A Look at the Savings Tech Horizon: Advice-Only

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This is part five of a six part blog series about savings technology. Last week we discussed how savings technology works in goals-based PFM platforms and standalone, automated savings platforms and so far this week, we’ve looked at solutions targeted to Generation Z and crowdfunded savings technology. Today, we’re examining advice-only solutions.

The advice-only model works well as an employer-sponsored benefit. It’s a great way for businesses to encourage their employees to build up their personal savings (both short-term emergency savings and long-term retirement savings) in order to mitigate finance-related stress from the workplace. Offering an advice-only approach instead of a hands-on money management platform reduces the amount of on-the-clock time employees will spend managing their money.

Advice-only

Companies in this category work well in combination with other savings tools because they simply offer advice and do not serve as an account to hold or invest users’ money. These types have been around for at least a decade (think of Mint’s 2007 Finovate demo) but have increased the complexity of their analysis using big data and behavioral analytics. HelloWallet and Wealth Wizards both use complex tools, algorithms, and behavioral data to help users set aside the optimal amount of funds to meet short term and long term goals.

  • HelloWallet
    A U.S.-based PFM company, HelloWallet has tools for everything from retirement to emergency savings recommendations. The company takes a B2B approach by selling its product to employers who provide HelloWallet as a tool to their employees as a workplace benefit. In addition to helping users save, HelloWallet also offers general financial guidance and tools to help employees make the most of other workplace benefits, such as health savings accounts. The company debuted its Retirement Explorer tool at FinovateFall 2015.
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HelloWallet helps users establish a goal for their emergency savings account
  • Wealth Wizards
    At FinovateEurope 2017, Wealth Wizards launched Pension Wizard Contribution Advice, part of its robo advisory platform. Pension Wizard is an employer-provided, workplace pension savings tool that helps users save for retirement. The app guides users toward a sensible amount to contribute each month based on their current salary. It then assesses the user’s contribution, combined with the anticipated U.K. state pension amount, and presents them with how much monthly income they should expect in retirement.
Wealth Wizards’ Pension Wizard gives users a visual representation of their retirement money

To recap, here are the types of savings tech we’ve seen so far:

Stay tuned tomorrow for the final category.

FinDEVr APIntelligence

We saw some great stuff at FinDEVr New York last week; stay tuned for videos of the live presentations! If you missed out, check out FinDEVr London on June 12 & 13 during London Tech Week. Register today and save big time.

On FinDEVr.com

Alumni updates

  • FinDEVr New York newcomer Fiserv announces enhancements to its real-time, loan servicing solution, LoanServ.
  • Swiss financial sector infrastructure operator SIX partners with IBM Watson to build cyber-security hub.
  • PYMNTS.com looks at speculation that Kabbage may acquire OnDeck.
  • BBVA among the latest companies to join Hyperledger.
  • MasterCard introduces new fraud detection solution, Decision Intelligence.
  • Credit Donkey lists StockTwitsDriveWealth, and Personal Capital among its Best Investing Apps of 2017.
  • Forrester recognizes FinDEVr newcomer Outsystems as a leader in low-code development platforms.
  • E-commerce services from Vantiv achieve Oracle Validate Integration. Video of Vantiv’s FinDEVr 2017 New York presentation will be available soon.
  • VISA to enable electronic business payments for SME clients of B2B electronic invoicing network, Viewpost.
  • Fiserv reports nearly 30 banks and CUs deployed its digital banking technology in 2016, taking the total number of FIs using its online banking solutions to 3,500.

Stay current on daily news from the fintech developer community! Follow FinDEVr on Twitter.

LendingTree Launches Student Loan Comparison Tool

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“When banks compete, you win,” LendingTree is famous for saying. Now the same may be said of student loan refinancing, as well.

LendingTree unveiled its Student Loan Refinance Tool this week. The solution enables students to compare their student loans to see if they can save money by refinancing to a loan with lower rates and better terms. With some basic information about the current loan (balance, monthly payment, and interest rate) as well as the interest rate and loan term of the new loan, student borrowers can determine whether or not there are better loan options for them in a matter of minutes. “It is completely free to use, only takes a few minutes to get results, and can save people a lot of money by letting them optimize their student loans,” wrote LendingTree Content Specialist, Tom Sumrak in an email.

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Pictured: LendingTree’s Gabe Dalporto (CMO and President, Lending) demonstrating My Lending Tree at FinovateSpring 2015.

Students can follow up with LendingTree to take advantage of the average $14,417 the company has saved student borrowers over the life of their loans. In order to secure refinancing, students need a picture of their driver’s license, a paystub, and a picture of their current student loan. Students with bachelor’s, master’s, and doctorate degrees are all eligible for refinancing. Current employment and good credit are a plus.

LendingTree is now competing with newcomers such as SoFi, which launched as a student loan platform in 2011 and expanded to offer mortgages in 2014. Headquartered in Charlotte, North Carolina, LendingTree demonstrated its My Lending Tree personalized borrower’s platform at FinovateSpring 2015. In November, the company acquired credit card comparison and education portal, CompareCards, in a deal valued at $130 million. In September, LendingTree was named a top workplace by The Charlotte Observer, and in June, the firm launched its CRA-Eligibility Tool to make it easier for lenders to comply with the Community Reinvestment Act. With partnerships with more than 350 active lenders including Prosper Marketplace, Lending Club, and Quicken, LendingTree was included in our look at the emerging PropTech and MortgageTech sectors last month.

Finovate Alumni News

On Finovate.com

  • A Look at the Savings Tech Horizon: Crowdfunded Savings with Spiff and InSpirAVE.
  • LendingTree Launches Student Loan Comparison Tool.
  • Check out this week’s FinDEVr APIntelligence.
  • A Look at the Savings Tech Horizon: Advice-Only with Hellowallet and  Wealth Wizards.

Around the web

  • Malauzai Software launches Fingerprint Authentication and Touch ID technology for Android 7.0 this year.
  • VISA to enable electronic business payments for SME clients of B2B electronic invoicing network, Viewpost.
  • Fiserv reports nearly 30 banks and CUs deployed its digital banking technology in 2016, taking the total number of FIs using its online banking solutions to 3,500.
  • PurePoint launch leverages Zenmonics’ channelUNITED.
  • Bitpesa partners with Bitbond to financially assist SMEs.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Calling All Development Teams – Speak at FinDEVr London

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It’s not every day there’s an opportunity for a fintech developer to share how they’re innovating from stage, which is why we created FinDEVr. FinDEVr is the only event that brings together the people behind fintech: the developers, CTOs, VPs of engineering, software engineers and architects, UX designers and programmers creating financial innovations and enabling technology.

If you’re working on solutions for the fintech, finance and banking industries, the upcoming FinDEVr London on June 12 & 13 is for you. FinDEVr offers a powerful opportunity for technologists to reach 400+ peers in order to:

  • FDLD17_EventLogoV3_wdate(large)Drive product adoption of APIs/platforms/SDKs
  • Showcase new and trending technology and the inspiration behind it
  • Establish technical leadership of the industry while educating the market
  • Garner press recognition and gather feedback on innovations

Through 15-minute, TED style presentations, companies showcase their latest innovations, case studies, tutorials and best practices through demos, live coding, slides, and videos. During interspersed networking in an exhibition area, presenters have the chance to connect one-on-one with attendees for a deeper dive. With a limited number of companies selected to participate (a max of 30 each day), the presenter to attendee ratio is excellent.

It’s not every day there’s an opportunity for a developer to present how their technology came to be, what it does, and how it enables other fintech solutions. Today is the day. Apply to speak at FinDEVr London and reach 400+ developers this June.

For more information on speaking, please review the brochure for prospective presenting companies here: london2017.findevr.com/presenterpdf. And then fill out the online application here: london2017.findevr.com/application.

If you have any questions, please email london@findevr.com. And remember, the final deadline to apply to speak is this Friday, March 31.


FinDEVr London 2017 is partnered with BayPay Forum, BiometricUpdate.com, Breaking Banks, Byte Academy, Celent, CIOReview, Cointelegraph, Colloquy, Cooper Press, Distributed, Economic Journal, Empire Startups, Femtech Leaders, Finmaps, Fintech Finance, Global Data, Harrington Starr, Level39, London Tech Week, Mercator Advisory Group, The Paypers, Plug and Play, SecuritySolutionsWatch.com, Swiss Finance + Technology Association, and Women Who Code.

A Look at the Savings Tech Horizon: Crowdfunded Savings

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This is part four of a six part blog series about savings technology. Last week we discussed how savings technology works in goals-based PFM platforms and standalone, automated savings platforms and yesterday we looked at solutions targeted to Generation Z. Today, we’re shifting our focus to crowdfunded savings.

The crowdfunding model has existed for more than a decade and expanded significantly when Obama enacted Title II of the JOBS Act in 2013. It’s no surprise, then, that we’re starting to see this model creep into the savings realm to enable friends and family to contribute money toward others’ goals.

Crowdfunded savings

These solutions are like Kickstarter for savings goals. Having a platform where you can request money or simply advertise what you’re saving for (in the hope someone might contribute), helps remove some of the awkwardness from asking for money. Spiff and InSpirAVE are goals-based PFM platforms that enable friends and family to contribute to users’ savings goals.

  • Spiff
    Norway-based Spiff launched its saving app at FinovateEurope 2016 in London. The company’s user interface simplifies what it takes to save for a goal and gives the user the option to save their money in a bank or in an investment fund. Spiff makes saving money a bit more fun by letting the user assign pictures to their goals and share them on social media and via messenger, where friends and family can contribute.
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Couples who Spiff together, save together
  • InSpirAVE
    Having dubbed its solution the Internet of Savings, InSpirAVE has a lot to live up to. The company’s combination savings-shopping platform takes goals from cradle-to-grave, so to speak. InSpirAVE leverages third party information from eBay and other shopping sites to enable users to search for the exact product they want and build a wish list with the different options. Users solicit the opinions of their friends and family, who vote for the product they want to user to buy, and ultimately contribute funds to help the user make the purchase.

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The key to InSpirAVE is that the entire process– from dreaming of the goal, to finding the perfect product, funding and contributing to the goal, and even the point of purchase– takes place entirely within the InSpirAVE platform. The company’s founder and CEO Om Kundu, along with CTO Mark Krofchik, debuted at FinovateFall 2016 in New York.


To recap, here are the types of savings tech we’ve seen so far:

Stay tuned later this week for the final two categories.

Finovate Alums Populate RegTech Top 100 Power List

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Call it them the Finovate Fifth.

Nearly 20 of the companies highlighted in Planet Compliance’s new RegTech Top 100 Power list – and five of the top ten – are Finovate and/or FinDEVr alums. To measure “power”, Planet Compliance used an algorithm that measured a company’s activity in the media, as well as online and in social media including Facebook, LinkedIn, Twitter, and Wikipedia.

Interestingly, Planet Compliance says it has added a “secret ingredient” to the ranking system. It is also worth noting that their definition of RegTech is broad enough to include not just ID verification/authentications specialists, but biometric security innovators, as well.

So let’s take a look at how Finovate/FinDEVr alums stacked up.

(1) Temenos (FE15, FD15)

  • Founded 1993. Headquartered in Geneva, Switzerland. Market capitalization of $5.63 billion.

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Pictured: Aaron Phethean, Marketplace Director for Temenos B2B Financial Services Marketplace, during his FinDEVr Silicon Valley presentation.

(3) Trulioo (FF16, FD14)

  • Founded in 2011. Headquartered in Vancouver, British Columbia, Canada. Raised $23 million in funding.

(5) Qumram (FF16)

  • Founded in 2011. Headquartered in Zurich, Switzerland. Raised $4.5 million in funding.

(8) Socure (FF15)

  • Founded in 2012. Headquartered in New York, New York. Raised $18 million in funding.

(10) Feedzai (FE14)

  • Founded in 2009. Headquartered in San Mateo, California. Raised $26 million in funding.

(11) Ayasdi (FF14)

  • Founded in 2008. Headquartered in Menlo Park, California. Raised $106 million in funding.

(18) NetGuardians SA (FA16)

  • Founded in 2007. Headquartered in Vaud, Switzerland. Raised $5.5 million in funding.

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Pictured: Mine Fornerod, Net Guardians Digital Marketing Manager, demonstrating FraudGuardian at FinovateAsia 2016.

(19) BioCatch (FF14)

  • Founded in 2011. Headquartered in Tel Aviv, Israel. Raised $11.6 million in funding.

(34) Investglass (FA16)

  • Founded in 2014. Headquartered in Plan-les-ouates, Geneva, Switzerland. Raised $100,000 in funding.

(38) Mitek (FE17, FD15)

  • Founded in 1985. Headquartered in San Diego, California. Market capitalization of $218 million.

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Pictured: Sarah Clark (General Manager, Identity, Mitek) demonstrating Mobile Verify at FinovateEurope 2017.

(39) nCino (FE17)

  • Founded in 2012. Headquartered in Wilmington, North Carolina. Raised $64.7 million in funding.

(45) SecureKey (FF12)

  • Founded in 2008. Headquartered in Toronto, Ontario, Canada. Raised $89 million in funding.

(48) Rippleshot (FF14)

  • Founded in 2012. Headquartered in Chicago, Illinois. Raised $4.6 million in funding.

(63) Trunomi (FE15)

  • Founded in 2014. Headquartered in San Jose, California. Raised $6 million in funding.

(66) BehavioSec (FF15, FD15)

  • Founded in 2007. Headquartered in Stockholm, Sweden. Raised $8.2 million in funding.

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Pictured: Olov Renberg, BehavioSec COO, demonstrating BehavioSec On Demand at FinovateFall 2015.

(76) DemystData (FA12)

  • Founded in 2010. Headquartered in Singapore. Raised $12 million in funding.

(77) Fenergo (FE12)

  • Founded in 2009. Headquartered in Dublin, Ireland. Raised $80 million in funding.

(84) Trustev (FE14)

  • Founded in 2013. Headquartered in Cork, Ireland. Acquired by TransUnion.

(96) Global Debt Registry (FF14)

  • Founded in 2005. Headquartered in Wilmington, Delaware. Raised $7 million in funding.

Stay tuned for more coverage of RegTech and other growing industries within fintech as we begin previewing the presenters of FinovateSpring 2017. Finovate returns to San Jose on April 26 and 27 for our annual spring conference. Visit our registration page today to save your spot.

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Finovate Alumni News

On Finovate.com

  • Finovate Alums Populate RegTech Top 100 Power List.

Around the web

  • Moven announces five-year extension of partnership with TD Bank.
  • PyraMax Bank selects DNA account processing platform from Fiserv. Visit our FinDEVr video archives soon to see Fiserv’s presentation this month from FinDEVr 2017 New York.
  • BBVA and SecureKey among the latest companies to join Hyperledger.
  • E-commerce services from Vantiv achieve Oracle Validate Integration. Video of Vantiv’s FinDEVr 2017 New York presentation will be available soon.
  • Netverify from Jumio to validate customer drivers licenses for mobility app, Free2Move. See Jumio at FinovateSpring 2017 next month.
  • Forrester recognizes FinDEVr newcomer Outsystems as a leader in low-code development platforms. Check back soon for video of Outsystems’ FinDEVr presentation from last week.
  • Trulioo expands coverage to Republic of Korea.
  • DAVO Technologies reaches 1,000-customer milestone for its sales tax platform.
  • Blackhawk Network rebrands incentives division as Hawk Incentives.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

A Look at the Savings Tech Horizon: Gen-Z Targeted

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This is part three of a six part blog series about savings technology. Last week we discussed how savings technology works in goals-based PFM platforms and standalone, automated savings platforms. Today, we’re shifting our focus to a younger generation.

Generation Z, also known as the iGeneration, is defined as people born between the years 1995 to 2012. While this group generally doesn’t have much discretionary income (or any income at all), they are at a key age to learn how to manage their money.

Gen-Z targeted

Many banks understand the value of catering to younger generations– if you hook them young, it’s easier to score them as clients for life. Gen-Z targeted solutions work well for banks seeking easy client acquisition (a B2B model) and for parents who want to teach their children fiscal responsibility or are tired of giving hand-outs (a B2C model).  Worldline and FamZoo both offer solutions for banks that appeal to kids as well as their parents.

  • Worldline
    At FinovateEurope last month, Worldline debuted its WL Connected Piggy Bank, a smart piggy bank that is connected with a tandem mobile banking app for kids. The piggy bank serves as a physical savings account for the kid– when a coin is deposited, the piggy lets out a snort.The connected mobile app helps the child recognize coins and add up the balance of the physical coins in their piggy bank combined with the amount in their online account. The parent-facing side of the mobile app allows parents to deposit money into the child’s online account using NFC between their phone and the piggy’s nose. Snort, snort!
Worldline’s Connected Piggy hogs the stage at FinovateEurope 2017 in London.
  • FamZoo
    While FamZoo is geared mostly toward spending, it also helps teach kids the other faces of financial discipline– saving and giving. With FamZoo’s Virtual Family Bank, parents help kids manage their money. Among the features are parent-paid interest on savings balances and savings contribution matching. The app works with either an IOU account or prepaid cards, a feature FamZoo debuted at FinovateSpring 2013.Because they offer spending independence, the prepaid cards help the FamZoo app grow with the child through high school; something a piggy bank cannot do. FamZoo takes both a direct-to-consumer approach and a B2B approach. The company launched its partner edition at FinovateFall 2011, where it won Best of Show.
With FamZoo, parents set the compound interest rate with which they want to reward their child

To recap, here are the types of savings tech we’ve seen so far:

Stay tuned later this week for the final three categories.