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In preparation for FinovateSpring next week, the 64 presenting companies have been busy perfecting their 7 minute demos, while we have been learning about the fintech they’ll demo on stage.
We assembled this graphic to give you a taste of some different fintech categories you’ll see on stage at FinovateSpring:
Want to see these and more demonstrated live, on stage? Get your FinovateSpring ticket here.
United Kingdom-based miiCard, a startup that helps you prove your identity online, announced a second round of seed funding for $2.5 million USD today. Investments came from a mix of groups including New Wave Ventures, IQ Capital and Par Equity.
The startup plans to use the funds to expand its digital passport technology. On its blog, miiCard mentions:
“The substantial investment supports miiCard’s expansion into the US and will enable rapid growth of the business, across a range of markets including financial services, ecommerce, social networking and dating, where trust online is now critical.”
One of the social networking platforms miiCard is working on is Twitter. It launched a Twitter validation function last week.
Here’s how it works:
To learn more about miiCard, watch its FinovateEurope 2012 demo.
Netbanker features PayNearMe’s mobile app.
I love headline alliteration and it’s good to have a shtick, so I will periodically post a “Feature Friday” here. It turns out I started last Friday with Capital One’s new mobile rewards feature, the ability to trade rewards points to pay for PAST travel (and they did it without resorting to time travel).
This week, old-school cash was in the news:
Relevance for Netbankers: While we don’t spend much time here discussing cash, it’s still important across most demographics. And banks have a huge stake in the game with their ATM bases and other cash-handling infrastructure.
Banks could do the same thing as PayNearMe, using their branch and ATM networks to take cash over the counter as payment. And many parents may prefer sending junior to the bank instead of the convenience store.
But I also wonder if we’ll see the reverse? Instead of handing cash over to the 7-11 clerk, parents can transmit a bar code to their kid’s mobile to allow them to walk out of the store with a crisp $20 for lunch and a bus ride home. And it would make sense to extend that capability to mobile-enabled ATMs and even branches.
Anyway, that’s all for this week, have a great one!
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Walmart homepage (27 April 2012)
Homepage popup lays out how it works
Walmart checkout
Choose “cash” icon under “enter a new payment method”
Intuit buys Demandforce for $424 million.
With less than two weeks to go, FinovateSpring has officially blown past last year’s record attendance of 850 and is rapidly closing in the 1,000-person mark. That said, there are still some tickets available if you want to attend and watch the future of fintech unfold onstage via our signature demo-only format.
If you’re curious about the companies that will be debuting their latest innovations on stage, check out the full demo lineup as well as the three sneak peaks (#1, #2, #3) that we published on the Finovate blog recently.
And, in case you’re curious who’s in this record-setting audience, here is a small sample of the attending organizations:
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If you would like to join executives from these organizations (and many others!) grab your ticket today before it is too late. And, if you have any questions about the event, please don’t hesitate to reach out to us at info@finovate.com. We hope to see you in May!
FinovateSpring 2012 is sponsored by: Backbase, The Bancorp Inc., the law firm of Hudson Cook, & Intuit
FinovateSpring 2012 is partners with: BankInnovation, BankerStuff, BayPay Forum, Benzinga, California Bankers Association, Celent, Filene, Finance on Windows & PYMNTS.com
With less than two weeks to go, FinovateSpring has officially blown past last year’s record attendance of 850 and is rapidly closing in the 1,000-person mark. That said, there are still some tickets available if you want to attend and watch the future of fintech unfold onstage via our signature demo-only format.
In case you’re curious who’s in this record-setting audience, here is a small sample of the attending organizations:
|
|
|
If you would like to join executives from these organizations (and many others!) grab your ticket today before it is too late. And, if you have any questions about the event, please don’t hesitate to reach out to us at info@finovate.com. We hope to see you in May!
FinovateSpring 2012 is sponsored by: Backbase, The Bancorp Inc., the law firm of Hudson Cook, & Intuit
FinovateSpring 2012 is partners with: BankInnovation, BankerStuff, BayPay Forum, Benzinga, California Bankers Association, Celent, Filene, Finance on Windows & PYMNTS.com
Finovate Alums take the stage at the Future of Money Conference 2012.
Pageonce, the largest PFM from a company not named Intuit, is abandoning its $4.95/mo subscription for mobile billpay and moving to a yet-to-be-determined transaction fee for each bill paid (note 1). The change was revealed at Monday’s Future of Money conference and I confirmed yesterday with COO Steve Schultz.
The company has been testing various price strategies and found that per-transaction prices were more popular with customers. Its model predicts a five-fold increase in volume with the new fee structure, moving from $40 million annually to $200 million (note 2).
Schultz speculated that customers are used to paying this way for financial services. And it helps that an electronic billpay transaction displaces an out-of-pocket cost of $0.50 or so (stamp & paper check).
Pageonce is positioning itself as a mobile wallet, starting from a position of strength on the billpay side, rather than POS transactions. Schultz says eventually they’ll be at the point of sale and P2P as well. Because those three activities are all part of the “wallet experience.”
But the company is not abandoning its PFM roots. Mobile wallets also need tools to manage and track spending. Pageonce is chock full of those.
The company’s business model going forward largely focuses on offers and lead-gen, similar to Mint. But it’s also not completely subscription-fee averse. Its mobile credit score/monitoring service, Credit Guard, is priced at a very competitive $6.99/mo.
My take: While I can’t point to specific tests of my own, most banks that have experimented with transaction fees have found them to be quite unpopular (of course, so are subscription fees). My advice <cue broken record>, for banks anyway, is to bundle several value-adds popular with the target segment and sell the package for a monthly subscription fee (or a discounted annual fee for your fans) (note 3).
How they do it:
Pageonce showcases its apps for every major mobile platform (link, 25 April 2011)
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Notes:
1. The company is testing fees from $0.25 to $1.00 per bill. I see no reason to undercut the price of postage, so I’d guess they end up closer to $1.
2. Assuming $1,000 in monthly billpay volume per active user, that implies the company currently has only 3,000 active billpay users.
3. For more information on subscription pricing for financial institutions, see our Online Banking Report (May 2011).
4. See TIO Networks demo at FinovateSpring May 8/9.
Earlier this week, we attended the Future of Money conference in San Francisco. Over 20 Finovate Alumni companies were represented in the audience, and many of them presented or were included on panels.
During the conference, we gathered tidbits from some of the companies. Here are a few highlights:
As promised, this is part 3 of the sneak peek of the companies that will demo at FinovateSpring May 8 and 9 in San Francisco. Each company provided a short summary of the innovation they will debut on stage. In case you missed them, check out Sneak Peek Part 1 and Sneak Peek Part 2.
Don’t miss the opportunity to experience the hottest innovations in financial technology. Get your FinovateSpring ticket here.
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