Finovate Alumni News

On Finovate.com

  • AlphaPoint Launches Solution for Initial Coin Offerings
  • Finovate Alums Prepare for Citi Tech for Integrity Challenge Finals

Around the web

  • Bellingham, Washington-based Whatcom Educational Credit Union (WECU) to deploy core processing technology from Fiserv.
  • Digital Wealth Insights reviews Moven Enterprise.
  • Ledger announces XRP support on Nano S and Blue.
  • IDology named one of 2017’s Best and Brightest Companies to Work For in Atlanta.
  • Bankless Times: Lighter Capital an alternative for tech startups.
  • Barefoot Innovation Group features Bill Harris, CEO of Personal Capital.
  • Check Point’s SandBlast Mobile receives Miercom’s Certified Secure Award.

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

 

A Finovate Guide to the Future of SavingsTech

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Don’t panic! I’m not necessarily saying that “savingstech” is yet another “thingtech” that you’ll be required to know before the next Fintech Cocktail Club social. Think of savings tech simply as shorthand for companies that are developing and deploying technologies that enable us save more of what we earn. Sure, the average fintech fan probably feels they know all there is to know when it comes to PFM. But the technologies that help ferry our hard-earned money into a safer place than the nearest cash register are more diverse than you might imagine.

Just check out our multi-part series on savings tech. From crowdfunding and Generation Z targeting to passive investing and goals-based PFM, fintech has left few technologies untested in the pursuit of better, more efficient and effective savings strategies for all of us.

And so the only question that remains is: Where is savings tech going and what will it look like when it gets there? We reached out to our Finovate alumni community and put the question to them. This is what they told us.

Om Kundu, CEO and Chairman InSpirAVE (FF16)

InSpirAVE’s Internet of Savings® platform leverages the power of social networks to encourage smart financial decision-making and amplify savings.

Finovate: What is the most challenging aspect about building a savings solution?

Om Kundu: A part of it is structural forces. Think about the arc in the evolution of the internet over the past decade and a half. It has been strikingly asymmetrical in how it has put our spending muscle on steroids while our longer-term savings muscle has atrophied on a relative basis … especially when it comes to goals that really matter.

If there is a singular obsession in ‘reducing friction’ that stands out in the juggernaut of e-commerce – as much as in-store technologies – it is the preoccupation of an ever-accelerating tech-stack to fuel “Push-Button-Get-Stuff” as the defining essence of commerce in much of our lives.

What is missing in that future? Technology that is equally ingenuous and accountable in furthering human agency to make decisions that are thoughtful, rather than impulsive. We think of them as purchase decisions, but they really are financial decisions that can only be made properly to the extent you and your loved ones have the tools to discern whether buying that shiny object really matters … and whether you have the savings to pay for it.

InSpirAVE_stage_SavingsTech

Pictured: InSpirAve CEO and Chairman Om Kundu demonstrating The Internet of Savings® at FinovateFall 2016.

Finovate: Let’s look to the future. What kind of savings technology will we see over the next three to five years, for example?

Kundu: It’s really about goals and creating sustainable, achievable pathways to getting you there in ways that are not only affordable, but are equally memorable in terms of the shared experiences that are created for you and your loved ones in that path-to-purchase. As the definition of liquidity – historically confined to monetary equity socked away in your bank account and credit line – becomes more inclusive of social equity across increasingly networked social platforms and distributed ledgers, your overall well-wishing community will play an equally important role as the historical stores of savings (banks) and spending (merchants) have.

And that’s a big part of the fabric woven into InSpirAVE’s design as well, empowering our users with the digital tools to cultivate their own well-wishing community which, in turn, eggs the user on … in articulation, accelerated progress, and ultimately fulfillment of whatever goal they set their mind to.

Bill Dwight, CEO and Founder, FamZoo (FS13)

FamZoo is an online and mobile platform that helps parents teach their children responsible personal financial habits through a private, secure”Virtual Family Bank.”

Finovate: Do you see a bright future of savings-enabled technologies?

Bill Dwight: I think savings enabling tech will explode in popularity. As a consumer, having to diligently exercise willpower to amass savings is a pretty horrible experience. If, on the other hand, a piece of smart automation can amass savings for me painlessly “behind my back”, the experience is nothing short of delightful. One day, you sign in and say, “whoa, I have $1000 in my emergency fund or $500 in my travel fund – awesome!” That’s what companies like Digit (digit.co/) are doing for individuals, and that’s what we (famzoo.com) do for kids earning an allowance or working odd jobs for their parents. It’s such a delightful and positive financial experience from the norm that its expansion and evolution is inevitable.

FamZoo_stage_SavingsTech

Pictured: FamZoo CEO and Founder Bill Dwight demonstrating FamZoo’s Prepaid Card Family Pack at FinovateSpring 2013.

Finovate: Which direction do you think savings tech will – or should – go in the years to come?

Dwight: Automation algorithms will naturally grow more sophisticated and effective as they leverage more and more knowledge about the saver’s unique situation and financial habits. They’ll also be able to allocate funds across a broader array of target accounts in an integrated, optimal way. For example, if the algorithms know you have young kids, more automated savings might be redirected toward 529 accounts to help pay for future college expenses. Or, your teen with that first summer job might have more automated savings funneled toward an early Roth IRA where it can grow tax free for decades. Or, perhaps the everyday “behind your back” savings will automatically redirect to knock out your most expensive consumer debt first before adjusting back to satisfying your longer term savings goals.

Greg Midtbo, Chief Revenue Officer, Moven Enterprise (FE17)

Moven Enterprise is an engagement platform that transforms customer financial data into digital experiences and actionable insights.

Finovate: What is most challenging when it comes to building savings solutions?

Greg Midtbo: The challenge is to take a different approach. Industries primarily approach this from a product perspective, as savings-as-a-product, and how to find tools to enable that product. The hunch is to take it from a customer’s perspective, to help the customer understand the trade-offs between the little decisions they make day to day, and how that impacts their medium- and long-term financial well-being.

In other words, how to help people make better decisions that may give them simple ways to give transparency to that trade-off and to take action. This may mean how to (1) control their spending or manage their spending and then (2) how to manage what they do with the amount of money they make that they don’t spend – which is savings or investing or other durations of storing assets. I think that’s the challenge: to break out of the product and cross-sell-into-a-product metaphor and approach it from a holistic customer perspective.

Banks tend to communicate to people around savings around rate and term. And since we’re in a very low interest rate environment, there’s not a lot of motivation there. So the motivation we think is around their overall financial health and helping them understand that trade-off.

Moven_stage_SavingsTech

Pictured: Moven Chief Revenue Officer Greg Midtbo demonstrating Moven Enterprise at FinovateEurope 2017.

Finovate: And in terms of future, looking out over the next three to five years?

Midtbo: I think we’ll move beyond just insight into the current state and start to make smart recommendations. How do you get to those goals that you set – whether its that carbon fiber bike or savings for education and retirement? What actions can you take to get there? We think artificial intelligence algorithms that know everything about you and can start to bring financial advice are next … I’m thinking back to the e*Trade commercials – not just some guy your Dad introduced you to or a twice-a-year sit down with a financial advisor – but a solution that is everyday giving you a little bit of financial coaching based on you. Not based on people like you or a segment (of the population), but based on you, what your next smart financial move is.

So that and (removing) the friction from taking those actions are key. Put the product/channel construct in the background and, in the foreground, a more seamless and advice-driven customer experience.

Dr. Yassin Hankir, CEO and Founder, savedroid (FS16)

With its lifestyle savings rules called “smooves,” savedroid is an algorithm-based mobile app that transforms everyday activities into automated savings.

Savedroid_stage_SavingsTech

Pictured: Savedroid CEO and Founder Dr. Yassin Hankir demonstrating his company’s savings solution at FinovateSpring 2016.

Finovate: What is the future of SavingsTech? What can we expect from this space over the next three to five years?

Yassin Hankir: I strongly believe Artificial Intelligence (AI) will be the key driver of innovation in savings technology going forward. Smart and autonomous savings tools enabling users to achieve their personal saving goals through automatically optimizing their individual savings and spending are on the rise.

This will create the next level of personal financial everyday assistance suitable for typical mass market users. (This will) contribute to fintech overcoming its niche market status and expanding to a significantly broader target audience.  

Ryan Clark, CEO and Founder, ProActive Budget (FF16)

One of the most popular savings strategies ever devised, cash envelope budgeting, is re-invented and digitized in the new savings solution from ProActive Budget.

Finovate: What are some of the most challenging issues in savings tech right now?

Ryan Clark: 57% of the U.S. is financially “unhealthy,” living paycheck-to-paycheck. For these people saving money isn’t even on their radar. They’re just trying to pay the bills each month. The key is to help them control their discretionary spend. Fix this and suddenly there’s some money to save.

ProActiveBudget_savingstech

Pictured: CEO and founder Ryan Clark demonstrating ProActive at FinovateFall 2016.

Do you see a bright future for savings-enabled technologies?

Clark: People like automation, but too much causes people to check out of their finances causing even worse problems. The ideal system will help them analyze their finances and then determine where they can cut back to be able to save. This must be involved and customized since money is very emotional. But these tools are coming and it will help people save and grow their wealth like never before.

Which direction do you think savings technology will – or should – go in the years to come?

Clark: It has to be holistic while keeping things simple. Spending controls will dominate the space since savings is a byproduct of spending decisions. The convergence of budgeting and banking will continue and accelerate making both controlling spending inside a planned budget and automated savings easier.


For more on our savings technology, check out our six-part series on key players and the enabling technologies.

Designed by Freepik

Finovate Alumni News

On Finovate.com

  • Finovate Alums Populate RegTech Top 100 Power List.

Around the web

  • Moven announces five-year extension of partnership with TD Bank.
  • PyraMax Bank selects DNA account processing platform from Fiserv. Visit our FinDEVr video archives soon to see Fiserv’s presentation this month from FinDEVr 2017 New York.
  • BBVA and SecureKey among the latest companies to join Hyperledger.
  • E-commerce services from Vantiv achieve Oracle Validate Integration. Video of Vantiv’s FinDEVr 2017 New York presentation will be available soon.
  • Netverify from Jumio to validate customer drivers licenses for mobility app, Free2Move. See Jumio at FinovateSpring 2017 next month.
  • Forrester recognizes FinDEVr newcomer Outsystems as a leader in low-code development platforms. Check back soon for video of Outsystems’ FinDEVr presentation from last week.
  • Trulioo expands coverage to Republic of Korea.
  • DAVO Technologies reaches 1,000-customer milestone for its sales tax platform.
  • Blackhawk Network rebrands incentives division as Hawk 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.

Forecasting Fintech for 2017

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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.

FinovateEurope Sneak Peek: Moven

Screen Shot 2017-01-31 at 3.31.08 PM

Screen Shot 2017-01-23 at 4.27.53 PMA look at the companies demoing live at FinovateEurope on the 7 and 8 of February 2017 in London. Pick up your tickets today and save your spot.

Moven is an engagement platform that brings value to customers while driving positive, measurable business outcomes for banks.

Features

  • Innovation to prepare for PSD2
  • Moving from history to advice through Impulse Savings
  • Surprise – trust Moven, it’ll be exciting!

PresentersScreen Shot 2017-01-31 at 3.40.51 PM

Brett King, Founder & CEO
King is a five time Amazon bestselling author, a renowned commentator, a globally respected speaker on the future of business, and the CEO of a $100m startup called Moven.

Greg Midtbo, CROScreen Shot 2017-01-31 at 3.41.01 PM
Midtbo has 30 years of experience helping global financial institutions transition through disruption. He is currently responsible for the Enterprise line of business at Moven.

Finovate Alumni News

On Finovate.com

Around the web

  • Betterment unveils new multi-plan offering with access to human advisors.
  • Green Dot to acquire UniRush and its prepaid card business, RushCard, for $167 million.
  • Fidor partners with EPAM Systems to gain access to additional product development and software engineering talent.
  • D3 reports record revenue in 2016, up 160% from 2015.

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

  • Polly Portfolio Unveils Bespoke Custom Investing Platform for Financial Advisers”
  • “Top Direct-to-Consumer Wealth Tech Plays”

Around the web

  • CashStar announces digital gift card agreements with online marketplace OpenSky and Marcus Theatres.
  • Nasdaq.com profiles Moven, “the future of banking.”
  • Charlotte Business Journal names Passport among its Fast 50 award winners for its more than 475% revenue growth from 2013 to 2015.
  • Inc. lists Xero, Gusto, and PayPal among 8 business apps that will crush it in 2017.

This post will be updated throughout the day as news and developments emerge. You can also follow alumni news headlines on the Finovate Twitter account.