Finovate Debuts: Test Driving iBank Marketing’s Wallet+

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ibank2iBank Marketing’s Wallet+ PFM goal-saving platform aims to give banks a tool to help their clients create and achieve their short-term financial goals. During the company’s demo at FinovateFall 2016 in New York, Senior Manager Masato Kubota said, “Wallet+ removes the stress for target achievement and offers a new user experience by creating an ecosystem with your customers and their savings.”

Using popup notifications, Wallet+ offers users suggestions to help them reach their savings targets. The app also shares special offers in the form of coupons to help customers save extra money toward their goals. By offering financial and non-financial services, Wallet+ creates a new marketing channel to reach customers.

Company facts:

  • Founded in 2016
  • Headquartered in Japan
  • Wallet+ is available in the Apple app and Google Play stores
ibankfinovatedemoiBank Marketing’s Kenichi Nagayoshi, CEO; Masato Kubota, senior manager; and Teppei Fujiwara, manager, presented Wallet+, an app for goal savers, at FinovateFall 2016 in New York

ibankceoI spoke with iBank Marketing CEO Kenichi Nagayoshi after FinovateFall for a closer look at the mobile app and insight into the company’s future plans.

Finovate: What problem does iBank Marketing solve?

Nagayoshi: Our product— Wallet+ —improves the efficiency of the saving process. Almost all people have saving experiences for their own goals. However, it is not easy to save and achieve goals due to various stresses in the saving process. Some may spend too much money; others may forget and fail to save on schedule. The motivation to achieve their goal might be decreasing. Wallet+ removes the stress for target achievement and offers a new user experience by creating an ecosystem with customers of banks, consumers and SMEs.

ibank3Wallet+ shows the progress of an account with multiple goals

Finovate: Who are your primary customers?

Nagayoshi: iBank Marketing is seeking partnerships with banking corporations. Banks these days, especially ones in local areas, face an aging population and decreasing birthrates similar to Japanese banks. Banking corporations are unable to maintain their revenue with only their traditional business services, deposit and lending. However, a regional bank has many consumers and SMEs which have long-term business relationships with the bank. They might be great assets in the next business model. It’s time for banks to change their business model by offering new value to their customers. If a bank can make a local ecosystem that connects the individual customers and SMEs, regional banks will be able to change, and iBank can establish the local ecosystem.

Finovate: How does iBank Marketing solve the problem better?

Nagayoshi: iBank Marketing offers a new experience driven by combining financial and nonfinancial services (informational content and coupons) to retail customers, and new marketing opportunities to corporate customers, by developing and expanding a new ecosystem based on a business model driven by collaborating with business partners from various sectors and industries.

Finovate: Tell us about your favorite aspect of your solution.

Nagayoshi: Informational content. Wallet+ aims to offer seamless services combining financial and nonfinancial services. One of them includes information which is related to life events, travel, car, marriage, education and so on. Our financial service such as PFM [can] capture consumers’ behavior and identify customer preference, which is input to customize the informational content, stimulating the customer’s needs. Customers are guided through necessary financial support and recommendation on products and coupons.

ibank4Wallet+ features special offers and coupons to help users save money toward their goals

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

Nagayoshi: I worked for a Japanese regional bank, mainly responsible for corporate planning. In my 20 years of experience, I felt that the banking service was very dull and traditional. Banks are bound by many regulations and a traditional internal process, so they are unable to develop innovative services. Isn’t this situation what has happened in many countries as well as Japan? From such background I researched and developed the service the user really asks of a financial institution, hence a new banking platform, Wallet+.

Finovate: What are some upcoming initiatives from iBank Marketing to look forward to over the next few months?

Nagayoshi: We will launch a points-based service called myCoin this autumn. Wallet+ users are able to store myCoin by using not only Wallet+ but also other banking services. myCoin is exchangeable for cash and other popular points provided by Japanese famous companies. These points can be used in various nonfinancial services, convenience stores, gas stations and so on. Therefore Wallet+ users and banking customers are able to have seamless experiences between financial and nonfinancial services.

Finovate: Where do you see iBank Marketing a year or two from now?

Nagayoshi: iBank Marketing aims to be a platform for banking corporations. We commenced the provision of products and services which suit customers’ preferences based on their attributes and status by leveraging the capabilities of a regional bank in influencing various local businesses and collaborating with them. Additionally, collaboration with other Japanese local financial institutions, which are facing the same kind of issues, will be established aiming to expand the services horizontally; some of the banks start demonstrating an intention to participate in the development of an ecosystem, and the business system might be launched in other regions.


Watch iBank Marketing’s Kenichi Nagayoshi, CEO; Masato Kubota, senior manager; and Teppei Fujiwara, manager, debut Wallet+ in their live demo at FinovateFall 2016:

 

Finovate Alumni News

On Finovate.com

  • “Finovate Debuts: Test Driving iBank Marketing’s Wallet+””
  • “Fintech Trending: Making Fintech Great Again?”

Around the web

  • LendingTree acquires credit card comparison and education provider, CompareCards.
  • Fiserv adds new UX and UI to its Unified Wealth Platform.
  • Featurespace earns ranking in Deloitte 2016 U.K. Technology Fast 50.
  • Forrester Research names Vantiv a leader in its report on global commerce payment providers.
  • The Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) grant Turnkey Lender a fintech award in the SME category.
  • CustomerXPs ranked 31 on the Deloitte Technology Fast 50 India 2016.
  • LiftForward lands $100 million in debt capital.

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.

FinovateFall Sneak Peek: iBank Marketing

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FF2016-Logo-wdate-largeA look at the companies demoing live to 1,500+ fintech professionals on 8/9 September 2016. Register today.

iBank Marketing offers a new experience driven by combining financial/nonfinancial services to retail customers and new marketing opportunities to corporate customers.

Features:

  • Support to achieve savings via goal deposit function
  • Capture consumers’ behavior and identify customer preference
  • Create ecosystem with partners to develop and expand cross-industry business

Why it’s great
Covers the business cycle: identifies customer preferences; stimulates customer needs; provides financial support; and stimulates purchasing behavior.

Screen Shot 2016-08-15 at 1.00.05 PMPresenters

Kenichi Nagayoshi, CEO
Nagayoshi is CEO of iBank Marketing and has over a decade of experience in the corporate-planning division of a regional Japanese bank. In 2014, Nagayoshi established iBank Marketing to build a financial services platform.

Masato Kubota, Senior Manager

Teppei Fujiwara, Manager

Finovate Alumni News

On Finovate.com

  • TransferWise Launches TransferWise for Business to the Public
  • RealtyMogul to Raise $50 Million with New REIT, MogulREIT I

Around the web

  • ACI Worldwide integrates Ethoca Alerts into its UP eCommerce Payments solution.
  • Trulioo announces enhancements to the global AML watchlist capabilities of its GlobalGateway platform.
  • Realty Mogul launches REIT investments.
  • Two credit unions select Fiserv’s OnCU for core account processing.
  • Payoneer releases automated tax-form service to its mass payout offering.
  • D+H brings on 100+ new lenders to its MortgagebotLOS solution after signing reseller agreement with DocMagic in October of 2015.
  • FT.com looks at Quantopian in a feature on DIY algorithmic trading.
  • Jumio VP of Product Philipp Pointner writes about digital ID verification in AltFi News.

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.

Ready for a Sneak Peek? How to Best Prepare for FinovateFall

StageIMG

To give you a sense of the many new ideas at the upcoming FinovateFall conference in New York, we’ve launched our Sneak Peek series. Eight companies are featured each week leading up to the 8/9 September event (tickets now available).

In the meantime, here is a quick summary of the 66 announced companies (six more are in stealth mode). It’s a lot to take in; pace yourself!

  • Agreement Express offers an an end-to-end platform that helps traditional financial institutions automate labor-intensive parts of the customer onboarding process to remain compliant while quickly opening customer accounts.
  • Aleo’s marketplace uses e-procurement, e-commerce and supplier financing bundled in a single open platform to offer small and medium enterprises an online procure-to-pay solution.
  • AutoGravity’s mobile-first digital marketplace helps digitally minded customers, looking to buy and finance a vehicle, circumvent the inefficiencies of the auto-financing process by leveraging the full potential of their smartphone.
  • Avoka’s customer-acquisition platform integrates multiple fintech services to help banks, wealth managers and insurers use mobile and digital channels to onboard customers.
  • Backbase offers 60-second onboarding for financial services companies to accelerate customer acquisition with a simple, fast, and seamless omnichannel onboarding journey.
  • Bankjoy offers developers a banking API for a modern, real-time, holistic interface for credit unions and community banks.
  • Bitbond’s automated, international credit-scoring mechanism compares small business-loan applicants from different countries by using machine learning and data from the applicant’s business accounts.
  • Bluescape offers large financial services companies a highly interactive, visually collaborative platform that uses real-time, cloud-based architecture that’s ultra-scalable, all-capturing, and accessible anytime from any device.
  • BondIT offers financial advisers and portfolio managers a data-driven solution that uses machine learning advanced algorithms to manage fixed-income portfolios and solve optimization challenges.
  • brandCrowder has developed an alternative investment platform focusing on branded franchises. It leverages 45+ years of franchise-operations experience to help retail investors finance franchises, helping to bring them to market quicker.
  • Clinc’s mobile, voice-activated personal financial adviser uses artificial intelligence to help consumers get answers to financial questions and tasks.
  • Consdata offers banks and financial institutions a comprehensive platform for e-form management and customer-communication complexities.
  • Currencycloud’s dedicated API services use intelligent APIs to help businesses with the cost, limitations, and boundaries of existing payment infrastructure.
  • Daon bridges convenience and security by offering financial services companies a mobile biometric authentication platform that turns a smartphone into a mobile capture device.
  • Divy’s app and social investing community uses an approachable interface and engaging content to help first-time and emerging investors access direct marketing and financial literacy material.
  • Dynamics offers issuers and their cardholders interactive payment cards and an authorization-based, real-time loyalty processing system.
  • ebankIT’s platform offers financial institution clients an omnichannel experience.
  • Econiq’s Conversation Hub uses color-coded conversations to help bank and insurer frontline staff, and operational management and executives avoid disconnected customer conversations in branches and contact centers.
  • Envestnet | Yodlee offers millennials a solution for measuring financial health and promoting a healthy financial lifestyle.
  • Experian CrossCore is a single platform that helps manage customer identities, fraud-prevention tools, workflows and decision strategies in an easy-to-use and scalable format.
  • EyeVerify’s Eyeprint ID offers banks and other financial services companies eye biometrics via smartphone cameras for convenient, secure and private authentication.
  • Featurespace’s ARIC Engine helps financial services clients spot and prevent fraud attacks in real time using adaptive behavioral analytics.
  • Finicity offers an API for companies to build financial apps.
  • Fiserv helps financial institutions enable social finance by providing customers access to a safe, collaborative bank-secured social funding product.
  • Full Profile uses the blockchain and smart contracts for real-time settlement and reporting of physical agri-commodities to help farmers, buyers, banks and government counter party and credit-risk exposures.
  • FutureVault’s cloud-based filing cabinet helps financial service providers and their clients organize asset documents and accounts using a secure, structured and collaborative B2B2C cloud environment.
  • GainX’s SaaS platform uses decades of market research and leading-edge technology to help large financial institutions overcome innovation and adaption failures.
  • GoodData helps large banks, credit-card processing and insurance companies commercialize and monetize their data using a scalable, manageable and secure platform that is exclusively designed for data products and embedded analytics.
  • iBank Marketing offers millennials a multifunction digital wallet to help them achieve personal goals around life events by using its local eco-system that bridges consumers and small- to medium-sized enterprises.
  • identitii uses tokens and blockchain to help financial institutions with KYC, CTF and AML compliance using an information layer over legacy systems.
  • InSpirAVE’s social e-commerce platform curates advice and financial support from the user’s friends and family, financial institutions, and merchants. It helps multiply savings, for big-ticket purchases for customers who otherwise may not be able to afford them, by placing important goals for life’s special moments within reach, without the crushing burden of debt.
  • KORE’s platform transforms enterprise applications, online banking and mobile apps into personalized, conversational engagements to help financial institutions meet customer-experience expectations using the power of bots and simplicity of messaging.
  • LendingFront’s lending platform leverages a cloud-based system that furnishes small businesses with capital using their cashflow data.
  • Lidya offers African small- to medium-sized enterprises access to finance using online receivables-based lending and proprietary credit scoring.
  • Liferay’s Digital Experience offers banks a richer understanding of customers by orchestrating personalized customer experiences.
  • M1 Finance places assets held in low-yielding cash accounts into an asset-linked bank account and intuitive investment platform.
  • MapD’s Immerse helps quantitative hedge fund and asset managers query datasets with billions of rows in real-time by applying the parallel processing power of GPUs to the challenges of databases, visualization and analytics.
  • MarketX’s cross-border investment platform helps international investors with the lack of liquidity for U.S. startup shares and limited access to U.S. pre-IPO investment opportunities.
  • ModoPayments offers financial companies a digital payments hub to connect disparate sources of value to diverse destinations using Modo’s COIN technology.
  • Moonraft Innovation Labs helps banks innovate and evolve by rapidly adapting to changing market needs using Catamera, its unique customer experience delivery framework.
  • Moven’s growing platform reaches the millennial, mobile first, digital native audience by bringing banking (specifically savings) into the moment.
  • MX helps financial institutions become true advocates for their account holders by using analytics to power a revolutionary category of data-driven money management.
  • nanoPay offers a payments and loyalty solution for merchants.
  • Overbond’s digital platform offers transparency, efficiency, and liquidity in the fixed income market for corporate issuers, investors, and dealers.
  • Personetics offers financial services providers a digital personalization platform that uses real-time, ultra-scalable predictive analytics to keep customers engaged in the digital age.
  • ProActive FinTech uses a phone app and debit card featuring unlimited mini bank accounts and pre-purchase categorization to help millennial moms with cash-flow management.
  • QE Data offers commercial banking systems a real-time predictive model for net cash-flows that uses machine learning, rich visualization, speedy deployment and real-world banking experience.
  • Qumram uses 100% real-time, video-like recording of every mouse movement, keystroke and button click to help financial services organizations with compliance and transparency issues relating to digital business.
  • RightCapital’s financial and tax-planning platform helps advisers deliver unbundled, quality financial planning and tax-planning services. It works to efficiently and digitally help consumers with the lack of viable business and technology solutions.
  • SaleMove offers financial institutions a live engagement platform to help sell and service complex financial services products online. The platform uses instant video chat and guided browsing with no downloads or installations.
  • Sindeo’s self-directed consumer rate quote and prequalification tool simplifies home financing and refinancing using an integrated platform that offers consumer, real estate partner, and adviser tools that conform to CFPB regulation and ensure a simple and easy consumer experience.
  • SpeechPro’s customer onboarding solution offers multichannel access to help CTOs, developers and other technologists focus on KYC, identity and verification.
  • Swych’s mobile gifting platform offers gift-card recipients a better way to buy, gift, and manage gift cards.
  • Tango Card’s RaaS API 2.0 uses simple-yet-complete delivery technology and domain expertise to help enterprises deliver incentives efficiently and effectively.
  • TokBox’s Financial Services Accelerator Pack offers banks and financial organizations secure and easy-to-embed, real-time communications technology.
  • TransUnion’s interactive data-visualization solution uses big data and analytics to connect and interpret consumer financial data for lenders.
  • Trulioo’s GlobalGateway uses traditional and cyber ID data sources to offer banks, financial services providers, and online marketplaces secure access to reliable, global data sources for instant ID-verification.
  • Trusona’s anti-replay and TruToken technology offers an insured identity platform for sensitive assets.
  • Unbill’s API enables companies to offer bill pay in their app or technology platform without complicated integration or high costs.
  • Uniken’s REL-ID, a card-not-present approval solution, uses mobile API tool kits and DMZ software appliances to help enterprises secure mobile communications.
  • Urban FT’s enhanced, white-label digital banking platform gives financial services organizations, wireless carriers, and other consumer-facing organizations a long-term, competitive advantage that makes their brand integral to customers’ daily financial and online social activities, financial tools, and social features.
  • Xentral Station’s supply-chain funding app helps vendors of all sizes receive cash for trade financing within 24 hours.
  • Zenmonics uses a single, common platform to help banks and their customers minimize friction in customer engagement with channelUNITED.
  • Zooz offers an agnostic, cross-border payments platform to help merchants act on payment processes and save money to maintain their client base.

Stay tuned on the blog for more detailed descriptions. And don’t forget to register now to reserve your spot.