Year: 2013

Finovate Alumni News– January 9, 2013

By David Penn Posted on
Categories: Betterment, Cardlytics, Check Point, Comarch, Dwolla, eToro, Experian, FIS, Keynote DeviceAnywhere, Movenbank, NICE Systems, Pageonce, SecondMarket, ShopKeep POS, Simple, Tuition.io, VoiceTrust
  • Gartner highlights Comarch Commission & Incentive in recent report.
  • FIS announces expanded relationship with Modern Woodmen Bank.
  • TomTom uses Keynote DeviceAnywhere for real-time performance monitoring in Paris.
  • The New York Times features Simple’s approach to customer service.
  • Check Point Software Technologies introduces new ZoneAlarm 2013 security product line, integrates Facebook Privacy Scan.
  • MyBankTracker looks at Movenbank’s new site layout. Come see Movenbank’s live demo at FinovateEurope Feb 12 and 13.
  • Daily Tekk interviews Brendon McQueen, CEO of Tuition.io.
  • eToro launches new version of its WebTrader platform.
  • Dwolla introduces new look, allows users to apply for higher transaction limits.
  • Cardlytics opens office in San Fran, appoints new SVP of Marketing. Come see Cardlytics demo at FinovateEurope next month.
  • CNBC interviews Barry Silbert, SecondMarket CEO, to understand why entreprenuers avoid IPOs.
  • Bank Systems & Technology considers how NICE’s newest solution uses voice recognition to prevent fraud. Come see NICE demo its new tech live at FinovateEurope in London February 12 and 13.
  • Biometric Update highlights a year of new customers and pilot projects from VoiceTrust.
  • TechCrunch features a video interview with Betterment CEO and founder, Jon Stein.
  • Experian announces deal to provide address and mortality screening services to Guardian Financial Services.
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.

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New Online Banking Report Published: Online & Mobile Forecast Through 2022

By Jim Bruene Posted on
Categories: Lending Club, Metrics & Market Research, Online Banking Report, P2P Lending

imageOur latest research is now available: Online Banking Report 2013 to 2022 Forecast. The report includes our latest 10-year online banking, mobile banking and bill-pay forecast for the U.S. market. Online banking remains relatively flat, growing less than 5%, while mobile expanded by 40% last year (see note 1).

Based on recent mobile growth, we now project that in 2019, mobile account access will equal online account access in the United States (based on household penetration of each service).

The report also includes a revised 10-year forecast for U.S. peer-to-peer lending. After growing almost fifteen-fold in the past three years (2012 vs. 2009), we expect continued strong growth of nearly 30% compounded annually through 2022.

Finally, we took one last look at 2012 and documented the top-10 innovations or trends of the year (see below). We also updated our top-10 project priorities for 2013.

__________________________________________________________________

Top innovations & trends of 2012
__________________________________________________________

The report includes a summary of the top-10 innovations or trends during the past year (in alphabetic order):

  • Alt-biz lending disrupts commercial lending for the smaller business
  • Balance forecasting launched by Simple and Key Bank
  • Banking websites get “simple” makeovers
  • Digital (cloud) wallets find a value proposition, best-case routing
  • iPads appear at the POS and new accounts desk
  • Mobile deposit goes mainstream
  • P2P lending pops!
  • Pay As You Go auto insurance launched by MetroMile
  • Prepaid cards gain as “basic checking”
  • Virtual gift cards get a boost as Square launches 200,000 in a single day

__________________________________________________________________

New entrants to the OBR Hall of Fame
__________________________________________________________________

Each year we rank the top online/mobile innovations of all time (North America). A total of 48 achievements are listed from 50 companies:

  • 17 banks
  • 5 credit unions
  • 11 non-bank financial services companies
  • 17 fintech companies

The class of 2012 included two new entrants:

  • City Bank of Texas’s mobile on/off switch for debit cards (powered by Malauzai)
  • Simple and Key Bank both launched real-time balance forecast tools 

__________________________________________________________________

About the report
__________________________________________________________________

Online & Mobile Banking Forecast (link)
The next 10 years: 2013 through 2022

Author: Jim Bruene, Editor & Founder

Published: 7 Jan 2013

Length: 32 pages, 26 tables, 12,000 words

Cost: No extra charge to OBR subscribers, US$495 for others here

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Report excerpt:

Lending Club is the biggest fintech startup success of 2012 
The company originated nearly three-quarter billion dollars in new loans in 2012 and surpassed $1 billion in cumulative originations in November.

 image

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InComm Acquires Digital Gift Card Company, Giftango

By Julie Muhn (@julieschicktanz) Posted on
Categories: InComm

Thumbnail image for inCommlogo.jpg

Today, prepaid product company InComm announced it has acquired digital gift solutions company, Giftango.

This is expected to expand InComm’s reach into the digital gift card industry, giving it access to Giftango’s relationships with more than 150 brands and network of more than 80 partners.

GiftangoIMG.jpg

Giftango, which was acquired for undisclosed terms, will become a subsidiary of InComm and will continue its operations in Portland, Oregon.

To learn more about InComm, watch its FinovateFall 2011 demo.

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Emida to Provide Mobile Payment Services in Myanmar

By Julie Muhn (@julieschicktanz) Posted on
Categories: Emida

emidalogo3.jpg

Prepaid mobile wallet provider Emida announced today that it has signed an agreement to provide prepaid services in Myanmar.

As a part of the agreement, the prepaid network has signed a Memorandum of Understanding with the following parties:

    • Blue Ocean Operating Management (BOOM)
    • Myanmar Technologies Investment Corporation (MTI)
    • Oceanic Communications Ltd (OCL)

Emida is now operating in 37 countries scattered throughout the globe, supporting a network of more than 54,000 retailers and seeing annual payments of over $1.5 billion.

To learn more about Emida, watch its FinovateFall 2012 demo.

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Finovate Alumni News– January 8, 2013

By Julie Muhn (@julieschicktanz) Posted on
Categories: Acculynk, Banno, Credit Karma, Experian, Fiserv, Heckyl Technologies, LearnVest, Manilla, Mitek, Pageonce, PayPal, ProfitStars, ShopKeep POS
  • Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgThe Financial Brand investigates how Mitek’s bill payment service can aid customer account switching.
  • ShopKeep POS partners with Griffin Technology to launch iPad POS system with a built-in magnetic card reader.
  • Fiserv selects Aconite’s Smart EMV Manager solution to enhance EMV card processing systems.
  • LearnVest app reaches 100,000 downloads.
  • SEO-Cart integrates PayLeap from Acculynk Direct, a division of Acculynk.
  • Profile of Banno CEO in American Banker highlights recent partnership with ProfitStars.
  • Phillip Capital signs Heckyl Technologies to integrate News and Sentiment analytic platform.
  • CreditKarma, PayPal, Experian, Pageonce, and Manilla earn spots on Netbanker’s top 50 iPhone and iPad finance apps.
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.

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Mobile Monday: Top 50 iPhone and iPad Apps in the Finance Category

By Jim Bruene Posted on
Categories: Apple, iPad, iPhone, Metrics, Mobile Banking, Mobile Payments

app store logo.jpg

I knocked around Apple App Store last week researching our year-end Online Banking Report. Below are the current top free finance apps in the U.S. store (note 1). While there are not a whole lot of surprises, several are notable:

  • Credit Karma maintains its top-10 ranking (#9)
  • Intuit has three of the top-10 apps (#4, 6, 8) plus #30
  • Two of the top-5 financial institution iPhone app providers (PayPal and Capital One) do not yet have iPad apps
  • Three credit-monitoring apps are in the top 32 (Credit Karma #9, Intersections #23 and Experian #32)
  • Two banks each have two apps in the top 50: Capital One (#6 and #34) and PNC (#25 and #42)
  • Five fintech startups made the top 22 (Credit Karma #9, LearnVest #15, Lemon #19, Pageonce #20, Manilla #22); all but Lemon are Finovate alums (note 2)

Methodology: I first listed the top 50 iPhone apps from the “Free Finance” category (column 2). Then I went to the iPad store and found their corresponding iPad app rank (column 3). I then listed all the remaining iPad apps in the top 50 and their corresponding iPhone rank (last 20 rows below).

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Top iPhone/iPad Finance Apps in Apple App Store (USA)

Company iPhone Rank iPad Rank
PayPal 1 none
Chase 2 3
Bank of America 3 1
Mint (Intuit) 4 5
Wells Fargo 5 2
TurboTax (Intuit) 6 31
Capital One 7 none
TaxCaster (Intuit) 8 16
Credit Karma 9 none
American Express 10 7
Discover 11 13
Citibank 12 10
USAA 13 8
State Farm 14 47
LearnVest 15 none
Yahoo Finance 16 11
Easy Envelope Budget 17 42
US Bank 18 26
Lemon 19 none
Pageonce 20 23
Fidelity 21 12
Manilla 22 none
Identity Guard (Intersections) 23 none
Navy Federal FCU 24 none
PNC 25 19
iSpending 26 116
Barclaycard 27 35
Mortgage Calc (Zillow) 28 20
TD Bank 29 none
Quicken Money Management (Intuit) 30 17
TD Ameritrade 31 27
FreeCreditScore.com (Experian) 32 55
Pocket Expense 33 15
ING Direct (Capital One) 34 none
Quicken Loans 35 none
E*Trade 36 33
Spending Tracker 37 28
SunTrust 38 none
Western Union 39 none
iSpreadsheet 40 9
BB&T 41 46
Virtual Wallet (PNC) 42 40
Bloomberg 43 22
Budget 44 none
Expensify 45 53
Ally Bank 46 none
HSBC Personal 47 none
H&R Block 48 24
Bluebird (AmEx) 49 none
Seeking Alpha 50 none
Below top 50 iPhone    
Craigslist mobile not in finance 4
Money Magazine none 6
ShareBuilder (Capital One) 114 14
CNBC 55 18
Real-time stock tracker 64 21
Vanguard 58 25
Morningstar Stockinvestor 198 29
Personal Capital 92 30
Regions Bank 54 32
Visual Budget 62 34
Merrill Lynch 84 36
Bloomberg TV 125 37
Mortgage calculator (Trulia) 102 38
SmartMoney Retirement Planner (Dow Jones) none 39
Bills for iPad (iBear) not in top 300 41
Budgets for iPad (iBear) 162 43
Checkbook free 53 44
Smart Budget 120 45
TD Ameritrade Mobile Tracker 86 48
EZ Financial Calculators 63 49
Schwab 60 50

Source: Netbanker observation of Apple App Store directly from iPad and iPhone around 6 PM Pacific, 7 Jan 2013

None = No app listed with the App Store for that device

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Note:
1. The Apple ranking system is a bit of a black box. But it’s generally believed to weigh heavily recent download activity.
2. Easy Envelope Budgeting (#18) is from a San Francisco-based Web developer Dayspring Technologies founded in 1998.

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Dwolla Makes it Easy to Pay for School Lunches Online

By Julie Muhn (@julieschicktanz) Posted on
Categories: Dwolla

Thumbnail image for DwollaLogo.jpg

Alternative payment system Dwolla announced on Friday it has partnered with a school district in Iowa to enable online payments for school lunches.

After signing up for Dwolla, parents and guardians withDwollaSchoolLunch2.jpgchildren attending Iowa schools in the Beaman, Conrad, Liscomb, Union, and Whitten (BCLUW) district can pay for lunches online on a weekly, bimonthly, or monthly basis.

There is no transaction cost for parents, and because Dwolla only charges 25 cents for payments over $10, it can save schools a significant amount of money on credit and debit card fees.

According to the blog post, Dwolla is seeking additional partnerships with school districts.

To learn more about Dwolla, watch its FinovateSpring 2012 demo.

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CR2 Helps Africa’s Cashless Economy Move Forward

By David Penn Posted on
Categories: CR2

logo-cr2-mediapack.jpgMartin Dolan, CEO of CR2, made a number of interesting observations on mobile banking in a recent interview with AllAfrica.com.

The topic of the conversation was the role CR2 is playing in the Cashless Lagos Project sponsored by the Central Bank of Nigeria. The goal of the project is to reduce the costs of handling cash, and to eliminate fraud in the system.

The following four points on the role of ATMs in countries like Nigeria were especially noteworthy.

  • By putting a “significantly bigger PC” inside the ATM, CR2 increases the ability of ATMs to do transactions more than five-fold.
  • The larger PC also enhances the ATM’s ability to interact with Internet and mobile channels.
  • In providing cardless access to ATMs, CR2 reduces reliance on often expensive-to-produce chip and PIN cards.
  • Maintaining low barriers to entry is important to customers even if KYC (“know your customer”) remains “the biggest problem” for mobile banking.

Dolan also noted that more than 95% of the transactions in Nigeria are via ATM according to the Nigerian Central Bank.  Be sure to check out CR2’s new banking technology at FinovateEurope next month in London!

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Finovate Alumni News– January 7, 2013

By David Penn Posted on
Categories: ACI Worldwide, Bazaarvoice, Enloop, FIS, GMC Software Technology, Lending Club, Mitek, SaveUp, Simple, SoMoLend, Temenos, TransferWise, Xendpay

Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpg

  • ACI Worldwide launches ACI Money Transfer System 5.0.
  • Suncorp Bank chooses FIS to manage ATM and POS transactions
  • 500Friends to integrate LoyaltyPlus platform with Bazaarvoice.
  • Financial Edge Community CU partners with SaveUp.
  • Mitek issued new patent for “Methods for Mobile Image Capture and Processing of Documents”.
  • The Financial Brand checks out the “Simple” way of banking.
  • The New York Times looks at SoMoLend’s take on crowdfunding, seeking out institutions to serve as lenders.
  • New York Times looks at Enloop’s hassle free business plan writing service.
  • The Telegraph highlights TransferWise as a cost-saving option for overseas money transfers.
  • Luxembourg’s Nordea Bank picks Temenos to standardize IT infrastructure.
  • GMC Software Technology helps Gala Bingo move to “third generation” bingo tickets.
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.

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Feature Friday: Fifth Third Combines Debit & Credit on DUO Card

By Jim Bruene Posted on
Categories: Credit/Debit Cards, Feature Friday, Fifth Third Bancorp

image Transactional banking is fairly straightforward. There are electronic payments, ATM withdrawals, debit card payments, credit card charges, and checks.

When a technology comes along that offers to combine three of those in a familiar form factor (plastic card), you would think it would catch quickly. 

But combined credit/debit cards have not gained much of a following yet. With one big exception: Fifth Third Bank.

In 2011, the Cincinnati-based bank, the 15th largest U.S. retail bank with $120 billion in assets, launched a combined credit/debit card called DUO. According to American Banker this week, “(DUO) has recently accounted for about 25% of new credit card accounts” at the bank.

My take: That may or may not be a large number depending on the bank’s overall card marketing efforts, but it’s a good indication that there is at least some consumer demand for the so-called hybrid card. Personally, I stopped carrying an ATM card years ago, so I would love having ATM access added to the credit cards I tote around. I would even pay a modest fee for the convenience (note 2).  

True, the mobile wallet holds the promise of combining everything into one grand app. However, it’s a long, long road to mass adoption. Seventeen years into online banking, it’s still used regularly at less than 60% of U.S. households (note 3).

So bring on the hybrid cards, but make sure there is also a killer mobile app supporting them.

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Fifth Third landing page for its combo DUO card (link)

Fifth Third landing page for its combo DUO card

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Notes:
1. It’s been 17 years since Web access was first launched by Wells Fargo (May 1995). Dial-up online banking predates that by more than a decade, but it was used by such a small group that it doesn’t really rate a mention.
2. “Modest” would be in the $1/mo neighborhood, unless there more features were added.
3. Source is our annual forecast (subscription, Jan 2012) which we are in the process of updating and will be available in a few days. 

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Credit.com Leverages Experian’s IntelliView

By David Penn Posted on
Categories: Credit.com, Experian

Thumbnail image for ExperianLogoFF12.jpgLate last year, Experian announced that it had developed a web-based searchable database to help plow through consumer credit data. And now, fellow Finovate alum, Credit.com has put the database to use.

IntelliView uses a representative, 10% sample of Experian’s database, which tracks more than 200 million customers in the United States. IntelliView allows searches and queries based on several categories:

  • bank cards
  • retail cards
  • automotive loans
  • first mortgages
  • second mortgages
  • home equity lines of credit
  • personal loans

Credit.com used the web-based query analysis software to create a list of the top 10 states in terms of highest average bank card balance in the third quarter of 2013 (the last quarter for which data was available).

Thumbnail image for credit_Logo.gif

The data for IntelliView is the same as that used by Experian-Oliver Wyman Market Intelligence Reports, which accesses Experian’s aggregated quarterly consumer credit data.  The service is available by subscription from Experian.

See Experian’s latest Finovate demo here.  Credit.com’s most recent demo at Finovate is here.

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Monitise Appoints Brad Petzer as New CFO, Executive Director

By Julie Muhn (@julieschicktanz) Posted on
Categories: Monitise

MonitiseLogo2.jpg

Mobile banking solutions company, Monitise, announced the appointment of a new CFO and Executive Director today.

The company has selected Brad Petzer (pictured) to replace John Brougham after his MonitisePetzer.jpgretirement in October of last year. Petzer will take up the position of CFO in April of 2013.

Prior to accepting the role as CFO, Petzer served as Group Financial Controller at Europe-based Telecity Group.

Monitise demoed at Finovate 2007.

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