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Finovate Fall 2017, Live Blog Day 2

Sep 12, 2017 7:09:17 AM

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MX offers a range of products 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 for day two, and we're excited for another 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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That's a wrap! Return tomorrow to see how the thought leadership portion of Finovate goes. We'll live blog a few sessions each day. Thanks for following!

4:15 Break

4:07pm Socure | @socureme

From their site: “Leading companies rely on Socure's highly accurate digital identity verification suite to accept more new customers while dramatically reducing fraud. Socure uses a proprietary artificial intelligence platform that analyzes vast quantities of online and offline data to determine if an identity is authentic and belongs to the user.”

Product presented at Finovate: Identification Verification

Highlights:

  • Helping issuing banks, lenders by reducing fraud and costs
  • Register on any device
  • Protects against fraud in real time

 

4:00pm FI.SPAN | @FI_SPAN

From their site: “FI.SPAN is a services management platform that allows banks to deploy new business banking products rapidly. We curate (and pre-integrate) 3rd party FinTech solutions, which banks can use alone or in concert with their internal capabilities to develop composite products.”

Product presented at Finovate: 

Highlights:

  • "Re-imagine business banking"
  • Opens up new business banking channel and allows the bank to leverage any third party projects
  • A full API banking system on its own
  • Fintech orchestration core enables banks to maintain third party relationships and create routing rules on the backend
  • Integrates with a range of fintech companies, including a plethora of companies in the same space

 

3:52pm Relationship Planner

From their site: "Empower your team with our mobile CRM." 

Product presented at Finovate: Ways to increase CRM adoption

Highlights:

  • Dashboards for sales reps and other employees to see how they're doing in leaderboards
  • See client story as well as notes for action items
  • Each user has say over their business area and can assign items to other users

 

3:45pm Overbond | @overbond

From their site: “Overbond brings all bond market participants together. It is a platform that makes primary bond issuance digital, transparent and secure.”

Product presented at Finovate: Overbond platform

Highlights:

  • Overbond: "Like Match.com meets Bloomberg"
  • Investors get the bond they need
  • Fully digital, end-to-end system
  • Investors enter portfolio preferences, algorithms show investment opportunities
  • Investors can follow opportunities they'd like to follow
  • Issuers can also follow opportunities that investors are interested in
  • Submit bids and select dealers

 

3:38pm Asseco | @asseco_pl

From their site: “Based on an omnichannel architecture, Asseco ABP enables mapping the workflow of complex business processes, which are performed with the help of multiple distributed IT systems, into a single versatile user interface.”

Product presented at Finovate: Dashboard

Highlights:

  • Digital loan application
  • Mobile verification
  • Everything is digital — no paperwork — in the mobile app
  • Users don't need to explain the reason for the visit because it's outlined in the app

 

3:30 Trusted Key | @trustedkey

From their site: “Trusted Key was founded to provide consumers and organizations with a secure digital identity solution. Our vision is to enable an Open Identity Network where users control their own identity using their mobile phones and securely interact with governments, banks, retailers, universities and others.”

Product presented at Finovate: Security via blockchain and smartphone technology — Trusted Key

Highlights:

  • Banks are spending too much on CYK compliance
  • Millennials just want to use their mobile phone
  • Password-based security doesn't work and identity theft is rampant
  • ID authentication
  • Sends secure notification, followed by a pin number
  • Registered cards can be used to send a request so users can approve transactions to avoid fraudulent transactions

 

3:23pm AI Foundry | @AIFoundry

From their site: “AI Foundry, a Kodak Alaris business unit, transforms enterprise operations by integrating information, people and processes to enable increased insight and improved decision-making.”

Product presented at Finovate: Digitization of the mortgage process

Highlights:

  • Steamline and automatic mortgage process
  • Check loan status — see loan type, product type, and document status updates
  • Users can upload documents
  • Voice recognition: "Alexa, open ACME Bank."
  • Take photo of missing driver's license
  • Three elements: self-service portal, use a distributed capture product, and extract unstructured data

 

3:17pm RateSeer | @rateseerco

From their site: “RateSeer is a new fintech startup that helps consumers find the most competitive banking, mortgage, credit card and loan rates. RateSeer also offers services to financial professionals that provide them with up to the minute detection and notification of changes to thousands of market rates, commodities, currency and economic indicators.”

Product presented at Finovate: Denoti dashboard

Highlights:

  • Gives access to internal and external data, as well as sentiment trends
  • Dashboard example: Mortgage rate data, including average rates, are all brought into a single dashboard so employees don't have to go searching for it
  • Real-time information including delinquencies and average processing time

 

3:12pm Dynamics Inc. | @dynamicsinc

From their site: “Dynamics designs and manufactures battery-powered interactive payment cards that function with existing infrastructure. The computer-in-a-card technology is completely customizable and offers enhanced choice, control, convenience, and security.”

Product presented at Finovate: Smart payment cards

Highlights:

  • Example: Two products on a card — meaning the user can press a Visa button and use it like a credit card, and then they can press a Tim Horton's button on the card and use it to get rewards
  • Example: Tap one of five buttons and get a dynamic pin number
  • Card is waterproof and protected against de-magnetization
  • Price per card is going down

 

3:05pm Optimove | @Optimove

From their site: “The Optimove Customer Marketing Cloud orchestrates hyper-targeted customer communications at scale, empowering brands to drive growth through CRM automation.”

Product presented at Finovate: Relationship Marketing Hub

Highlights:

  • Shift from static to dynamic customer journey
  • Use human and machines working together to improve communication channels
  • Campaign analytics show what decisions were most effective
  • Users can run an A, B, C test
  • Microsegments enables marketers to see that there might be small groups that you need to change your message to fully reach

 

2:30pm Networking Break

 

2:23pm North Capital Investment Technology | @norcap

From their site: “NorthCapital is the leading provider of prime brokerage and technology application services to power financial marketplaces.”

Product presented at Finovate: 

Highlights:

  • Raising money through a private offering is time consuming
  • NorthCapital makes it easier
  • Helps investors find new sources of capital and track which private companies are best to keep tabs on

 

2:15pm GoodData | @gooddata

From their site: “Seamlessly embed advanced analytics to improve customer satisfaction and maximize incremental revenue with GoodData.”

Product presented at Finovate: End-to-end platform for making use of data

Highlights:

  • Data is the key to effectively providing recommendations and helping end users
  • GoodData shows risk score, QoQ assent trend by state
  • GoodData can then use that data in a system such as Salesforce to create hyperpersonalized offers

 

2:09pm Averon 

From their site: “Our Mission — To help the entire digital world be authentic.”

Product presented at Finovate: Security solutions

Highlights:

  • To log in, user needs username, password, and cell phone
  • This provides another level of security

 

2:01pm Sensibill @getsensibill

From their site: “Know your customers, one receipt at a time.”

Product presented at Finovate: Pulse

Highlights:

  • All receipts can be gathered in a single platform by taking a photo of it
  • The data on the receipt goes from unstructured to structured
  • Garbled transaction data can be translated into simple language so each purchase is easy to understand
  • Sensibill accumulates all the data they gather and translates that into personalized marketing suggestions 
  • Pulse enables personalized client profiles so financial institutions can target them more effectively

 

1:55pm Zafin @Zafin

From their site: “As a leading financial technology provider, Zafin’s mission is to make banking better for both the customer and the bank. Our award-winning platform, miRevenue, helps banks deepen customer relationships by uniting common customer, product, pricing and billing functions in one integrated solution.”

Product presented at Finovate: Zafin platform

Highlights:

  • The software asks users what benefits are most important to them and then builds out products that meet the user's needs
  • It guides the user step by step through the account opening process
  • If a user doesn't behave as expected (for example, if they don't accept a reward from a rewards program), Zafin will note that and help financial instiutions send a reminder

 

1:47pm Fiserv | @Fiserv

“Fiserv is a global leader in financial services technology solutions. We're helping more than 12,000 clients worldwide create and deliver experiences for a digital world that's always on.”

Product presented at Finovate: Commercial Center Security

Highlights:

  • Voice recognition asks for security code and then answers questions
  • Face recognition helps the teller know who the account holder is and help see their profile in real time

 

1:38pm Bpm'online | @bpmonline

From their site: “Bpm’online is a premium vendor of process-driven cloud based software for marketing, sales and service automation.”

Product presented at Finovate: CRM

Highlights:

  • Global CRM and process provider
  • Automate business processes simply
  • Anybody at the financial institution can use the CRM to see the user profile and open their help them with their banking needs
  • Employees can see whether a user is in the middle of a process (such as opening an account) and help them move along
  • Employees can create automated flows such as sending emails based on user activity
  • All employees can see the same view of user profiles and activities

 

1:30pm Nvstr | @NvstrOfficial

From their site: “Smarter, Simpler, Social Stock Investing. Intelligent investing is now easier than you think.”

Product presented at Finovate: Nvster investment platform

Highlights:

  • Currently in private beta with a wait list of 20,000
  • Users can drag stocks to "Interested in buying" or "Interested in selling short"
  • As the system sees users make these actions, it adapts accordingly and changes its recommendations
  • When group sentiment shifts, users see it and can change their buy/sell decisions

 

1:23pm Jscrambler @Jscrambler

From their site: “Jscrambler ensures the integrity of your Web Application on the Client-Side.”

Product presented at Finovate: 

Highlights: 

  • Use case: User pays rent, but the landlord never gets the payment. Jscrambler helps the financial institution know what went wrong. In this case, Jscrambler found that there was DOM tampering in the online banking portal.
  • Jscrambler flags fraudulent transactions and prevents fraud from happening again

 

1:15pm Jiffee | @JiffeePayments

From their site: “Pay with any phone – doesn’t matter if you’re Android or iOS user, just tap and go. Jiffee is a mobile contactless payment system developed by the Braintri R&D team.”

Product presented at Finovate: Payments platform

Highlights:

  • Apple Pay and Android Pay only work with certain phones
  • Jiffee works with any phone
  • Merchants use a small, circular attachment to accept Jiffee payments
  • Alternatively, merchants can just use their Jiffee app to accept payments
  • Buyer taps phone to the merchant's phone to pay

 

12:10pm Lunch Break

 

12:05pm Malauzai | @MalauzaiMonkeys

From their site: “Malauzai Software is a privately-held software development company that was formed in 2009 to participate in the mobile banking revolution. Today, we build a suite of mobile and online banking solutions for community banks and credit unions.”

Product presented at Finovate: MoxPay

Highlights:

  • Voice recogition enables users to send invoices via voice commands
  • Pay network of local businesses directly in the app
  • Simplifies business payments
  • "Digital banking is the new core"

 

11:57am AlphaPoint | @AlphaPointLive

From their site: “AlphaPoint is a financial technology company that powers digital asset networks and provides institutions a Distributed Ledger Platform to digitize, trade, and manage any asset.”

Product presented at Finovate: Make illiquid assets liquid using blockchain technology

Highlights: 

  • Example: Company is looking to raise money and issue shares
  • Shares can be added in the AlphaPoint portal
  • Investors can sign in, see buying options, and make transactions

 

11:50am Stash Invest @Stash

From their site: “Investing Simplified — Become an investor with just $5 and learn as you go.”

Product presented at Finovate: Investment tools for new investors

Highlights:

  • Stash wants to empower a new generation of investors
  • 86% of their customers are first-time investors
  • Stash retirement account guides users to start saving with as little as $50
  • Users can choose an aggressive mix or a less aggressive mix
  • After the account is created, users are nudged to save a certain amount each week
  • Stash also provides content and education so new investors understand how to invest

 

11:42am AFS | @afs_vision

From their site: “Automated Financial Systems, Inc. combines a unique straight-through processing, digital commercial lending solution – AFSVision – with the industry’s most robust Business Intelligence services to support your entire commercial lending business, from origination through servicing, to reporting and benchmarking.”

Product presented at Finovate: Portal for loan deals

Highlights:

  • AFS offers a unified platform to move through the loan process
  • Deals can be approved digitally and approval notifications can be sent instantly
  • Payment reminders can be sent via the portal
  • Enables financial institutions to get rid of the batch system and instead get updates in real time via any device types

 

11:30am ID Analytics | @ID_Analytics

From their site: “ID Analytics utilizes its proprietary ID Network – one of the nation’s only real-time, cross-industry compilation of identity information to glean insight into consumer identity behavior.”

Product presented at Finovate: Simple identity proofing via ID Connect 2.0

Highlights:

  • ID Analytics looks at data on inputs via things like drivers license and sends warnings when the ID looks phony

  

11:28am YUKKA Lab | @YUKKALab

From their site: “YUKKA Lab AG detects market sentiments and transforms them into innovative tools for the finance and communications industry.”

Product presented at Finovate: Sentiment analysis for the financial industry that automatically reads financial news

Highlights:

  • Financial advisors can look at a dashboard to see the sentiment trends about different companies and indexes
  • These advisors can then make trades before the market shifts
  • Sentiment is labeled green, yellow, and red to show positive, neutral, and negative
  • Users are alerted when their investments see a change in sentiment
  • YUKKA Lab has also launched an investment fund based on sentiment

 

11:21am GreatHorn | @greathorn

From their site:“Founded by a team of security industry veterans with decades of experience solving complex cybersecurity challenges, GreatHorn is securing the world’s communication infrastructure.”

Product presented at Finovate: Cybersecurity solution

Highlights:

  • Phishing is a big problem for corporations, and GreatHorn detects malicious email
  • GreatHorn analyzes prior relationship with recipient and company to flag possible fraud
  • Automated action includes quarantining and deleting phony emails
  • A bright red warning appears on emails that may be phony "Caution: This may be a phishing attempt."
  • Other analysis includes name spoofs and domain look-alikes
  • These are flagged automatically

 

 

11:06am ebankIT | @e_bank_it

From their site: “ebankIT is an Omnichannel banking software company providing innovative technologies that allow banking customers to control their finances, and invest their savings easily on their favorite channels.”

Product presented at Finovate: AI Chatbot

Highlights:

  • Log in via facial recognition, voice recognition, or fingerprint
  • Embedded voice technology allows users to give voice commands
  • Integrates with Google Home and Alexa
  • Example: "Okay, Google — talk to my bank voice. I want to do a transfer for $100, and here is my token." Then the transaction occurs.
  • Example: "Alexa, ask my bank voice to transfer money to my mobile account." Then Alexa asks for verification via a text message code and transfers money.

 

11:00am Uniken | @Uniken_Inc

From their site: “In a mobile-first world, we make connecting with your customers safe, simple, and seamless.”

Product presented at Finovate: Security features embedded into banking apps

Highlights:

  • When a user signs in, Uniken runs a list of security checks to verify identity
  • Uniken elimates the need for PII, automatically verifying identification for users calling the contact center

 

10:20 Networking Break

 

10:13am Samsung | @SamsungBizUSA

From their site: “For over 70 years, Samsung has been dedicated to making a better world through diverse businesses that today span advanced technology, semiconductors, skyscraper and plant construction, petrochemicals, fashion, medicine, finance, hotels, and more.”

Product presented at Finovate: Security measures for apps

Highlights:

  • Users want a mobile first experience, so long as security isn't compromised
  • Mobile verification lets people sign in securely
  • Desktop app uses facial recognition to blur out the screen if the user isn't a their station, keeping their info safe

 

10:07am Finn.ai | @finnforbanks

From their site: “We believe strongly that better access to financial services can improve the lives of billions of people.”

Product presented at Finovate: Chatbot

Highlights:

  • Help banks and credit unions by simplifying banking via improved user relationships
  • Users can ask questions about their finances and get answers from a chatbot
  • They can also make transactions in this same way
  • The software also offers predictive help by sending reminders and making suggestions
  • Machine learning helps the product improve over time

 

9:59am PromonTech 

From their site: “Mortgage tech that respects design, data and compliance.”

Product presented at Finovate: Digital Mortgage platform

Highlights: 

  • Borrower wallet shows total assets, debt-to-income, credit score, and loan-to-value
  • Users can get loans from inside the app
  • Loan Officer Assist can help users fill in their information and answer questions
  • Informed by more than 300 income calculations, the algorithm spits out accurate summary statistics so lenders have better insight into who is really qualified

 

9:52am Finicity | @finicity

From their site: “After 15 years in consumer Financial Wellness, Finicity took a core internal asset, our financial data aggregation platform, productized it, and began offering it to financial innovators through our Financial Data API.”

Product presented at Finovate: Fincity Reports

Highlights:

  • Lenders can order reports based on aggregated data
  • Example: If a lender wants to verify that a potential lendee has assets, they can create a verification report to check transactions and accounts
  • Partnered with Experian, Wells Fargo, and JP Morgan Chase

 

9:46am eSignLive by VASCO

From their site: “E-Signatures for all your business needs from the simplest signing workflows to the most complex and regulated transactions.”

Product presented at Finovate: Frictionless digital lending with blockchain capabilities

Highlights:

  • Documents can be e-signed securely with the blockchain
  • Users can sell loans to investors
  • All parties have complete visibility every time an asset is bought or sold

 

9:38am ENVEIL 

From their site: “ENVEIL's scalable framework lets enterprises operate on data (query/analytics) without ever revealing the content of the interaction, the results, or the data itself.”

Product presented at Finovate: New security capabilities

Highlights:

  • ENVEIL demonstrated the ability to encrypt and decrypt information so it can be sent securely

 

 

9:30am Pushfor | @Pushfor

From their site: “Pushfor enables secure content sharing, across any channel, and is designed specifically for business use. Using our patented ‘push’ technology content never leaves its source location.”

Product presented at Finovate: New app features

Highlights:

  • Converts unstructured content so it can be read and transfered on any device
  • Shows where the file is open, for security and marketing purposes
  • Enables users to send a file and delete it even though it has been shared with someone else
  • Helps bankers create dynamic apps by giving them the ability to immediately change the tiles available in the app

 

Moven Enterprise @getMoven

From their site: “Drive Deep Engagement With Millions of Customers Worldwide.”

Product presented at Finovate: "Customer-centric financial wellness capabilities"

Highlights:

  • Goals feature helps users make a plan and stick to it
  • Advice and planning features help users know what they should do to reach financial wellness
  • Contextual chat that changes behavior

 

9:15am cyberProductivity | @cybproductivity

From their site: “We create real-time accounting robots and transform small business accounting from historical to real-time.”

Product presented at Finovate: Virtual finance management manager, with a focus on businesses

Highlights:

  • Invoicing, payments, cash management, and more
  • SMB banking can be integrated into bank and credit union platforms

 

9:06am Sensory | @Trulyhandsfree

From their site: “Sensory, Inc. is a profitable, venture backed, privately held company focused on improving the user experience through embedded machine learning technologies such as voice, vision, and natural language processing.”

Product presented at Finovate: AI-enhanced app

Highlights:

  • Sensory showed an app with facial recognition and voice interaction
  • Users can move money, order checks, and ask for information from the artificial technology
  • This technology can be integrated into banking apps

 

9:00am Announcements Start

 

Banker's Guide to Digital Advocacy

 

Jon Ogden

Written by Jon Ogden

Jon Ogden is the Director of Content Marketing at MX.