FinDEVr Preview: GoodData

FinDEVr PreviewsFDNY17-Logo-Rev highlight companies presenting new developer tools, platforms, and integrations at FinDEVr New York 2017, March 21 & 22. Tickets are on sale now. Visit our registration page and save your spot today.

GoodData will demonstrate how to leverage the latent data of financial services organizations and turn it into actionable insights delivered to thousands of business users at their point-of-work. Specifically, embedding machine learning-augmented insights of business users’ transactional systems, ensuring they have the best guidance available.

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Why it’s a must-see:

Understand how the delivery of actionable insights to business users at their point-of-work helps them improve the quality, efficiency, and profitability of each decision they make every day of the year. These better daily business decisions will result in your company’s growth, customer satisfaction, and competitive differentiation.


Check out more previews of upcoming FinDEVr New York 2017 presentations and don’t forget to register before it’s too late.

Finovate Alumni News

On Finovate.com

  • SWITCH Lands $400,000 Angel Investment.

On FinDEVr.com

Around the web

  • Customers can now host Actiance Vantage on Microsoft Azure
  • Handpoint launches EMV Tip Adjustment feature for MPOS.
  • Financial Times reports: Starling Bank strikes money transfer deal with TransferWise
  • ShopKeep expands into online ordering and delivery with ChowBOT acquisition.
  • Narrative Science launches Narratives for Business Intelligence API.
  • Strands to power PFM for Kenya’s largest bank, Commercial Bank of Africa.
  • Citi introduces new mobile passcode solution for its Treasury and Trade clients. See Citi at FinDEVr New York next week.
  • BBVA to focus on identity, AI, and “fintech for companies” in ninth installment of its Open Talent innovation competition.
  • Cachet Financial Solutions aims to raise more than $9 million in initial public offering this week.
  • Following its platform limit announced in December, Zopa has set up a waiting list for new prospective investors.
  • Capital One Financial Corporation appoints Amy Lenander as UK CEO.
  • Putnam-Greene Financial Corporation to deploy core banking technology from Fiserv. Join Fiserv in New York next week for FinDEVr New York.
  • PaySwag to power mobile loyalty and instant rewards to the underbanked for Sionic Mobile.

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.

Reserve Your Seat — The FinDEVr Games Are About to Begin

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As we approach the home stretch to FinDEVr New York, time is running out to trade up. Join the major leagues today and you’ll add your name to a roster of hundreds of talented professionals — CTOs, software architects, VPs of engineering, product managers, and more. Plus you’ll see for yourself what the fanfare is about:

  • The high-paced development grind lends itself to a certain amount of technical tunnel vision. FinDEVr is a great way to force us to poke our heads up, take stock of our colleagues’ latest efforts, and discover new ways to collaborate. Bill Dwight, CEO & Founder, FamZoo.com
  • At FinDEVr, I saw the inertia in our industry starting to give way. I was part of the developer renaissance that I wanted to see. Loren Paulsen, Software Development Manager, Maps Credit Union
  • FinDEVr brings together the brightest technical minds and products in the fintech space for a highly collaborative event. If you are in the fintech space, then you should attend FinDEVr. Ken Maier, CTO, Epic Loan Systems

FDNY - DevelopervsNonDeveloperThe event kicks off at 9:30AM on both March 21 & 22 (breakfast is available the hour before). 15-minute TED-style presentations with short Q&A sessions run throughout the day, and the longer networking happy hour gives attendees the chance to dive deeper into the content seen on stage.

Breakfast, coffee breaks, lunch, and appetizers and an open bar are included. And no game is complete without popcorn and beer.

Tuesday, March 21

 

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Wednesday, March 22

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It’s game time! Save your seat today and save 10% with the promo code FinDEVrBlog.

FinDEVr New York 2017 is sponsored by Google Cloud and Box.

FinDEVr New York 2017 is partnered with American Banker, BayPay Forum, BiometricUpdate.com, Breaking Banks, Byte Academy, Canadian Trade Commissioner Service, Celent, CIOReview, Cointelegraph, Colloquy, CooperPress, Distributed, Economic Journal, Empire Startups, Femtech Leaders, Finmaps, Fintech Finance, Harrington Starr, Level39, Mercator Advisory Group, The Paypers, Plug and Play Tech Center, SecuritySolutionsWatch.com, Swiss Finance + Technology Association, and Women Who Code.

Finovate Debuts: Signicat Delivers On Demand Digital ID Verification

01.Value

Signicat provides a cloud- and web-based identity verification service to more than 200 institutions mostly in the Nordics. The company’s platform leverages live video and identity document verification, as well as authentication by bank account and the GOV.UK Verify system, to enable digital signing, speed customer on-boarding, and remove friction from the online experience for financial services consumers.

“At Signicat our business is providing digital identity on demand in the cloud,” company Business Development Director Robert Kotlarz explained from the Finovate stage in February. “The concept is that you can call a web service to validate the identity of the individual,” he said. “(And) by identifying your digital customer, you can actually provide them with the products and services they want very immediately.” In addition to improving the experience for the consumer, the company’s solutions also help FIs and fintechs grow while remaining compliant with privacy and data protection regulations.

Signicat_stage_FEU2017

Pictured (left to right): Business Development Director Robert Kotlarz and Product Expert Kåre Indrøy demonstrating Signicat Assure and Signicat Sign at FinovateEurope 2013.

Signicat’s innovations are driven in part by what the company called “the battle to on-board.” A survey of 2,000 financial service professionals commissioned by Signicat revealed online application abandonment rates of 40%, with “length of process” and “too much personal information required” among major hurdles. As such, clients have used Signicat’s solutions, which also include Signicat Preserve for document archiving and Signicat Connect to enable safe and secure access to business applications, for everything from accelerating the credit card application process (EnterCard/Barclays) to helping launch new banks (Bank Norwegian).  “We work with over 200 financial institutions,” Kotlarz said, “calling into our cloud 100 million transactions every year.”

During their FinovateEurope demonstration, Kotlarz and Product Expert Kåre Indrøy presented two of the company’s products: Signicat Assure and Signicat Sign. Signicat Assure is a verification technology that uses a combination of government-issued identification such as ID cards or passports, digitally-verified documents such as utility bills, social media, and other resources to establish identity. Signicat Sign is the company’s digital signature technology which helps ensure the integrity, origin, and non-repudiation of digital documents. Kotlarz and Indrøy walked the audience through a new customer loan application scenario using bank account verification, a minimum of personal information, and esignature technology, noting that the customer would also be able to access their account via a mobile app secured with a biometric footprint. “A frictionless process for on-boarding new customers,” Kotlarz said, “by using identity at the heart to know who your new customer is.”

Company Facts

  • Headquartered in Trondheim, Norway
  • Founded in January 2007
  • Maintains 62 employees in eight different offices in seven countries
  • Anticipates 2016 revenues of 10 million euros
  • Serves 252 customers on its cloud solution (IDaaS)
  • Won the Norwegian Fintech Achievement Award in 2017
  • Gunnar Nordseth is CEO

Signicat_RobertKotlarzWe met with Robert Kotlarz (pictured) and Kåre Indrøy during FinovateEurope and followed up with a few questions by email. Below are our questions and their responses.

Finovate: What problem does your technology solve?

Robert Kotlarz: Signicat is the first and largest Identity Assurance Provider in the world providing regulated markets with the technology to create mutual trust between organizations and their publics. Our products are divided in 4 parts:

  • Signicat Assure: To help ensure that the user is who he or she claims to be during an onboarding process. The user typically claims the identity, and then provides evidence for the claim.
  • Signicat Connect: To verify existing user’s identity during an authentication process. Used when user wants to access services, and has to prove identity.
  • Signicat Sign: To digitally sign contracts or other legal documents, or seal similar documents.
  • Signicat Preserve: To ensure long term validity of signed documents.

02.List of methods

Pictured: Signicat provides multiple, configurable identity verification options including live video and identity paper verification.

Finovate: Who are your primary customers?

Kotlarz: Our primary customers are in the banking, financial, and insurance areas.

Finovate: How does your technology solve the problem better?

Kotlarz: With Signicat, service providers can build and leverage existing customer credentials to connect users, devices, and even “things” across channels, services, and markets, transforming identity into an asset rather than an obstacle. By ditching manual, paper-based processes and replacing them with digital identity assurance, customer onboarding is accelerated and access to services is made simple and secure. Service providers can rapidly grow market share, easily acquire new customers, and ensure compliance with financial, privacy, and data protection regulations, including AML and KYC.

Signicat delivers an online electronic signing service that is fast and easy to use. It allows users to sign multiple documents, upload own documents, and write personal information which gets integrated in the signed documents. For organizations, this means saving time and money by automating previously manual processes and increasing self-service capabilities. Signicat has the technology to connect the market, the expertise to scale the systems, and the experience to build the trust.

03.Bank

Pictured: Bank account verification is one of a number of verification options for customers.

Finovate: Tell us about a favorite implementation of your technology.

Kotlarz: In 2009, Bank Norwegian set a new standard when they introduced the concept “Switch banks in 90 seconds.” Using eID, customers could easily switch banks without the time-consuming processes involving meetings, phone calls, and application forms. As the first bank in Norway, and among the first in the Nordic region, Bank Norwegian set the standard for self-service banking.

Customers of the bank were introduced to a concept that was simple, straightforward, and practical. Bank Norwegian has also benefited from the solution, because they don’t have to spend unnecessary time and resources on phone calls and form processing. This is a good solution for the bank’s customers, who have previously had to deal with complicated processes to switch banks. Now, the customers simply fill out an application form online and submit it by identifying themselves and signing using BankID.

By using eID as a key function in Signicat’s product base, the bank has been able to streamline the structure and organization of the company, both in terms of cost-effectiveness and workability.

Finovate: What in your background gave you the confidence to tackle this challenge?

Kotlarz: Signicat already has a history of 10 years connecting banks and financial institutions into services required to securely onboard, identify clients, and sign and preserve documents. The solution is already available all over Scandinavia, where Signicat is a market leader in the area.

04.Sign

Picture: Signicat’s technology enables a variety of ways to provide esignatures.

Finovate: What are some upcoming initiatives from Signicat that we can look forward to over the next few months?

Kotlarz: Preparing the solution for the British market, connecting several ID verification methods into the solution. For example, address lookup, ID paper verification, bank account verification, and video assurance.

Finovate: Where do you see your company a year or two from now?

Kotlarz: Since its beginning in 2007, Signicat has established itself as a market leader in the Nordic region. The company has been a pioneer in establishing cloud-based Identity-as-a-Service as a real alternative to on-premise installations. The most demanding customers in the bank and finance sector have now accepted that cloud-based Identity-as-a-Service and Identity-Assurance-as-a-Service is just as secure and with a much lower cost of use than on-premise installations.

Since 2015, Signicat has been extending the coverage of its services to European markets outside of the Nordic region. There is a window of opportunity that is opened by the combined forces of banks looking for more cost-effective and user-friendly means of onboarding and authenticating users, and the new European legislation in the areas of payment (PSD2), privacy (GDPR) and electronic trust (eIDAS).

Signicat aims to use this opportunity and its head-start from the Nordic market to become the preferred provider of identity services to regulated industries in Europe.


Robert Kotlarz (Business Development Director) and Kåre Indrøy (Product Expert) demonstrating Signicat Assure and Signicat Sign at FinovateEurope 2017.

FinDEVr Preview: Fiserv

FDNY17-Logo-RevFinDEVr Previews highlight companies presenting new developer tools, platforms, and integrations at FinDEVr New York 2017, March 21 & 22. Tickets are on sale now. Visit our registration page and save your spot today.

A new SDK from Fiserv packages a set of easy to implement payment processing APIs for the developer community. Organizations can now accept ACH or debit payments through a secure, proven platform from a company that manages more than 26 billion payment transactions a year.

Fiserv_homepage_March2017

Why it’s a must-see:

Organizations that leverage the Fiserv SDK will have an opportunity to lower costs and reduce friction when processing transactions, in addition to taking advantage of faster processing times with next-day and instant processing. Organizations will also have an opportunity to capture an expanded customer base with this new payment alternative.


Check out more previews of upcoming FinDEVr New York 2017 presentations and don’t forget to register before it’s too late.

FinDEVr Preview: FixNix

FDNY17-Logo-RevFinDEVr Previews highlight companies presenting new developer tools, platforms, and integrations at FinDEVr New York 2017, March 21 & 22. Tickets are on sale now. Visit our registration page and save your spot today.

Pilot regulatory data lakes and take advantage of commodity cluster computing techniques for massively scalable, low cost storage of data files in any format. This solution from FixNix will help global banks to collate unstructured risk from public sources along with their regular risk information to file reports to regulators.

FixNix_homepage_March2017

Why it’s a must-see:

The presentation will provide a wide knowledge on the GRC space and how the process of compliance is simplified using FixNix’s tool that eliminates the redundancies and irregularities. The automation of the business process by a cloud player in GRC helps small and medium level enterprises.


Check out more previews of upcoming FinDEVr New York 2017 presentations and don’t forget to register before it’s too late.

FinDEVr Preview: MapD

FDNY17-Logo-RevFinDEVr Previews highlight companies presenting new developer tools, platforms, and integrations at FinDEVr New York 2017, March 21 & 22. Tickets are on sale now. Visit our registration page and save your spot today.

MapD CEO Todd Mostak will show how financial institutions can mine billion+ row datasets with millisecond lag, gaining competitive advantage in the marketplace. MapD’s next generation database and visual analytics platform solves the problem of analyzing large datasets using the GPU’s parallel processing power and graphics capabilities.

MapD_homepage_March2016

Why it’s a must-see:

MapD’s technology is particularly well-suited for financial services where organizations place a premium on speed at scale. Having the capacity to look across billions of data points and assess opportunity or validate hypotheses has made MapD the weapon of choice for hedge funds and investment banks alike.


Check out more previews of upcoming FinDEVr New York 2017 presentations and don’t forget to register before it’s too late.

Finovate Alumni News

On FinDEVr.com

Around the web

  • Barclaycard adds free Uber ride as reward for loyal cardholders. See Barclaycard next week at FinDEVr New York.
  • Revolut teams up with Lending Works to deliver lower-cost loans.
  • Geezeo powers new financial wellness solution from Jack Henry & Associates, JHA Online Financial Manager.
  • Partnership with BBVA marks Fenergo’s expansion into Spain.
  • Ripple launches cost model to help banks estimate their cross border payment costs.
  • EarlyBird unveils new SmartTracks to enable investment banks, hedge funds to better track European news on Twitter.

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.

Hey, FinDEVr! You’re Looking Rather Smart.

One week from tomorrow, we’ll open up the doors to our East Coast developers event, FinDEVr New York (tickets available here and you can save 10% with the promo code FinDEVrBlog). On March 21 and 22, dozens of companies will hit the stage at the Metropolitan Pavilion to show off their newest tool, platform, or API to the developer community.

At FinDEVr, the folks sitting next to you in the audience are just as important as the companies. With hours of networking opportunities, you’ll be able to connect with a variety of fintech-focused developers, engineers, product developers, CTOs, and more, to get a taste of what others in the community are working on. Check out the variety of folks in attendance:

FDNY Attendee Titles Cloud Final

We’re looking forward to seeing everyone in New York next week!

If you have questions about the event, check out the FAQ section on our webpage or email info@findevr.com.


FinDEVr New York 2017 is sponsored by Google Cloud.

We are partnered with American Banker, BayPay Forum, BiometricUpdate.com, Breaking Banks, Byte Academy, Canadian Trade Commissioner Service, Celent, CIOReview, Cointelegraph, Colloquy, CooperPress, Distributed, Economic Journal, Empire Startups, Femtech Leaders, Finmaps, Fintech Finance, Harrington Starr, Level39, Mercator Advisory Group, The Paypers, Plug and Play Tech Center, SecuritySolutionsWatch.com, Swiss Finance + Technology Association, and Women Who Code.

How Virtual Reality, Big Data, and the Blockchain Are Changing Proptech

How are the big trends in fintech like virtual reality, the blockchain, and big data analytics dictating trends in proptech?

It is worth keeping in mind that trends in proptech are controlled by the same forces that drive trends in other parts of technology such as fintech. So when it comes to goals like improving the customer experience, in proptech this means making it easier for customers and investors to search for properties that are appropriate to them and ensuring that the customer’s financing needs are met with as little friction and cost as possible. We could also add the importance of a process that is clear and transparent, so that both property seller and property buyer/investor feel equally informed at each step.

Consider also, as my colleague Julie Muhn pointed out, that some of what is most exciting in the proptech world in 2017 is not necessarily fintech. One of the areas of almost unanimous prognostication was the prediction that technologies like virtual reality and augmented reality would become a larger part of proptech . The range of adoption of VR and augmented reality technologies in real estate and property technology is wide – from a cardboard shade wrapped around a VR-enabled Samsung smartphone to vertigo-inducing immersive environments produced by boutique design firms. This variation represents a real interest in the technology, however, and opens up an entirely new way for properties to be marketed to, and even built for, prospective buyers.

Virtual Reality

Taking a close look at VR in proptech, the main use case of the technology is to provide virtual walkthroughs of both existing and to-be-developed properties. In addition to offering a more engaging experience for prospective property consumers and investors, VR and augmented reality can save design, development, and construction costs via “virtual refits.” Other potential uses of VR and augmented reality include real estate advertising that is detectable by wearable technology or smartphones.

One company in this space is ArcMedia, a U.K.-based design firm that works with upscale property developers. Interviewed by proptech analyst James Dearsley, ArcMedia managing director, Ben Bancroft, discussed the connection between VR and proptech, saying:

Virtual reality is an excellent tool for property developers to demonstrate their product to prospective customers before a hole has even been dug in the ground. Visualizing unbuilt spaces is something ArcMedia has been doing for 14 years, and the advent of this new generation of VR hardware means we can display those spaces in a more immersive and engaging way than ever before.

Bancroft is optimistic about the role VR will play in proptech, suggesting that both the technology and the “output quality” are at a good level. He is hopeful that while the technology may appear to be a high-end “indulgence,” that it will eventually enter the “everyday psyche” of the average property buyer. “What starts at the luxury end of the market usually creates demand in the mass market,” he said, “and businesses will respond when there is consumer expectation for the product.”

Other interesting companies working on VR and augmented reality for the proptech market include a pair of American companies, Circle Visions and Matterport.

Read more:

  • Virtual Reality: How Tech is Changing the Way You Buy and Sell a Home – NerdWallet
  • Virtual Reality in Real Estate – James Dearsley.com
  • Here Are Four Ways Mixed Reality Will Impact CRE Going Forward – Bisnow
  • What will PropTech look like in 2017? Hear from the industry’s pioneers – LendInvest Blog

Big Brains and Big Data

The use of big data and big data analytics in proptech is more ubiquitous than virtual and augmented reality technology. Using big data, geolocation, mapping, and machine learning to present prospective property consumers and investors with the most relevant and attractive offerings is a fundamental way big data technologies are making the process more efficient. Big data is also linked strongly to artificial intelligence – increasingly vital in analyzing mass and/or unstructured data – and machine learning – a chief consumer of big data. And all three are playing a greater role in everything from asset value analysis and trend forecasting to due diligence and contract review.

Almost anyone who has looked to buy or invest in property in the past year or two has likely taken advantage of proptech’s embrace of big data. Examples range from searching for a new home via the Zillow’s and Trulia’s of the world to comparing financing options with a solution like Blend (FS16) or on a platform like Sindeo (FF16), to the more sophisticated applications of companies like Envestnet | Yodlee (FE17) and its Mortgage Asset Verification solution, and Experian (FF16) and its mortgage affordability platform.

Other interesting companies in this area are firms like Geophy, which bills itself as “real estate meets big data.” Geophy aims to improve transparency in the property market by developing a global platform of objective, independent real estate information. Urban Intelligence provides property planning information including search and mapping for U.K. property developers.

Read more: 

Proptech and the Blockchain

By the end of the 21st century, everything will better with a little Blockchain in it. But between now and then, there remain skeptical voices uncertain of the degree to which blockchain technology will disrupt any given industry – and proptech is no exception.

Compared to virtual reality and big data analytics, the role of blockchain technology in proptech is much more controversial. While some suggest that any significant use of the blockchain in real estate technology is several years away, others see opportunities to improve loan origination and execution, increase ownership transparency, and enhance transaction security and integrity via the smart contracts and distributed ledgers of blockchain technology. Writing about blockchain technology and mortgages, Pamela Johnston and Tim Davis of PwC note origination, fulfillment, settlement flows, servicing, and the secondary market as the areas where the technology holds the most promise. “We think blockchain could be relevant at every stage,” the two write.

Much of the interesting innovation around blockchain and real estate is happening at the level of government partnering with financial institutions, institutional technology organizations, or fintechs. The Eastern European republic of Georgia announced at the beginning of the year that it was introducing a blockchain-based platform to better store real estate documents. The nation is working with bitcoin mining company, Bitfury. Sweden also announced a similar blockchain-oriented land registry system that will begin testing this month. Sweden is working with blockchain startup ChromaWay. Also recently we learned that the Bank of China (Hong Kong) and HSBC are working together to build a blockchain for sharing mortgage valuation information.

One interesting event to keep an eye on is the Blockchain Accelerator for Mortgage Lending launched by consulting firm, Synechron, last September. The program is one of six the consulting and technology services provider is sponsoring, all designed to “leverage Synechron’s deep domain expertise in financial services and high-end software engineering to dramatically speed time-to-market for blockchain initiatives.”

Read more:

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