Sandstone Technology Appoints New CTO

Sandstone Technology Appoints New CTO

Banking technology company Sandstone Technology appointed a new CTO this month. The company unveiled today it has selected Anthony McKew to fill the role.

With more than 35 years of experience in banking and technology, McKew has worked for companies including Linkly, Premier Technologies, and SecurePay. He has expertise in designing and managing enterprise-grade platforms for major retailers, government agencies, and digital operations for vendors and service providers.

“I am extremely pleased with the addition of Anthony to our Leadership team as our Chief Technology Officer,” said Sandstone CEO Abhish Saha. “This is an essential role, supporting our customers across the globe and being a key driver of our ongoing business strategy and growth. Anthony’s intimate understanding of Financial Institutions and their security and technology needs will be of great value to both our customers and our staff.”

McKew, who began his appointment on January 9th of this year, fills the shoes of Sandstone’s former CTO Chaitanya Pinnamaneni.

Sandstone was founded in 1996 and currently offers a suite of tools for loan origination, its BankFast mobile app that offers end users a seamless experience between web and mobile channels, and intelligent document processing tools that enable banks to capture, classify, and extract data stored in borrower-submitted documents.

The Australia-based company formed its most recent partnership with Bendigo and Adelaide Bank to offer a single platform that covers all its third party origination channels and limits exposure to legacy systems. In March of last year, Sandstone launched an innovation hub to capture emerging opportunities from new enabling technologies.

“At Sandstone we pride ourselves on our longstanding strategic partnerships with our customers, where we look to solve business problems together, not just provide a service,” said Sandstone CEO Michael Phillipou. “As the banking landscape continues to evolve apace, we’re excited to start working alongside our customers to develop solutions that grasp tomorrow’s opportunities, as well as today’s.”


Photo by Scott Webb

Finovate Alumni News

On Finovate.com

  • Kantox Pulls in $6 Million from Existing Investors.

Around the web

  • Kasasa named a Best Place to Work in Austin for a third consecutive year.
  • PCF Bank partners with Sandstone to launch a digital origination and servicing platform.
  • Cloud Lending Solutions announces CL Portal, a new expansion of the CL Solution Suite.
  • PwC UK and Featurespace partner to provide clients with technology to combat financial crime attacks.

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

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 Alumni News

On Finovate.com

  • Sandstone Technology Inks Digital Banking Deal with SBS Bank.
  • Financeit Receives New Funding Capacity of $85 Million.

On FinDEVr.com

Around the web

  • Misys adds Synechron to its InFusion Partner Program.
  • Fiserv leverages robo-advisory and automation technology from fellow Finovate alum Trizic to enhance its wealth management solutions.
  • Bento Chief Operations Officer Sean Anderson discusses the future of regtech and the problem of one-size-fits-all compliance programs.
  • The 2017 NSS Labs gives Check Point Software Technologies a ‘Recommended’ rating.
  • Money Marketing features Scalable Capital.
  • City of Memphis to leverage Tuition.io to offer student loan debt reduction program for employees.

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.

Fintech Trending: Australia and the Road to Fintech in Asia

Fintech Trending: Australia and the Road to Fintech in Asia

australia_newzealand_flagsFinovateAsia 2016 is right around the corner. Be sure to visit our registration page and pick up your tickets today. We look forward to seeing you next week, 8 November, as Finovate returns to Asia.

When we talk about financial technology in Asia, we typically turn to places like Singapore, widely regarded to be the fintech “hub” of the region, or to Japan, with its advanced consumer economy (and increased participation in fintech events in the West, like Finovate and FinDEVr, or to China which was recognized by H2 Ventures and KPMG in their 2016 Fintech 100 report as follows:

China now tops the global ranks—swithin three years, China’s fintech ventures have gone from only one company included in the top Established 50 rankings in 2014, to this year China featuring four of the top five companies and eight of the top 50.

This includes Ant Financial, formerly known as Alipay, which as the world’s largest third-party payment platform, is the #1 company in the report, as well as Qudian, a Beijing-based student micro lender, ranked #2.

But there’s a reason why analysts refer to the area as the Asia-Pacific region, and part of that reason is the presence of countries like Australia and New Zealand which, while very much a part of the Asian financial ecosystem, are often overlooked in discussions about the growth of fintech in the area.

Turning back to the H2 Ventures/KPMG report, we see that of the top 100 companies highlighted, while 14 are from Asia, 1o are from Australia and New Zealand. This compares well with the U.K., a long-standing global fintech center, that landed 12 companies in the top 100. These companies include:

  • #14 Xero (F11; FD14) – New Zealand
  • #31 Prospa – Australia
  • #43 Tyro – Australia
  • #50 SocietyOne (F12) – Australia

As well as emerging stars:

  • AfterPay – Australia
  • Bright – Australia
  • Data Republic – Australia
  • HashChing – Australia
  • Identitii (F16) – Australia
  • springy – Australia

Australian and New Zealand fintech companies are clearly punching above their weight. As one illustration noted by Let’s Talk Payments, in December 2015, 5% of Australian fintech startups raised capital. Yet that 5% represented 14% of all capital raised by fintechs in December. Compare this to the United Kingdom where 15% of fintechs received investment dollars in December 2015, yet the amount raised was 11% of the total for that month. It is no surprise that China stands out as the true overachiever, with only 2% of Chinese companies raising capital in last December, but those companies represented 17% of all financing raised.

The takeaway here is more than a call for FinovateDownUnder—although that’s an intriguing idea. It suggests that more attention paid to Australia—as both a developing fintech nation in its own right, as well as a way for Western companies, technical talent, and capital to begin making its way eastward—could be well-rewarded.

See also:

  • 9 Australian companies have made it to the latest global Fintech 100 – Business Insider Australia
  • Australian FinTech Firms Recognized as World Leaders in FinTech – Cryptocoins News
  • Australian fintech founders recognized as world leaders next to tech giants Stripe, Xero and Square – Startup Smart
  • CBA takes pop-up innovation lab on a tour of Australia – Finextra

Our friends from Down Under

This discussion of Australia and New Zealand merits a reminder of how many innovators from Down Under are alums of our Finovate and FinDEVr conferences. In addition to those mentioned above, here’s a quick look at some of our more recent Australian and New Zealander alums:

FinovateEurope Sneak Peek: Sandstone Technology

FinovateEurope Sneak Peek: Sandstone Technology

SandstoneHomepage

 

FEULogowithDate    A look at the companies demoing live to 1,500 fintech professionals. Register today.

 

The Sandstone Technology BankFast Mobile App’s latest innovation combines the power of dual persona banking, leveraging context and location to deliver a dynamic, adaptive customer experience.

Features

  • Frictionless banking: rich customer engagement and product origination
  • Dual persona banking: dynamic, adaptive customer experience
  • Adaptive security: using biometrics and distributed fraud management

Why it’s great
Sandstone delivers frictionless, dual persona banking. Its technology solves key customer-engagement issues through a unique mobile experience leveraging context and location to drive consumer engagement.

SandstonePresenter1Presenters

Sam Plowman, CEO, Sandstone Technology
Plowman is a digital industry leader and author with more than 20 years of experience building substantial, highly successful digital businesses in global companies such as Sandstone Technology, NAB and ANZ.
LinkedIn

SandstonePresenter2Mathew Cagney, General Manager, Sales
Dedicated to the banking industry, Cagney draws upon his experience to uncover, develop and deliver revolutionary, digital transformation benefits to financial institutions globally.
LinkedIn

Finovate Alumni News

On Finovate.com

  • Taulia Announces Record New Bookings; New CMO Holzapfel”
  • MX Recruits Don MacDonald, Former Intel and Fiserv CMO”

Around the web

  • Cachet Financial Solutions deploys its Select Mobile Deposit solution for Kentucky-based Whitaker Bank Corporation.
  • UBS hires Markit to manage its Investment Bank’s investible indices.
  • The Hindu quotes Cloud Lending Solutions’ CEO and co-founder Snehal Fulzele on digital transformation.
  • Personal Capital launches Financial Fitness program for employers to help employees reach their wealth goals.
  • Zopa wins Personal Loan Provider of the Year at the Consumer Moneyfacts Awards 2016.
  • Bank Innovation features video of Ripple CEO Chris Larsen discussing the internet of value at Davos.
  • CB&S Bank selects Insuritas to power its insurance-agency solution for customers.

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.

 

Alumni News– December 1, 2014

  • Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgTechCrunch takes a look at PayPal’s plans for bitcoin integration.
  • Zopa to provide financing for Flowgroup customers.
  • Azimo introduces £1 money transfers to Lithuania.
  • MasterCard announces launch of MasterPass in UAE.
  • Call capture technology from NICE Systems now compatible with Speakerbus iTurrent dealer board.
  • FreeAgent named “Practice Software Product of the Year” at 2014 British Accountancy Awards.
  • Zopa takes additional step to authenticate users.
  • Adelaide Bank signs Sandstone Technology to deliver new loan origination system.
  • Check Point Software launches Check Point Capsule to protect business data and mobile devices, everywhere.
  • Crain’s Cleveland Business features Segmint in the hot fintech market.
  • Maybank Singapore updates Tagit-powered mobile banking app.
  • Bank Technology News Report: TD Bank to Use Moven’s Money Management Software.
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 Launches SmartBank, A Next-Generation Consumer Banking Solution

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Second, Sandstone launched its SmartBank:

“Sandstone is showcasing its ‘next generation’ consumer banking solution combining internet and mobile banking, personal financial management, and loan origination capabilities to form a powerful end-to-end customer acquisition and retention tool. 

Building on the “anytime, anywhere” capabilities of emerging tablet and smartphone platforms, we will show how consumers can interact with their bank for a range of integrated banking services.”

Product Launch: November 2012
HQ: Sydney, Australia
Founded: June 1996
Metrics: Sandstone is a rapidly growing privately owned company with offices in Australia, Asia, and Europe. The company has grown from 40 employees in 2007 to over 230 employees in 2012.
Twitter@sandstonetech
Finovate demo video: Demo videos will be posted next week
Introducing Ray Yap (Product Manager) and Adrian Leow (Product Manager)

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FinovateAsia 2012 Sneak Peek: Part 1

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For our first ever FinovateAsia conference, we’ve selected 36 leading innovators to take the stage in Singapore on November 6.
Each company provided a sneak peek of what they’ll demo next month. Below is the first installment of these teasers. We’ll have more next week.
Don’t miss your chance to see the live demo from each company and be a part of our inaugural FinovateAsia conference. Get your ticket here.
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Airline pilots train in flight simulators, known to be one of the most effective training methods. After the financial crisis, isn’t it about time your risk managers have access to the best training techniques?
BankersLab offers training products designed to enhance a banker’s ability to develop and test strategies in a range of real-world market conditions. Utilizing a blended learning model, BankersLab integrates numerical simulations, scenario games, the gamified classroom, and m-learning for optimal understanding and knowledge retention. 
BankersLab’s comprehensive suite of products suits all skill levels; ensuring your teams are the best trained in the industry.
Innovation type: Cards, lending, payments

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BellaDati launches BellaDati agile analytics and reporting cloud tool for financial data analysis. 
BellaDati reinvents the way business users can interact with data. BellaDati will introduce features like GEO analytics, mobile reporting BellaDati Piccolo or social network for business data analysis. All this topped with easy connectivity to various data sources. Stay tuned to the new wave of business analytics inspired by gorgeous Isola Bella island located close to the Sicilian coast. 
Innovation type: Back office, mobile, sales

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Bank lending to thin-and no-file small businesses in emerging markets is a billion dollar opportunity – yet traditional lending requirements make it inefficient and expensive. EFL’s Credit Screening Tool, which uses non-traditional data such as psychometric principles that statistically relate entrepreneurial qualities such as intellect, business acumen, ethics, attitudes and beliefs to credit screening, makes lending scalable and profitable. 
EFL will show how seamlessly its partners have integrated Credit Scoring Tool to their existing lending processes to increase their loan portfolios by over 100% and decrease defaults by over 40%.

Innovation type: Banking, identity, lending

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Fiserv will demonstrate its world leading mobile banking platform – Mobiliti – used by over 1,000 banks and credit unions around the world. The focus on the demo will be on Mobiliti Reach – a product to help banks profit from servicing underbanked and unbanked market segments.
Innovation type: Back office, mobile, payments

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Heckyl FIND is a simple and yet powerful platform which integrates real time news, analytic, and sentiment mining in your trading terminals.
Heckyl FIND provides the first and a very powerful enterprise social trading terminal enabling your analyst to collaborate in real time with Traders, exchange great ideas, trading insights and empower your Traders with all the information to take the next action, here on Heckyl Dashboard.
Heckyl FIND is exclusively for financial institutions, brokerages and the trading community to get access to real time trading ideas, research reports, economic alerts and much more.

Innovation type: Investing, online UI, PFM

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Innovation Café is an advanced crowdsourcing innovation platform for companies to engage their innovation communities. It is highly configurable and able to provide for both private and public ecologies, as well as emergent and structured innovation approaches. 
Innovation Café is a lightweight platform with advanced white labeling, and custom theme capabilities. It has the ability to integrate with different systems and provide detailed reporting. Crowdsourcing and community collaboration are used to focus the attention on business objectives, enhanced through idea challenges.

Innovation type: Banking, mobile, online

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Get peace of mind knowing that your company’s financial mobile app is secure. Metaforic technology stops malware and hackers in their tracks. See live, an attempted malware attack on a mobile app and the technology that st
ops it.
Innovation type: Security

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With fewer people going to branches due to the convenience of internet, it weakens banks’ ability to acquire, develop a face-to-face personal relationship and recommend relevant products to their customers. 
Users are also spending very little time on internet banking due to a very transactional “touch-and-go” behavior. So how do you get the right customized products to the right customer at a time when they most need it?
Innovation type: Marketing, PFM, rewards

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Sandstone will be showcasing its ‘next generation’ consumer banking solution combining internet and mobile banking, personal financial management and loan origination capabilities to form a powerful end-to-end customer acquisition and retention tool.
Building on the “anytime, anywhere” capabilities of emerging tablet and smart phone platforms, Sandstone will show how consumers can interact with their bank for a range of integrated banking services.
For example, we will demonstrate the customer’s experience of finding and purchasing a new home, including property suggestions based on their savings, property selection, valuation, credit assessment and loan approval – all in real time from any device
Innovation type: Lending, marketing, PFM

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Strands Finance is presenting new “What If” functionality that takes PFM historical data and makes it relevant for the future. Users will gain greater insight and control of their financial health with little to no effort. 
For banks, the data is invaluable to better advise their customers. Strands has developed and leveraged pattern identification algorithms that help model future scenarios and the impact to the user’s short-term cash flow to long-term net worth.
Innovation type: Mobile, online, PFM

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The 21st century customer is all about the experience. 
To be ahead of competition, retailers and banks need to drive revenue through new channels and differentiate themselves through unique customer experiences to build loyalty. With the combination of time, relevance, and behavior, TIBCO offers an integrated solution linking the end-users, retailers and banks – anytime, anywhere.
Innovation type: Mobile, payments, rewards

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Wipro will debut its Wipro SmartOffers solution at FinovateAsia 2012. The innovation provides bank customers with Digital Offers which can be redeemed at merchants for availing benefits/discounts at the time of purchase. These offers may be merchant-or-bank-funded at the bank’s preference. 
The solution is different from the aggregator-centric models currently in practice in the market, championing the bank centric offer model. Wipro’s solution gives the power back to the banks, by making them the center of the Digital Offers Universe. By making the entire offer landscape bank-centric, banks reap the benefits hereto left for aggregators.
Innovation type: Banking, rewards

Sandstone Launches Mobile Banking App

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Next, Sandstone showed how even small financial institutions can have a presence in the app store:

“Sandstone will be showcasing its next generation mobile banking app that contains sophisticated money management/ OFM tools, the latest anti-fraud and security measures, and advanced user experience capabilities. 

Using the latest html5 technology, the app can be developed once and then delivered seamlessly across many of the popular smart phone app stores to run on nearly all smart phone devices. The registration process for the app locks the user to the device while page-fingerprinting technology ensures that fraudulent users will not be able to connect to the secure server.”

Product Launched: February 2012

HQ Location: Sydney, Australia

Company Founded: June 1996

Metrics: Privately owned, offices in Australia, Asia and Europe The company grew from 40 employees in 2007 to over 200 employees in 2011. 

Presenting Dom Monty (General Manager, Direct Banking Solutions) & Timmy Alassad (Product Manager, Direct Banking Solutions)
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Backbase Partners with Sandstone to Market Bank 2.0 and Forms Technology

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Portal software startup Backbase announced today that it partnered with Australia-based Sandstone:

“Backbase provides powerful WebThumbnail image for SandstoneLogo.jpg2.0 e-business technology that will underpin Sandstone’s next generation online banking solutions…. Backbase Forms will enable Sandstone BankFast customers to easily create and edit forms for customer-facing business applications.”

Sandstone will market the Backbase Bank 2.0 and Forms technology throughout Australia and New Zealand.

To learn more about Backbase and Sandstone, come to FinovateEurope February 7 in London or watch Backbase’s FinovateFall 2011 demo.