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.

Sandstone Technology Inks Digital Banking Deal with SBS Bank

Guess who’s getting a brand new digital banking platform?

Sydney, Australia-based Sandstone Technology is teaming up with SBS Bank to provide customers of the 148-year member bank with an “anywhere, anytime banking experience.” Fellow Finovate alum and Sandstone partner, Liferay, is also participating in the project, which will ultimately feature an online sales channel to “support the origination and fulfilment of Member applications for accounts and investments.” SBS Bank CEO Shaun Drylie highlighted Sandstone’s implementation, calling it “key” to moving the bank toward its goal of providing “a banking eco-system where we can seamlessly plug-in to a range of smart third party and/or self-powered digital services for our Members to consume.”

Pictured: Sandstone Technology’s Mathew Cagney (General Manager, Sales) and Sam Plowman (CEO) demonstrating BankFast Mobile App 2.0 at FinovateEurope 2016.

Founded in 1996, Sandstone Technology demonstrated the BankFast Mobile App 2.0 at FinovateEurope 2016. The company has 35 customers in Australia, Asia, Europe and New Zealand, and more than 400 deployments worldwide. Sandstone was featured in AustralianBroker earlier this year in an article about how ING used Sandstone solutions to increase efficiencies in the origination process. Last December, the company helped ME Bank launch its new internet banking service, built using Sandstone’s BankFast platform. We highlighted Sandstone as part of our look at fintech in Australia last year.

With assets of more than $2.5 billion, SBS Bank is a New Zealand-based bank founded in 1869. The first building society to earn bank registration while maintaining its mutual ownership structure, SBS Bank has 16 branches in New Zealand’s North and South Islands, and provides mobile mortgage managers in Auckland and Christchurch.

Finovate Debuts: Helping Banks Turn Data into Insights with Liferay DXP

 

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There are few challenges greater for FIs than turning massive amounts of customer data into valuable insights on how to serve those customers better. “Everybody today seems to be focused on customer experience, and giving your customers whatever they want. But what is it that you are you getting from your customers?” Liferay Sr. Customer Experience Manager Henry Nakamura asked from the Finovate stage in September. “I bet you’re pretty overwhelmed by the amount of data that you have, and possibly pretty underwhelmed by the results. Where’s the payoff?”

Liferay helps banks create meaningful digital experiences for their customers. The company’s Digital Experience Platform (DXP) enables FIs to leverage the data and their existing systems to bring the right products and services to the right customers, as well as uncover new potential revenue and sales opportunities. Additionally, Liferay DXP ensures that the FI is able to deliver a consistent, digital experience from the PC to mobile “right through the front door of a brick and mortar location,” Nakamura said.

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Pictured: Henry Nakamura, Sr. Customer Experience Manager, demonstrating the Liferay Digital Experience Platform at FinovateFall 2016.

At their Finovate debut this fall, Nakamura and Keval Mehta, Account Manager for Global Services, demonstrated the latest edition of the Liferay DXP platform. Among the features the two men presented was the platform’s audience targeting engine. This customizable feature enables advisors to set up rules to push relevant financial information and actionable planning advice to the client’s dashboard based on the their budgeting, saving, and investing behavior. Nakamura and Mehta also demonstrated a geolocation feature that enables financial service professionals to know the identity – and financial profile – of a customer as soon as they enter the branch.

Company facts

  • Founded in 2004
  • Headquartered in Diamond Bar, California
  • Has 20 offices in 17 countries; 150 partners worldwide; 150,000 open source community members
  • Bryan Cheung is CEO

liferay_henrynakamuraWe caught up with Henry Nakamura (pictured) the morning before FinovateFall and followed up with him later with a few questions by email. His responses and our questions are below.

Finovate: What problem does Liferay solve?

Henry Nakamura: Liferay’s Digital Experience Platform allows financial institutions to unlock valuable customer information and then take advantage of new insights to create more engaging customer experiences across channels and devices. In many cases, banks already possess a wealth of customer data that could be used to assemble more complete profiles of users to accurately engage with them as individuals. But too often that crucial data is scattered to the winds – or, in the case of many banks, siloed in disparate departments and systems within the institution.

This siloing creates an inability to properly understand customer data that would otherwise lead to actionable insights if only the information were collected and harnessed in one accessible location. On that same point, siloing prevents easy access to customer data when a bank – and/or its customers – has a need of it. Liferay’s platform is built to solve these pervasive problems in the financial services industry.

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Pictured: Liferay DXP – Customer view – Financial Dashboard

Finovate: Who are your primary customers?

Nakamura: Businesses using Liferay (across all industries) are those seeking to drastically improve customer experiences through forward-looking digital transformation strategies. This is, of course, a particularly big deal among financial institutions. Technological change within industry organizations – and perhaps particularly when it comes to customer engagement technology – has historically been slow. But we’re now seeing significant growth in financial services organizations implementing Liferay’s solutions, from credit unions to regional banks to multinational banks. The need to address omnichannel continuity between a bank’s online, mobile, and in-brand experiences is becoming increasingly critical as a cohesive, engaging experience becomes the expectation of customers. Liferay’s customer trends certainly exemplify this industry-wide imperative.

Finovate: How does your technology solve the problem better?

Nakamura: Liferay offers banks the most complete set of organically developed features available on the market within a single, omnichannel, digital experience platform. Every aspect of our toolset is designed from the ground up to work together as a singular solution. Other vendor offerings tend to be Frankenstein-esque pieces of software made out of disjointed solutions that were acquired and then stitched together as best they could. In contrast, all features included in Liferay DXP have been purpose-built to function well alongside each other – and they do.

We provide a platform that, among other things, ties together customer information and experience across interactions. It’s also worth noting that Liferay DXP is highly (and easily) customizable, and works with existing technology investments and a bank’s legacy systems to build exactly what’s needed.

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Pictured: Liferay DXP – Single Customer View – Teller View

Finovate: Tell us about your favorite implementation of Liferay’s technology.

Nakamura: U.S. Bank’s use of Liferay is a really interesting example of how Liferay DXP can resolve longstanding issues that have arisen from (all-too-common) disparate and conflicting internal systems. We’re proud that Liferay’s platform enabled this huge financial institution to offer a singular, consistent and effective user experience to its customers.

U.S. Bank’s Securities Services clientele had historically been required to log into multiple accounts across different sites (and complete manual processes) in order to access the data they needed. These multiple logins and non-uniform user experiences within applications made completing day-to-day activities much more difficult than they ought to have been. As a result (and as you might expect), customers avoided logging into these applications and were hesitant to adopt these tools – while demanding better ones that could streamline online interactions. With Liferay, U.S Bank developed Pivot, a single sign-on portal solution allowing all banking customers to interact based on their particular needs. User feedback has been very positive and adoption has increased.

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

Nakamura: We draw confidence from our experience and history of product and customer successes. Liferay has a uniquely rich heritage as a portal solution, having now been recognized as a Gartner Magic Quadrant Leader for seven years in a row. As an integration platform, we genuinely understand how businesses benefit when information and applications are seamlessly pulled together to create a single, unified user experience. We’re up for helping businesses solve that challenge every day.


Henry Nakamura (Sr. Customer Experience Manager) and Keval Mehta (Account Manager, Global Services) demonstrating Liferay DXP at FinovateFall 2016.

Finovate Alumni News

On Finovate.com

  • Finovate Debuts: Helping Banks Turn Data into Insights with Liferay DXP

Around the web

  • WISeKey and Stratumn partner to provide enterprise-grade process security software based on blockchain technologies.
  • TipRanks unveils new feature for its Smart Portfolio platform to follow the elite investors and compare their portfolio to the top 10% of TipRanks portfolios.
  • EVO Payments acquires Sterling Payment Technologies.
  • BBVA Compass reups payments agreement with TSYS.

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

Around the web

  • Mitek recognized by Deloitte as one of the fastest growing technology companies in North America.
  • FinDEVr alum Hyperwallet teams up with music and media rights company, USA Media Rights.
  • San Diego Union-Tribune adds Jack Henry & Associates to its Top Workplaces list.
  • Yseop wins Information Technology Innovation award from Ventana Research.
  • Liferay opens new office in Dubai.

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: Liferay

Liferay_homepage_August2016

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

Liferay Digital Experience Platform (DXP) helps you create, manage, and deliver unique banking experiences consistently across every touchpoint by aggregating customer data from disparate systems.

Features:

  • Deliver unique, personalized customer experiences in context
  • Gain a comprehensive, single view of the customer
  • Lay the foundation for ongoing digital transformation

Why it’s great
Liferay DXP enables a deeper customer relationship from the beginning through a better understanding of what your customer wants.

Liferay_HenryNakamuraPresenters

Henry Nakamura, Sr. Customer Experience Manager
Nakamura puts customers’ needs first in building Liferay’s CX Department. He does it all, from journey mapping and engagement plans, to building a reference program.
LinkedIn

 

Liferay_KevalMehtaKeval Mehta, Account Manager
Mehta has worked on technical pre-sales and has a deep technical understanding of the product. He currently helps customers create solutions using Liferay.
LinkedIn

Finovate Alumni News

On Finovate.com

  • Slice Launches Smart Shopping Assistant Extension for Chrome
  • SelfScore Raises $7 Million to Bring Credit to International Students

Around the web

  • Temenos to provide core banking solutions for international microfinance specialist, Microcred.
  • US Bank Wealth Management to launch automated investing courtesy of new partnership with FutureAdvisor.
  • Entersekt brings its Transakt technology to the Middle East in collaboration with IST Networks.
  • Fortune follows CBW Bank’s journey.
  • Lighter Capital launches $25 million AppExchange Fund for Salesforce partners building AppExchange apps.
  • Crowdfund Insider interviews Rob Frohwein, Kabbage CEO and co-founder.
  • Xero named most-loved accounting software for second year in a row.

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

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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.