It's Finovate Fall's 10th anniversary and MX is proud to cover the festivities from New York. Throughout the event we'll be profiling fascinating fintech companies and their technology advances.(9:15 am)
Econiq has developed a way to represent conversations in branches (green - generating revenue, purple - Are we providing a great customer experience?) and contact centers. It has an app for frontline executives, allowing them to understand where branches and contact centers are excelling in customer engagements.
Clinc has developed a mobile app with a "financial genie" that reports on a user's spending. "Unbounded, unconstrained speech" powered by neural network technology, it responds to user inquries. For example, if a user asks what they spent on restaurants while visiting Chicago, the app will respond and list transactions. The firm intends to work with financial institutions and deploy the financial genie within their mobile banking apps.
Fiserv presented on bank-secured social funding. Offering the example of a small business owner purchasing a food truck, Fiserv demonstrated how a user would be offered a small business checking account and then be run through background checks to determine an appropriate loan product.
Catamera, a design firm based out of Seattle, presented a library of web components that can help FIs design sites for their customers. Catamera allows FIs to select appropriate images and a set of products to highlight for a given customer segment.
Finovate had presentations from companies spanning four different continents this morning. The global reach of fintech is clearly on display.
Aspire Financial Technologies debuted a platform that serves alternative lending originators. The platform allows an investor to manage multiple commitments with multiple originators and has reporting capabilities that eliminate the need for time consuming Excel spreadsheets.
Bitbond makes cross-border lending for small business possible via blockchain. It has an SME scoring mechanism that connects various accounts (eBay, Amazon, PayPal) to establish a borrower's creditworthiness. Bitbond is available to institutional investors who are looking to create an internationally diverse portfolio of loans.
Qumram reports on user interactions across digital channels. Its data can be plugged into FI analytics platforms. By recording every digital interaction and replaying it in movie-like form, the company works to satisfy compliance.
BrandCrowder focuses on alternative lending for the US franchising market. Why franchises? Franchises are more proven businesses and present a high yield environment in a time when yields are underwhelming. The platform allows users to socialize and share their new investment with their Facebook and LinkedIn networks.
Banks have data without behavioral views and an understanding of the sentiment of their customers. They're not necessarily predicting future events in their customers' lives or their propensity to buy certan financial products. IBM has thus rolled out Customer Insight for Banking, sharing metrics that are forward-looking. A regional manager can look at present customer attrition and then look forward several quarters at projected attrition. The product lists customers who would have a high propensity to buy certain financial products. It also allows FIs to see who would be at risk to change their mortgage, overdraw an account, etc. These customer lists can be exported for targeted campaigns.
bondIT uses machine learning algorithms to find bonds with the best yields for investors. The platform allows for the creation of a custom portfolio and easy views of cash flow and risk analytics. bondIT is compliance-friendly as it can show regulators why a particular investment was recommended to an investor.