Clinc Goes Global With Deployments in Six Countries, Signs Deal with Turkey’s Biggest Private Bank

Conversational AI innovator Clinc has partnered with Işbank, the largest private bank in Turkey, which will deploy the Finovate Best of Show winner’s technology within its two mobile banking apps. The bank’s mobile banking app will provide users with a voice-activated intelligent personal assistant, while the bank’s mobile wallet payments app will feature Clinc’s AI brain and enable in-store payments and money transfers.

The announcement makes Işbank the first global FI to offer conversational AI with multi-language support. It also means that Clinc’s natural language platform, Finie, is now deployed in six countries and in 80 different languages. The partnership with Isbank alone will put Clinc’s technology in the hands of more than 4.5 million app users.

Clinc CEO and co-founder Dr. Jason Mars demonstrating Finie, a conversational AI platform, at FinovateSpring 2016.

“In contrast to the rule-based, bot-approach taken by all other vendors in the market, the fundamentals of our deep neural-network architecture enable us to break down the barriers to global adoption of conversational A.I.,” Clinc CEO Dr. Jason Mars said. “We can deploy to a bank in Istanbul or Singapore just as quickly and easily as we can deploy to a bank in Chicago or New York.”

Leveraging advanced natural language processing, machine learning, and deep neural networks, Clinc’s conversational AI platform is able to comprehend, recall, and respond to unstructured, everyday human speech. The technology understands speech patterns, word and sentence structure, and sentiment, surpassing other solutions that merely convert speech to text and rely on a set of pre-coded responses. This is also key to the multi-language capabilities of Clinc’s technology. “We’re miles ahead because the only other way to do multi-language is to start from scratch, and to code new rules and new grammar for every new language,” Mars explained.

Clinc demonstrated its Finie conversational AI technology at FinovateFall 2016, winning Best of Show. Last month, the company announced a partnership with Tulsa, Oklahoma-based Enacomm that will make it easier for smaller banks and credit unions to adopt AI chatbot technology. In August, Clinc integrated its technology with the Alexa skill for members of USAA.

Founded in 2015 and based in Ann Arbor, Michigan, Clinc has raised $7.75 million in funding and includes Drive Capital, Cahoots Holdings, Hyde Park Venture Partners, and individual investor Stuart Porter among its investors. Company co-founder and CEO Mars was named one of the Top 10 Most Innovative CEOs in Banking 2017 by Bank Innovation. Check out his thoughts on what it takes to become a successful fintech start-up in our roundtable conversation from earlier this year.

Finovate Alumni News

On Finovate.com

  • Vera for Mail Delivers Enterprise-Grade Encryption for Email.
  • Clinc Goes Global with Deployments in Six Countries, Signs Deal with Turkey’s Biggest Private Bank.

Around the web

  • IBERIABANK selects nCino to Support Growth and Enhance Client Experience
  • BlueVine wins Best Business Finance Provider, North America (Winner) in trade finance global awards.
  • Zighra receives second U.S. patent for passive authentication system.
  • Q2 announces financial services and technology veteran Christine Petersen as Chief Revenue Officer.

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.

Clinc Teams with Enacomm to Bring AI Chatbots to Small Banks and Credit Unions

You may have met Clinc’s artificial intelligence (AI) chatbot Finie at FinovateFall last year, where the company took home a Best of Show award. Today, thanks to a partnership with Enacomm, the Michigan-based company is making that chatbot more widely available.

Through the reseller agreement, Enacomm will distribute Finie to mid-tier banks, community banks, and credit unions. In a statement Clinc CEO Jason Mars described Enacomm as the “right partner” because the company shares Clinc’s “vision for modernizing the consumer banking experience.” Mars continued, “Teaming up with Enacomm will help us to empower a greater number of smaller financial institutions, like community banks and credit unions, with next-generation, voice-controlled AI technology that otherwise would be out of reach.”

Clinc’s Finie AI chatbot leverages machine learning and natural language to engage users in natural, human-like conversations about their finances without requiring them to learn commands or rules. Finie delivers real-time, personalized responses in chat format ranging from spending advice, balance information, and complex transaction details.

“Not only does intelligent interaction technology conserve resources, but Clinc’s advanced AI platform provides the best experience we’ve seen to enable customers to quickly and easily find the information they need to make informed decisions about their money through conversations with their bank accounts,” said Enacomm CEO Michael Boukadakis.

In August, Clinc announced a partnership with USAA. The startup agreed to power AI for the bank’s voice banking skill for Alexa, enabling USAA’s 12 million members to engage with Clinc’s AI chatbot regarding their finances. The skill is currently in a pilot phase.

Clinc was founded in 2015 by Mars and his fellow University of Michigan professors, Lingjia Tang, who serves as the company’s CSO; Michael Laurenzano, CTO; and Johann Hauswald, Chief Architect. Earlier this year, Clinc raised $6 million in Series A funding from Drive Capital, Cahoots Holdings, Hyde Park Venture Partners, and Stuart Porter. Those funds boosted Clinc’s total funding to $7.8 million.

Finovate Alumni News

On Finovate.com

  • Ledger Partners with Intel to Boost Blockchain App Security.
  • BioCatch to Power Behavioral Biometrics for Samsung SDS America.
  • Clinc Teams with Enacomm to Bring AI Chatbots to Small Banks and Credit Unions.
  • Finn.ai Powers Facebook Messenger’s First, Fully-Featured, AI-Powered, Virtual Banking Assistant.

Around the web

  • PayPal launches PayPal for Marketplaces
  • Forbes: Banks Wanted To Sink Kantox— Now They’re Vying For Its Technology
  • Zumigo’s  Zumigo Assure now prevents payment fraud even when card numbers are compromised.
  • SecureKey collaborates with Intel to enable consumers to access its blockchain-based digital identity technology via traditional web browsers.
  • Finicity launches online platform that allows lenders to order, manage and monitor digital verification reports.
  • DAVO’s Sales Tax App, now available in the Square App Marketplace.
  • D3 Banking partners with P2P payments network, Zelle.
  • Behavioral biometric technology from BioCatch to be integrated into Samsung’s Nexsign platform.
  • Top Image Systems introduces its eFLOW AP solution for SAP.
  • Zafin offers its miRevenue platform as a cloud-based SaaS solution.
  • Scalable Capital provides BlackRock employees with streamlined access to its investment management services.

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.

Finovate Alumni News

On the web

  • Braintree Powers RFID Payments for Eventbrite Attendees.

Around the web

  • Accion features Aneesh Varma of Aire on Medium.
  • Forbes: Blend Wants To Bring The $2 Trillion Mortgage Market To The Modern Era.
  • Seylan Bank selects Finastra (formerly Misys) for trade finance and corporate banking.
  • HSBC launches online data tool in collaboration with Xero, Sage and Intuit
  • TSYS President, COO Pamela A. Joseph resigns.
  • Actiance Announces Compliant Capture and Archiving Support for Microsoft Teams.
  • Blackhawk Network’s Hawk Incentives Launches Wallet-Enabled Prepaid Card for Promotions and 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.

Conversational AI Comes to USAA Courtesy of Clinc

Clinc’s newly-announced integration with the Alexa skill of USAA will give the 12 million members of the financial service provider access to what the Clinc calls the “first, fully-conversational, AI banking solution.”

“With absolutely no rules or commands to learn, USAA members will enjoy an unexpected, delightful experience that actually feels like an intelligent human interaction,” Clinc CEO Jason Mars explained. “Clinc’s unique approach to conversational AI removes restrictions so consumers can focus on their finances and speak naturally,” he said.

Ann Arbor, Michigan-based Clinc won Best of Show for its demonstration of Finie, a live personal assistant for mobile banking. Finie was an example of the kind of solution that can be built from Clinc’s conversational AI platform. The company’s technology leverages natural language processing, machine learning, and deep neural networks to identify and recognize context, sentiment, and word structure. This enables Clinc to develop solutions that answer users’ follow-up questions, for example, and create technologies that learn and add to their knowledge over time.

USAA members can begin using the solution by registering the USAA skill with Amazon, and syncing their accounts through USAA. Members can also take advantage of a voice PIN option for additional security. Sign up at USAALabs.com.

Pictured: Clinc co-founder and CEO Jason Mars during his live demo of Clinc’s personal assistant for mobile banking technology at FinovateFall 2016.

“This pilot is designed to better replicate the interaction members would have with a USAA service representative on the phone, open new avenues to better serve our members and create more opportunities for our member service representatives to handle more complex member needs,” USAA Labs assistant vice president Darrius Jones said. “What we learn from this pilot will help shape how we view member service in years to come.”

San Antonio, Texas-based USAA has provided financial services to current and former members of the U.S. military and their families since 1922. USAA Labs, launched earlier this year, is designed to give USAA members both access to and opportunity to provide feedback on the firm’s newest technology innovations and exclusive pilot projects. As USAA Labs Strategic Innovations Manager Christee Kahn explained earlier this year in an interview at the USAA Money Matters blog: “(Members) will have the opportunity to vote on specific ideas and concepts developed by our business teams, join pilot programs, provide input and utilize new tools and products that USAA is testing.”

Founded in 2015 by University of Michigan professors Jason Mars (CEO), Lingjia Tang (CSO), Michael Laurenzano (CTO), and Johann Hauswald (Chief Architect), Clinc demonstrated its technology at FinovateFall 2016, winning Best of Show. The company raised $6 million in funding in February, boosting its total capital to $7.75 million. Mars participated in our spring webinar, How to Make it In the Fintech Industry: Three Success Stories, along with Jeff Cain, Director of the Envestnet | Yodlee incubator and Moven CTO Kumar Ampani. The company raised $6 million in funding in February, boosting its total capital to $7.75 million.

Finovate Alumni News

On Finovate.com

  • Personal Capital Extends Series E Round by $40 Million.
  • Conversational AI Comes to USAA Courtesy of Clinc.
  • nCino Inks 100th Customer in Pacific Western Bank.

Around the web

  • Actiance Introduces First Compliance and Archiving Solution for WeChat and WhatsApp.
  • Xero expands Stripe partnership for automated reconciliation.
  • DBS, Xero unveil bank feed integration for SMEs.
  • ICT solution provider Telindus announces integration into the Ripple network.
  • LeanXcale earns a spot in the DB-Engines Ranking of relational and NoSQL database management systems
  • BioCatch granted patent for technology that detects remote access tools in order to spot malicious behavior.
  • Flybits launches new Experience Studio, announces partnership with Bouygues Energies & Services.
  • Wipro opens new Silicon Valley Innovation Center in Mountain View, California.
  • Micronotes partners with TimeTrade to bridge the clicks-to-bricks divide.
  • Credit Union CEOs Move 5 Millionth Member to Insuritas.
  • Gro Solutions to relocate its headquarters to Midtown Atlanta.

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.

Webinar On-Demand: How Start-Ups Can Make it in the Fintech Industry

On May 17th, Finovate hosted its first-ever webinar: “How to Make it in the Fintech Industry: 3 Startup Success Stories.” On the panel was Moven CTO Kumar Ampani, Clinc founder and CEO Jason Mars, and Jeff Cain, Director of the Envestnet | Yodlee Incubator as they share insights on what fintech entrepreneurs what they need to know in order to turn their innovations into the solutions, apps, and services of tomorrow.

What does it take turn your fintech startup into one of the industry’s great success stories?

The growth of fintech worldwide is creating more opportunities than ever for entrepreneurs and startups. The same industry that is making it easier for the underbanked to build a financial future is also making cross-border payments cheaper, safer, and more transparent for the world’s largest financial institutions.

And from crowdfunding platforms to chatbots, fintech is the place where the social and the “artificially-intelligent” are partners in helping us save, spend, and invest.

How can startups harness this global opportunity in fintech and turn it into demand for their own innovations and solutions? What does it take to separate your fintech startup from the rest of the pack?

Watch on-demand >>

How to Make it in the Fintech Industry: Startup Success Stories Speak Out

Join us on Wednesday at 11am Eastern as we sit down with representatives from three of fintech’s most innovative companies for our first webinar, How to Make It In the Fintech Industry: 3 Startup Success Stories. We’ll investigate what it takes for fintech startups to get their technologies seen, talked about, and ultimately bought and deployed by financial institutions, e-commerce merchants, and everyday consumers looking for technology-based solutions to their financial challenges.

Check out our How to Make It In the Fintech Industry panel:

Kumar Ampani, Chief Technology Officer, Moven

Before taking the CTO helm at Moven, Ampani was the company’s Chief Software Architect. Ampani is a technology leader with 25 years of experience in architecture, design, implementation, security, and successful delivery of high quality complex business and technology solutions. He is a graduate of Villanova University and Sri Venkateswara University.

 

Dr. Jason Mars, Founder and CEO, Clinc

A professor of computer science at the University of Michigan, Mars co-founded Clinc, the cutting-edge A.I. startup that created Finie, a financial personal assistant that emulates human intelligence and makes it possible to interact with your bank account in a natural, conversational way. His work building the world’s first open-source platform for constructing large-scale personal assistants has been recognized globally.

 

Jeff Cain, Director, Envestnet | Yodlee Incubator

Cain runs the Envestnet | Yodlee Incubator which helps developers, innovators, and entrepreneurs launch disruptive, data-driven companies and accelerate their growth. He is a corporate and business development professional, experienced in sourcing, structuring, negotiating, and closing a range of successful transactions. Cain was educated at Harvard University and Stanford Universities.

How to Make it In the Fintech Industry begins at 11am Eastern Time on Wednesday, May 17th. In addition to insights from our panelists, we’ll also have a brief Q&A session at the end of the webinar so you can ask the specific questions that matter most to you and your strategy for fintech success.

Remember spaces are limited. So visit our registration page today and save your spot.

Webinar: How to Make it in the Fintech Industry – 3 Start-Up Success Stories

What does it take to turn your fintech startup into one of the industry’s great success stories?

The growth of fintech worldwide is creating more opportunities than ever for entrepreneurs and startups. The same industry that is making it easier for the underbanked to build a financial future is also making cross-border payments cheaper, safer, and more transparent for the world’s largest financial institutions.

And from crowdfunding platforms to chatbots, fintech is the place where the social and the “artificially-intelligent” are partners in helping us save, spend, and invest.

How can startups harness this global opportunity in fintech and turn it into demand for their own innovations and solutions? What does it take to separate your fintech startup from the rest of the pack?

On May 17th at 11am Eastern, Finovate will host its first-ever webinar: How to Make it in the Fintech Industry: 3 Startup Success Stories.” Join Moven CTO Kumar Ampani, Clinc founder and CEO Jason Mars, and Jeff Cain, Director of the Envestnet | Yodlee Incubator as they share insights on what fintech entrepreneurs need to know in order to turn their innovations into the solutions, apps, and services of tomorrow.

Register now for your place on the webinar >>

Meet your speakers

Panelist: Kumar Ampani

Chief Technology Officer

Moven

 

 

Panelist: Jeff Cain

Senior Director

Envestnet | Yodlee Incubator

 

 

Panelist: Dr. Jason Mars

Co-founder and CEO

Clinc

 

 

 

Moderator: David Penn

Research Analyst

Finovate