:23 AM

Finovate Fall 2017 2.jpg

MX offers APIs for financial institutions and fintech companies. See our banking API here and see our fintech API here.

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We're here today at Finovate Fall, and we're excited for a day full of demos. A note for those unfamiliar with the process: Finovate is a chance for fintech companies across the world to demonstrate their latest innovations for seven minutes. One moment longer than seven minutes, and a gong sounds and your microphone cuts out. This makes for a fast-paced, engaging day.

This live blog will summarize the highlights from each company, so check back frequently for updates!

The most recent presentation will be listed first.

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4:10 That's a Wrap! We'll see you tomorrow for Day 2. Be sure to vote for Best of Show, and thanks for reading!

4:04pm Mitek | @miteksystems

From their website: “Mitek is your proven, trusted partner. Optimizing the mobile user experience for more than 5,800 financial service organizations and leading brands across the globe.”

Product presented at Finovate: Mobile Verify for Lending

Highlights:

  • A fast and simple application process
  • User provides online banking credentials to verify account ownership
  • This looks for loan-qualification indicators
  • Asks for drivers license, a selfie, and mobile phone number
  • Mitek extracts data and maps multiple identification methods against each other to ensure that the user has the correct identity

 

3:57pm DIVY | @TeamDivy

From their website: “Divy's search technology allows you to uncover investment ideas. Use the knowledge you have from the world around you to explore the brands you know and discover the companies you don't. With Divy, there's an intelligent investor in all of us.”

Product presented at Finovate: Mobile investing app

Highlights:

  • "Everyone deserves access to investing."
  • Open platform
  • Lower commission price
  • Divy aims to make every stock available to buy
  • Product is available using the Beta code INVEST10

 

3:50 nanopay | @nano_Pay

From their website: “Payments are becoming increasingly global—and the need for a modern platform that reduces the time, cost and risk of transactions is essential to power the future of commerce.”

Product presented at Finovate: Cross-border payments

Highlights:

  • Example shows a transfer between Canada and Peru
  • Users see a real-time rate, can enter their purpose, and get a reference number
  • Takes away compliance risk
  • In the process of working with a clearinghouse in the United States
  • Banks paid $172 billion last year doing cross-border payments
  • Nanopay provides a way to reduce cost, offer a better experience, and remove risk

 

3:41 Layer | @layer

From their website: “Imagine, Design, and Engage in the Perfect Customer Conversation. The Layer platform powers customer conversations, wherever they happen.”

Product presented at Finovate: Customer engagement platform

Highlights:

  • Gives companies the ability to offer a personalized, engaging experience
  • Example: Schedule meetings that connect to calendars
  • Example: Share locations so you can meet in real time
  • Layer gives a range of avenues to communicate with end users, making it easy since it's all in one view

 

3:34pm BILLSHARK | @realbillshark

Twitter Bio: "BILLSHARK is a convenient, no-hassle way to lower your bills. Save 25% in 2 minutes. We saved a single BILLSHARK consumer $5,700!"

Product presented at Finovate: A way to lower bills

Highlights:

  • Billshark helps consumers stop getting ripped off via bills
  • Users can cancel accounts they no longer want, see credit score, and lower bills
  • Billshark can integrate with other experiences at fintech companies and financial institutions, making customers more engaged
  • In the example they showed, Billshark negotiated a lower bill rate via Time Warner and saved the end user money

 

 

3:27pm Sustainably | @Sustainably

From their site: “Round up your spare change to charity and have an impact every time you shop”

Product presented at Finovate: iPhone app

Highlights:

  • Every time users shop, a bit of money is donated to a cause they care about
  • Launched on Monzo API
  • Donations are the amount spent rounded up to the nearest dollar or pound. So a spend of $1.98 will result in a donation of 2 cents.
  • These microdonations will work for every shop and happen automatically
  • Companies can match donate with employers and customers
  • Businesses can track their impact over time

 

3:21pm Unison @Unison

From their site: “Unison is the market leader in home ownership investment."

Product presented at Finovate: Unison HomeBuyer and Unison HomeOwner

Highlights:

  • Unison works with lenders to help cover part of the down payment
  • Users enter their financial information and see various options for getting a mortgage
  • Unison loses if the home price decreases but gains if the home price increases
  • Unison creates a new class of assets based on homeownership for investors

 

3:12pm Wave | @WaveHQ

Twitter Bio: "All-in-one software for small businesses, freelancers and consultants. 100% free accounting and invoicing, plus credit card processing, payroll and more!"

Product presented at Finovate: Wave ecosystem for business banking

Highlights:

  • Users can see estimates, invoices, purchase transactions, accounting, reconciliation, cash flow, profits & loss, etc.
  • Single sign on eliminates the fractured view of finances
  • Businesses use this ecosystem through financial institutions, increasing loyalty with that financial institution

 

3:05pm Ephesoft @Ephesoft

From their site: “Ephesoft’s advanced machine learning solutions help businesses run more efficiently and respond to changes by automatically classifying, separating, sorting and extracting data from documents.”

Product presented at Finovate: Commercial document intelligence model using machine learning

Highlights:

  • Focus on unstructured data in documents
  • Machine learning runs through documents and links relevant data to customized lists so financial institutions can put it to use
  • The software can highlight connections that might be fraudulent

 

2:20pm Break

 

2:12pm ING Bank Slaski | @INGBankSlaski

“We are empowering our clients to make appropriate financial decisions. We provide them with tools to make banking clear and easy.”

Product presented at Finovate: Digital account opening process for business accounts

Highlights:

  • Users enter basic information about the business and sees that the relevant documents have automatically been added to the process
  • ING checks an external ID data base to prevent against fraud
  • Application process takes 3 minutes

 

2:05pm Quadient (formerly GMC Software) | @gmc_net

From their site: “We help companies around the world navigate the transition to digital, and engage meaningfully with their customers across the entire customer journey.”

Product presented at Finovate: Mobile application process

Highlights:

  • Bot that recognizes text commands from the end user
  • Users are able to send address and email to get an application link for a banking product such as a mortgage
  • Quadient helps users move through the application process

 

1:58pm Privakey | @privakey

From their site: “Privakey was launched in 2016 to address one of the most vexing problems in the cybersecurity industry. Our team recognized that consistency is the key to achieving the elusive balance between security and convenience in online transactions.”

Product presented at Finovate: A way to say goodbye to passwords

Highlights:

  • Users can enter their email and get a link to sign in
  • Users can also authenticate directly in the app to do things like reject fraudulent charges or cancel a lost card
  • The same features are available via all device types

 

1:51pm Kony | @Kony

“Easily deliver great omni-channel apps faster than lightning—without compromising on user experience, features, security, or cost.”

Product presented at Finovate: Advanced Composable Services

Highlights:

  • App authenticates user very quickly via photo ID
  • Allows user to speak commands directly into the app (example: "I'd like to wire money")
  • Features also include a personal financial advisor (example: "I'm thinking about purchasing _______. Can I afford it?" Then the app gives the user suggestions).
  • App lets users upload info by snapping a photo of driver license

 

1:44pm Endor | @endorscience

“What if you could answer any predictive business question, fast, accurately, on your own?” [Check out their site design; it’s pretty fabulous]

Product presented at Finovate: Predictive answers

Highlights:

  • Bankers can ask Endor's software questions about their users and get predictive data
  • Questions might be something like, "Of active users in the past three months, how many would be most likely to want a loan?"
  • Endor then creates a report to answer these question that outlines the demographic data of relevant users
  • Based on this data, a financial institution can change their marketing strategies accordingly

 

1:36pm Digital Onboarding @DigiOnboarding

From their site: “New Customer Onboarding For Financial Institutions — Households don't use many of the banking products they open and traditional methods to increase account activation rates are ineffective and inefficient. Digital Onboarding solves this problem for financial institutions.”

Product presented at Finovate: Digital welcoming kit

Highlights:

  • Paperbased welcoming kits cost an average of $14 and are outdated
  • Digital Onboarding sends an instant text message with a link to the banking app and a link to connect to the support team
  • Digital Onboard also creates a drip campaign so users are constantly clued in to what they need know when they need to know it
  • Bank employees can use this product to create a timeline full of text messages and emails
  • Unlike a paperbased welcome kit, bankers can track engagement for each text and email

 

1:29pm Moxtra | @MoxtraHQ

From their site: “The Collaboration API — embeddable cloud collaboration for the mobile era.”

Product presented at Finovate: Moxtra Engagement Platform

Highlights:

  • Built to document unstructured workflows
  • Uses modules to allow for flexibility
  • Moxtra embeds in an app to house conversation threads with a banker (such as a relationship manager)
  • Users can share and annotate documents, including sharing audio files back and forth
  • Moxtra also allows users to start calls within the app

 

1:22pm United Income @unitedincome

From their site: “We invented a money management solution that aims to extend the life and potential of money to complement the innovations that have extended human life.”

Product presented at Finovate: New company launch (United Income)

Highlights:

  • United Income helps people prepare for retirement
  • As soon as a user logs in, they see whether they're on track
  • Runs millions of simulations so users can see when they should retire and how they should collect social security
  • Users can see how they'll be able to spend when they retire and which accounts they should dip into before they retire

1:15pm Mastercard | @MastercardNews

From their site: “Electronic payments have the ability to create a world with greater opportunities for all. To take us beyond borders, to new markets.”

Product presented at Finovate: Cash pickup

Highlights:

  • Mastercard can send money to a local ATM
  • It works by sending a personalized code via text message
  • The user, who may have lost their debit card on a business trip and needs money immediately, can pick up cash immediately
  • Other uses: disaster aid, government aid, insurance companies, etc.

 

12:05pm Lunch Break

Image uploaded from iOS-3.jpg

11:57am MX | @MXenabled

From our site: "With $70 million in total funding and 1,000+ signed clients, MX enables you to collect, enrich, present, and act on data — giving your users a 5-star digital experience."

Product presented at Finovate: Introduced an AI kit and AggregationChallenge.com

Highlights:

  • Aggregation Challenge is the first attempt to track which aggregator is most effective on a range of fronts
  • Apps built on the MX Helios framework have seen dramatic gains in total users and positive user sentiment
  • MX employs AI that improves the user experience including intelligently analyzing checks going through remote deposit capture
  • These intelligent features are now available to MX clients that have deep integration

 

11:50am SpyCloud | @SpyCloudCo

From their site: “Most organizations don’t know when they’ve been breached, when their employees and customers are exposed, can’t find that information on the Underground, and don’t know how to prevent further damage. SpyCloud can help you take control of your exposure.”

Product presented at Finovate: Portal to look at security data

Highlights:

  • SpyCloud highlights information before hackers can get it
  • Financial institutions can look at the dashboard to see potential vulnerabilities
  • Data shows a list of infected users so a financial institution can fix the problem
  • They show every breach and say there are about 40 million infected records every week and that it's getting worse

 

11:42am Omnyway | @Omnyway

From their site: “Omnyway empowers retailers, banks and brands to build a contextual digital commerce ecosystem that encourages shoppers to use their mobile phone for all aspects of their buying journey.”

Product presented at Finovate: Zap Buy

Highlights:

  • When a user clicks an online ad, they're sent a link to their banking app, which integrates with the merchant offering the ad.
  • The financial institution connects all the user's information so buyers can immediately purchase the product they want
  • Zap Buy collects a wide range of information on the backend, allowing the institution to work with the merchant and make smarter offers

 

11:34am College Affordability

From their site: “College Affordability LLC is a customer-focused college financial software company. The primary goal of the company is to simplify the college financial decision process for students and parents.”

Product presented at Finovate: Analytics Dashboard

Highlights:

  • Gives students a dashboard that includes a range of information so students can make more informed decisions before going into debt
  • The dashboard includes a 4-year breakdown of what students will pay and shows them how to pay
  • The system sorts each choice by total costs, so students can quickly discern which college to choose
  • Lets students see loan repayment options based on payment structure
  • Gives personal profit and loss statement for students

 

11:28am Horizn | @JaniceDiner

From their site: “Horizn is the first ever Knowledge Platform designed specifically to increase digital adoption with both employees and customers.”

Product presented at Finovate: Employee Knowledge Platform and Customer Knowledge Platform

Highlights:

  • Helps employees and customers learn more about the features and offerings from a financial institution.
  • Offers rewards for completing tasks
  • Gamification, including points and badges, helps employees become motivated to learn quickly
  • Managers can see which employees have completed tasks

 

11:20am Q2 Holdings | @Q2ebanking

From their site: “Q2 provides the industry's most comprehensive and adaptable digital banking platform and innovative solutions designed to help banks and credit unions compete to win in an always-connected world.”

Product presented at Finovate: Bill-switch feature

Highlights:

  • Presenter's company was acquired by Q2, enabling them to have the funds to help users change their primary spend card
  • Chime offers a bank account on a smartphone and they use Q2's solution
  • Chime shows a list of online accounts such as Amazon, Netflix, Hulu and lets users enter their card details, log in to their merchant account, and switch the payment card on file

 

11:13am Kinetica | KineticaDB

From their site: “GPU-accelerated analytics database for real-time insights on large and streaming dataset.”

Product presented at Finovate: Analytics Dashboard

Highlights:

  • Shows risk of owning a specific stock
  • Dashboard allows users to slice and dice data to see how various choices will affect potential wins and losses
  • Map shows incoming tweets from places all over the world
  • Users can zoom into a certain geographical area and look for people using a specific hashtag or specific topic
  • Users can also see positive and negative sentiments

 

11:05am ITSector | @ITSector_SA

From their site: “Established in 2005, ITSector is a Portuguese Software Development Company created to provide the IT Market with high value solutions.”

Product presented at Finovate: Flow credit suite via mobile

Highlights:

  • Mobile app connects users with employees who can chat in real time via mobile and guide the user through the credit process
  • The app connects directly to financial institutions, enabling users to quickly get access to credit and change their plans on the fly

 

10:58am  BLUERUSH | @BLUERUSHdm

From their site: “Personalize your digital customer experience to each customer with our marketing technology platform, PCE 360™.”

Product presented at Finovate: Individeo

Highlights:

  • Advice engine that uses AI logic built into conversation
  • Can be plugged into other technologies
  • User enters information about themselves, related to retirement in the case of the demo
  • Individeo then takes all the data and puts it into advice format, showing the users possible avenues they could take to best save for retirement

 

10:52am SaleMove | @SaleMove

From their site: “Enable your website or app with Video, Phone, Chat, CoBrowsing, and everything in between. All with no downloads or installation.”

Product presented at Finovate: Unbroken customer journey

Highlights:

  • Three steps: 1) Automated business logic 2) Live chat 3) High touch
  • When a user needs to be transfered, they remain in the same dashboard even if they want to switch to audio instead of just text
  • The user can also immediately switch to video chat
  • Employees have help from AI that automatically create possible responses, making live chat go faster

 

10:15am Networking Break

 

10:09am i-exceed | @iexceedltd

From their site: “i-exceed technology solutions private limited is an IT products and services organization with satisfied clients around the world.”

Product presented at Finovate: New architecture, micro-apps

Highlights:

  • Micro apps can be integrated into existing apps, almost like a Lego block
  • Allows financial institutions to drag and drop certain features into their app
  • Can be used anywhere in the enterprise for any application, cutting down on the management lift

 

10:03am CASHOFF 

From their site: “CASHOFF is a cloud service integrated inside graphical user interface of online and mobile banks.”

Product presented at Finovate: User app

Highlights:

  • Collects data from banks, merchants, wallets, providers, and programs
  • User connects all their accounts in a system to see all their transactions
  • Users get special offers based on purchases

 

9:56am Mortgage Cadence | @MortgageCadence

From their site: “The leader in mortgage lending software, Mortgage Cadence is the only true one-stop shop.”

Product presented at Finovate: Collaboration Center

Highlights:

  • Offers a dashboard that shows data and enables financial institutions to push that information to marketing platforms
  • Network can tell the user exactly what has changed in new versions of a document so they don't have to figure it out manually
  • Connects people in real time via live chat, moving the process forward instantly

 

9:48am — Identitii | @identitii

From their site: “identitii allows financial institutions to enrich payment messages with detailed information about actors and purpose.”

Product presented at Finovate: Improved customer payments

Highlights:

  • Attaches documents to payments
  • Pre-validates international payments
  • Makes sure payments go through
  • Drag and drop invoice into a channel, a parser reads the invoice and inputs the info, the software highlights if there are any potential problems with the payment type or connection
  • Uses identity blockchain to ensure the payment is safely made
  • APIs enable invoices to be directly presented to the end user in their own system

Banker's Guide to Digital Advocacy

 

9:41am — Voleo | @MyVoleo

From their site: “We believe that investing should be fun and profitable, so [we] built a social trading app that makes it easy to start an Investment Club with your peers.”

Product presented at Finovate: Social trading app

Highlights:

  • Friends can invest in the stock market together
  • Gather together in clubs
  • Friends can send a proposal and try to persuade other people in the group to accept the strategy
  • Data analytics show which friends get the best returns most consistently
  • Clubs help users crowd source info about the stock market
  • Voleo is about to launch a simulated stock market competition for students

 

9:34am — Gro Solutions | @grobanking

From their site: “Leading the digital transformation of banks and credit unions. Featuring advanced customer acquisition software.”

Product presented at Finovate: GroFunnel 

Highlights:

  • Closes the gap between bank core and marketing software
  • User gets an email, accepts the offer, verifies identity via a verification code and inputs a bit of info, then gets a product
  • Works for almost any product a financial institution sells
  • All offers show up in the analytics dashboard, which enables marketers to create personalized offers

 

9:28am — Experian | @Experian_US

From their site: “Your identity is valuable. We can help protect it. Get better identity theft detection, protection & resolution from Experian.”

Product presented at Finovate: Text for Credit

Highlights:

  • This product lets you apply for an offer via text message, then link to a personalized URL
  • The URL shows what you qualify for and lets you apply for credit
  • The presenters showed the process for a mobile pre-qualification for a credit card
  • They can see where each person who applied texted from, giving the financial institution more insight into possible account holders

 

9:20am — Adobe | @Adobe

From their site: “Only Adobe gives everyone — from emerging artists to global brands — everything they need to design and deliver exceptional digital experiences.”

Product presented at Finovate: Adobe Sensei

Highlights: 

  • Personalized marketing platform, based on AI and data
  • Overlays historical data and shows the effectiveness of each marketing asset over time.
  • Sensei can take thousands of images and analyze them
  • Sensei pulls in all customer profiles and then changes what shows up on their website based on those profiles
  • A camera in a branch records an image of the users and then Sensei recognizes that individual and gives them personalized offers

9:15am — Announcements Start 

 

Banker's Guide to Big Data

Jon Ogden

Written by Jon Ogden

Jon Ogden is the Director of Content Marketing at MX.