Finovate Alumni News

On Finovate.com

  • TrueAccord Lands $22 Million to Humanize Debt Collection
  • Rising in the East: Asian Fintech Startups Shine in Showcase
  • BOKU to Raise $60 Million Ahead of London IPO

Around the web

  • UBS Card Center leverages AI technology from FICO to lower fraud write-offs.
  • D3 Banking adds new payment options, flexible card controls to its digital banking platform.
  • Thomson Reuters introduces new set of MiFID II reference data capabilities available on its data and analytics platform, DataScope.
  • Prosper Reports Third Quarter Growth; Closes $1.5 Billion of Securitizations in 2017
  • AngelList picks Quid as a top machine learning company.
  • Lighter Capital partners with Intuit to launch $15M fund for QuickBooks developers.
  • Blackhawk Network Expands Partnership with eBay to Provide B2B Gift Card Solutions

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 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 Finovate.com

  • Bambu Wins Strategic Investment from Franklin Templeton.

Around the web

  • NBKC Taps Gro Solutions for Consumer Account Opening; Partners In Development of Business Account Opening Solution.
  • Pymnts: ShopKeep Enters Small Business Lending Market.
  • CSI globalVCard Partners with Mutual of Omaha Bank.
  • Mastercard partners with Garmin to offer customers a contactless payment watch.
  • American Banker looks at the partnership between D3 Banking and First Tennessee Bank.
  • Ping Identity to provide hub for UK Open Banking framework.
  • Braintree introduces support for Apple Pay and Android Pay in Australia.
  • MyChoiceTech reviews Eversafe, an anti-fraud solution geared toward seniors.

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 Finovate.com

  • Urban FT Bids to Acquire Digiliti Money.

Around the web

  • First Tennessee Bank goes live with mobile banking app from D3 Banking.
  • Alpha Payments Cloud partners with Australia Post to launch Alpha Commerce Hub.
  • IBM Singapore inks memorandum of understanding with Pacific International Lines to trial blockchain-based, supply chain solutions for businesses.
  • Trulioo’s Global Gateway earns first place in the Verification/Identity Checks category of Market Fintech Limited’s 2017 RegTech Performance Report.
  • FICO Customer Communications Services helps China Guangfa Bank Credit Card Center lower collection costs.
  • Liferay launches initiative to provide new resources for its open source developer community.
  • Featurespace selected by IATA to provide leading fraud protection solution.
  • Bluefin Payment Systems and ACEware Systems Partner for PCI-Validated P2PE.

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.

Why Your Small Business Offerings Should Be a Big Priority

Doug Parr, Vice President, D3 Banking reveals the features that banks and credit unions should include in the products and services that they offer for small business owners’ unique needs.

As bankers juggle strategic issues and priorities such as compliance, mobile banking, channel strategy, etc., it’s easy for small business banking to be put on the back-burner. However, if ignored for too long, banks and credit unions risk missing out on the benefits to be gained from serving this important segment of their customer base.

Only 39 percent of small businesses have full-time staff to manage bookkeeping, accounting, and finance, while only 42 percent have the staff to manage payments and cash flow, leaving small business owners largely without help. There are 29 million small businesses in the United States, representing an engine that drives a significant amount of the nation’s economic growth.

Many institutions today simply offer a ‘lite’ version of their treasury management solution for small business, or expect owners to ‘make do’ with the features available in their consumer banking option, neither of which fit small businesses’ needs.

Because small business owners are beginning to vote with their feet – one institution I know is seeing more than 10,000 of these individuals leave annually – more banks and credit unions are looking for ways to offer products and services specifically designed for small business owners’ unique needs. The following is a list of the kind of features small business owners have identified as priorities.

A single, convenient view

One thing most small business owners are consistently lacking is time, making it especially important for small business offerings to be mobile friendly as possible. These offerings should also include time saving elements that make the experience optimally quick and easy.

For example, small business owners often have more than one account at their primary bank or credit union between numerous business and personal accounts. A single integration view that allows small business owners to toggle between all accounts without the friction of repeated logins provides a quicker way for them to move between accounts. This capability also gives more incentive for small business owners to use a single institution for all of their banking needs, strengthening relationships and creating additional revenue opportunities for the financial institution.

Advanced entitlement options

Small business owners typically will delegate more administrative aspects of banking to their employees. However, because current offerings largely lack secure permissions, owners are often hesitant to share these duties.

This makes entitlement options another necessity for small business offerings. Allowing small business owners to determine who has access to financial details, payroll information and bill pay functions gives them a way to divide tasks while avoiding risk. These entitlements should include the proper limits, controls and alerting options to notify owners when activities must be approved.

More automated reporting and actionable information

The most common cause of small business failure is the lack of time and knowledge to run operations successfully. Financial institutions should help small businesses with this pain point by providing comprehensive, easily digestible information about these organizations’ financial positions to help them allocate resources and plan for the future. This includes categorizing a business’s financial activity to provide detailed insights about income and expense trends.

Income, cash flow and balance sheets should be automatically populated for review and exported as needed. This data can also be leveraged for banks to provide predictive cash flow and push proactive alerts for potential red flags.

Simplified money movement options

Small businesses depend on successful and timely payments, but they shouldn’t be burdened with having to understand the specific money movement route, or the accompanying parade of acronyms such as P2P, A2A, ACH, etc. Banks and credit unions must offer simple money movement options that only require the customer to know where to send the money, how much to send and when it should arrive. This method of moving money is similar to shipping a package via UPS, quick and easy.

The small business segment has the potential to be a profitable and loyal customer base if banks and credit unions stop repackaging services that do not fit small business owners’ needs, and start tailoring services built specifically for them. Failure to do so will result in these organizations continuing to head for the exit, taking their money and loyalty with them.

Finovate Alumni News

On Finovate.com

  • Signifyd Raises $56 Million to Fight eCommerce Chargebacks.
  • Token Picks Up $18.5 Million to Help Banks Rise to the Challenge of PSD2.

Around the web

  • Wipro signs on as founding member of Enterprise Ethereum Alliance (EEA).
  • PayNearMe adds 8,000 CVS Pharmacy Stores to its network cash acceptance locations.
  • D3 Banking announces enhancements to its small business banking solution.

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.

Alexa, Tell Me About D3 Banking’s New Voice Banking Skill

Screen Shot 2017-02-22 at 9.53.51 AM

Data driven digital banking services company D3 Banking launched a voice banking skill, an Amazon Alexa-specific app, to enable end users to communicate with their bank or credit union.

Using the intelligent, voice banking solution, members can check account balances, move money, listen to messages, and set financial goals. D3 Banking collects and analyzes consumer interactions and uses AI to personalize Alexa’s responses with marketing and specific calls to action. Javelin Strategy & Research found that voice banking is not just for tech-savvy consumers. In fact, the firm reported “more than half of all mobile bankers express interest in using voice commands” and that it is “not just for millennials; a majority of seniors reported that they would find it faster than navigating multiple menus in a mobile banking app.”

The Alexa voice banking fits in with the rest of D3 Banking’s offerings, which include an open and flexible API-driven infrastructure. The company intends to add voice recognition for fraud prevention and customer service calling capability. Additionally, D3 Banking has plans in place to expand the services to other virtual assistants, such as Google Home.

Founded in 1997, D3 Banking debuted its small business banking capabilities at FinovateFall 2015. In June of last year, the Nebraska-based company landed $10 million from West Partners, which brought its total funding to $27 million. Mark Vipond is CEO.

Finovate Alumni News

On Finovate.com

  • Check out this week’s FinDEVr APIntelligence.
  • Alexa, Tell Me About D3 Banking’s New Voice Banking Skill.
  • Finie Gets Funding: AI Innovator Clinc Closes $6 Million Series A.

On FinDEVr.com

Around the web

  • Zopa named Best Personal Loan Provider and Best Alternative Finance Provider at British Bank Awards
  • 7-Eleven names InComm Vendor of the Year.
  • ProfitStars introduces Gladiator Incident Alert for complex risk monitoring and management.
  • D3 Banking unveils Amazon Alexa-based intelligent banking service.
  • FinDEVr veteran Hyperwallet adds former SecureNet Payments EVP, Mark Engels, as Chief Revenue Officer.
  • Fiserv recognized among “world’s most admired companies” for fourth year in a row.
  • Best of Show winner AutoGravity forges new partnership with Westlake Financial Services to expand financing options for car shoppers.
  • Feedzai and Merchant Risk Council (MRC) team up to leverage AI and machine learning to fight fraud.
  • Klarna adds to payment options for omni-channel commerce technology innovator, Radial.
  • The Paypers interviews Nicole Mantow, General Manager of EVO Payments, parent company of FinDEVr veteran, EVO Snap.
  • Savedroid adds money-saving, AI-based algorithm to its personal finance app.

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 Finovate.com

  • Narrative Science Brings Automated Portfolio Analysis to FactSet Platform.

Around the web

  • Vantiv to provide debit, credit, and ATM processing services for Financial Technology Solutions International. Join Vantiv at FinDEVr New York next month.
  • Tradeshift clients gain access to Biz2Credit ‘s small business lending marketplace courtesy of new agreement.
  • Massachusetts-based bank, Salem Five ($4.2 billion in assets) picks Fiserv as its new technology partner.
  • D3 Banking promotes former VP of Development, Jeff Marshall to Chief Technology 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.

Forecasting Fintech for 2017

crystal_ball_fortune_teller_clipartkid

It takes more than just one crystal ball to discern which trends will drive fintech innovation in 2017. To this end, here’s a roundup of predictions and prognostications on what the new year will bring in everything from artificial intelligence and the blockchain to payments and banking for the underbanked.

  • Banking ‘Disappears’ and Other Fintech Predictions for ’17 – American Banker
    • Hot Take: “Whether it’s through IoT devices, fintech platforms, virtual assistants or chatbots, people will likely spend more time connecting to their money through such channels and less time directly interacting with their banks.”
  • 3 Key Fintech Predictions for 2017 – Banking.com
    • Hot Take: “As much as 80 percent of the (African) continent is unbanked and up to 90 percent of retail payments are made using cash. This opens the door for fintech players to target consumers and workers who do not have access to traditional banking. Because of this banking gap, it is likely that some countries will entirely skip one generation of payment types (e.g. cards and start building a more innovative, mobile-drive(n) payments infrastructure.”
  • 11 Fintech Trends You Need to Follow – The Finanser
    • Hot Take: “According to EY, China has now taken the lead as the #1 fintech market in the world. Organizations should be looking east for business model innovations that can drive new revenues and sources of profit. New business models, such as Ant Financial and WeBank services, will start influencing fintech in the U.S. and Europe, as they are driven by mobile money services.”
  • Top 10 Fintech Predictions for 2017 – Daily Fintech
    • Hot Take: “Bitcoin moves from its Darknet phase (illegal) to the early adopter Clearnet phase. This is when legitimate people charge in Bitcoin for legal transactions. This will start with cross border digital products. Because this brings new bitcoins into ‘circulation’ with owners who also then want to pay in bitcoin, this starts a sustainable move to mainstream use which supports the price.”
  • Five fintech trends for 2017 – bobsguide
    • Hot Take: “Innovation in artificial intelligence is set to increase in 2017. AI will provide business users with access to powerful insights before they are available to them. This will be done through the use of cognitive interfaces in complex systems, advanced analytics, and machine learning technology.”
  • Top Ten Fintech Predictions for 2017 – Crowdfund Insider
    • Hot Take: “The rebirth of trust is upon us with the advent of distributed ledger. Many issues such as fraud, verification of true ownership, clearance of multi-party transactions and chain-of-events are easily solvable. Insiders have been calling the distributed database, ‘The New Internet.'”
  • Fintech Predictions for 2017 – TechCrunch
    • Hot Take: “2016 brought rocky times for some FinTech lenders, especially in the first half of the year, but through the tumult came maturity. The complexity and challenges of running capital intensive businesses in a highly regulated industry was never more real than 2016, but the top platform weathered the storm, and most are long-term stronger for it. 2017 will continue to be the year where the top players pull away from the pack. At the beginning of 2016, there were an estimated 400+ fintech lenders in the U.S. – in 2017, I expected the supermajority of the lending to come from just 10 or so platforms.”

Fintech 2017 – The Roundtables

  • Fintech: What’s Next? – Breaking Banks
    • Brett King, Moven (F16); Chris Skinner, The Finanser; Jim Marous, The Financial Brand; Dave Birch, Consult Hyperion; Ghela Boscovich, FemTech Leaders; and Penny Crosman, American Banker
  • Fintech Predictions for 2017 – Fintech Insider
    • David M. Brear, 11FS; Chris Skinner; Jason Bates, 11FS; Simon Taylor, 11FS; David Birch; Ben Brabyn, Level3
  • Top 10 Retail Banking Trends and Predictions for 2017 – The Financial Brand
    • Last, but not least, this 90+ page report features insights from a panel of more than 100 global financial service leaders from around the world. Includes Don Bergal, Avoka (F16, FD16); Mike Carter, D3 Banking (F15); Scarlett Sieber, Shamir Karkal, Teppo Paavola, Maria Jose Jorda Garcia, BBVA (F13, FD16); Jon Ogden, MX (F16, FD16); Frank Schwab, Sberbank (F16); Sophie Guibaud, Fidor (F11, FD16); Matthew Wilcox and Deva Annamalai, Fiserv (F16); Bob Legters, FIS (F16); John Waupsh; Kasasa (as BancVue F09); Jelmer de Jong, Backbase (F16).

“F” refers to the company’s most recent Finovate conference appearance. “FD” refers to the company’s most recent presentation at our developer’s conference, FinDEVr. Find out more about our upcoming events FinovateEurope in February and FinDEVR New York in March.