Author: David Penn

From AI to CX: Welcome to FinovateSpring’s Summit Day

By David Penn Posted on
Categories: FinovateSpring 2019

Two of the hottest trends in fintech – AI technology and the prioritization of the customer experience – will be the focus of our special, pre-FinovateSpring Summit Day, that begins Monday morning here at the Hilton San Francisco Union Square on O’Farrell Street in San Francisco, California.

Our Summit Day will feature two parallel tracks – one focused on AI and the other dedicated to the customer experience – that will include keynote addresses, case studies, panel discussions, and debates all designed to help conference attendees better understand how these trends are shaping technology in general and fintech in specific.

Here’s a look at what we’ve got in store for you today. For more about our Summit Day speakers and topics, check out our previews for both the AI and CX summits.

Artificial Intelligence Summit

8:15am – 9am – Registration, Breakfast, and Networking

9am – 9:05am – Opening Remarks from the Chair

9:05am – 9:30am – Keynote Address: How Artificial Intelligence Will Transform the Financial Services Industry

9:30am – 9:50am – Special Address from an AI Pioneer: Making AI Walk the Talk

9:50am – 10:30am – Strategy Roundtable: Transforming Legacy
Businesses with AI – Machine Learning is King Now But Image, Voice, and Natural Language Processing Are Coming Up Fast. What are the Internal Challenges? The Ethical Challenges? And the Business Opportunities?

10:30am – 11:00am – Intermission, Refreshments, & Networking

11:00am – 11:25am – Keynote Address: Natural Language Use Cases at Uber

11:25am – 11:45am – Fireside Chat: AI for Fraud Detection and Risk Management

11:45am – 12:25pm – Strategy Roundtable: Let’s Chat About Chatbots

12:25pm – 1:25pm – Lunch and Networking Break

1:25pm – 1:45pm – Innovator Insight: An AI Powered Future for Marketing

1:45pm – 2:05pm – Keynote Address: Harnessing AI to Centralize Data and Exceed Your Business Goals

2:05pm – 2:45pm – Debate: Data – Oxygen for AI. How Data Management & Data Governance Can Make or Break Your AI Journey

2:45pm – 3:00pm – Case Study: Using AI to Transform Customer Experience

3:00pm – 3:15pm – Case Study: Harnessing AI to Revolutionize the Insurance Industry

3:15pm – 3:30pm – Case Study: Using AI to Make Better Credit Decisions

3:30pm – 4:10pm – Closing Strategy Roundtable: The Journey Towards Productive Partnerships in AI

4:10pm – 4:15pm – Closing Remarks from the Chair

Customer Experience Summit

8:15am – 9am – Registration, Breakfast, and Networking

9:00am – 9:05am – Opening Remarks from the Chair

9:05am – 9:30am – Keynote Address: The Evolution of Innovation: Build, Buy, Or Partner?

9:30am – 9:50am – Analyst Insight: Return on CX – 80% of the Potential ROI is Left Untapped

9:50am – 10:30am – Strategy Roundtable: How Can Financial Institutions Transform Customer Experience through Deep Customer Insights? Why Powerful Data Analytics Will Be Critical for Success?

10:30am – 11:00am – Intermission, Refreshments, & Networking

11:00am – 11:25am – Fireside Chat with a Fintech Founder: How to Innovate on Behalf of the Customer & to Build a Business Around their Needs to Drive Loyalty and Sustained Growth

11:25am – 11:45am – Presentation: Customer Experience Promise vs. Reality: Getting to Measurable Impact

11:45am – 12:25pm – Leaders Debate: How to Align Your Whole Organization to a Common Customer Purpose & to Harness Future Tech to Redraw the Customer Experience Landscape

12:25pm – 1:25pm – Lunch & Networking Break

1:25pm – 1:45pm – Fireside Chat: Creating a Seamless Digital Customer Experience

1:45pm – 2:30pm – Insights from Innovators: How We Are Creating a Seamless Customer Experience

2:30pm – 2:45pm – Case Study: Harnessing Disruptive Technologies to Maximize Customer Experience and Loyalty

2:45pm – 3:05pm – Case Study: How Data Driven Personalized Video Experiences Creates Customer Engagement and Motivates Action

3:05pm – 3:25pm – Case Study : Delivering Outstanding Customer Experience to the Financially Underserved

3:25pm – 4:10pm – Closing Debate: Fintechs and Financial Institutions on the Journey Towards a Productive Partnership in CX

4:10pm – 4:15pm – Closing Remarks from the Chair

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Jemstep Advisor Pro App Launches on Salesforce Exchange

Jemstep Advisor Pro App Launches on Salesforce Exchange
By David Penn Posted on
Categories: Jemstep, Uncategorized

Digital advice solutions provider Jemstep announced today that its Jemstep Advisor Pro app is now live on the Salesforce AppExchange. The app can be used by advisors working with the company’s Advisor Pro digital advice platform, and is configured for Lightning and Financial Services Cloud as well as Sales and Service Cloud.

The new app will make it easier for wealth management companies who want to provide more personalized, 24/7 service to their clients. And by leveraging Salesforce, the solution is a boon for Jemstep’s enterprise customers, enabling them to access the data that will drive better, more meaningful engagement with both current and potential clients.

“Jemstep embraces collaborations to unify the digital advice experience for banks, broker-dealers, insurers, and RIAs,” Jemstep President and CEO Simon Roy explained. “Combining the modern, goal-based investing experience of Jemstep Advisor Pro with Salesforce’s extensive CRM capabilities results in an intelligent and scalable enterprise class digital platform for advisors supporting personalized solutions for investors.”

The new app from Jemstep will also help wealth management firms and advisors grow assets under management. The Salesforce integration, for example, gives advisors a broader, more comprehensive view of the investor-customer’s financial profile, including the ability to “engage retail banking clients in wealth management solutions.” As such, the app and integration support a “more targeted and scalable approach” with regards to attracting new clients and reaching out to current ones.

In addition to lower the cost of servicing clients, the Jemstep Advisor Pro app makes it easier for wealth managers to get investor information and data to advisors and back office teams more readily. Being able to onboard new clients in 10 minutes or less is another plus for the platform and app, leveraging straight-through processing and deep custodian integrations to make opening and managing accounts straightforward and seamless.

“We are excited to welcome Jemstep to Salesforce AppExchange and into the Financial Services Cloud ecosystem,” SVP and GM for Financial Services at Salesforce Rohit Mahna said. “We look forward to watching Jemstep continue to build innovative solutions that empower financial advisors to deliver the best client experience.”

Jemstep was founded in 2008, and is headquartered in Los Altos, California. The company demonstrated its Portfolio Manager at FinovateSpring 2013 and, three years later, was acquired by Invesco for an undisclosed sum. More recently, Jemstep has forged partnerships FIs like KeyBank, which deployed the company’s Advisor Pro solution in 2017.

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Amazon Pay Fuels P2P in India; Fenergo Makes Friends in Bahrain

By David Penn Posted on
Categories: ACI Worldwide, Fenergo, Finovate Global, Fiserv, Token

As Finovate goes increasingly global, so does our coverage of financial technology. Finovate Global: Fintech News from Around the World is our weekly look at fintech innovation in developing economies in Asia, Africa, the Middle East, Latin America, and Central and Eastern Europe.

Latin America and the Caribbean

  • Brazil’s central bank issues open banking guidelines for the country.
  • Crunchbase News looks at VC funding trends in Latin America and their impact on fintech investment.
  • LATAM Tech explores Argentina’s investment in blockchain technology.

Asia-Pacific

  • ACI Worldwide to help Indonesia interbank network ALTO to expand its payment capabilities.
  • China makes moves to ease cross-border ecommerce settlement.
  • Monetary Authority of Singapore (MAS) and Central Bank of Canada team up to trial DLT technology for cross border payments.

Sub-Saharan Africa

  • ESI Africa reports on the potential for fintech to drive economic growth in Africa.
  • Kenya’s 4G Capital, a financial services solution provider for micro, small, and medium-sized enterprises (MSMEs) opens offices in Uganda.
  • Fintech News Switzerland profiles the fintech scene in South Africa.

Central and Eastern Europe

  • Token helps drive Open Banking with new Sberbank Croatia partnership.
  • Lithuanian fintech Paysera announces plans to raise €2.5 million in a security token offering.
  • Banks in Hungary and Slovakia choose core banking technology from Oracle Financial Services.

Middle East and Northern Africa

  • Fenergo working with Bahrain’s Electronic Network for Financial Transactions to design and implement a KYC solution that incorporates blockchain technology.
  • Wamda interviews Mohamed Okasha, co-founder of Egypt-based electronic payment gateway, Fawry.
  • Mercury Payment Services, a Dubai-based financial services company, to deploy AML technology from Fiserv.

Central and South Asia

  • TechCrunch: India tops China as destination for fintech investment.
  • Amazon Pay launches P2P payments for Android users in India.
  • Myamar-based financing platform Daung Capital closes Series A round after securing additional funding.

Top image designed by Freepik

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Fintech by the Bay: FinovateSpring Returns to San Francisco

Fintech by the Bay: FinovateSpring Returns to San Francisco
By David Penn Posted on
Categories: FinovateSpring 2019

FinovateSpring is right around the corner! Our week of live fintech demos, insightful discussions, and passionate debates is one of the best – and most entertaining – ways to get up to speed on everything you need to know about the state of fintech today.

With a special, pre-show Summit Day on Tuesday, May 7, FinovateSpring begins on May 8 and runs through Friday the 10th. Our annual spring conference will be held at the Hilton San Francisco Union Square, where we’re looking forward to a fun and informative four days focused exclusively on fintech innovation.

Here are a few things to keep in mind as you plan your trip to the Bay Area.

Get Your Tickets Here!

Save your spot at FinovateSpring by visiting our registration page and picking up your ticket today.

Registration for both the main, three-day conference, as well as for our special Summit Day on Tuesday, May 7, is quick and easy. Discounts are available for groups, representatives of governmental/regulatory agencies, startups, and attendees registering for both the main conference and the Summit Day. Check out our registration page for more details.

Back at the Bay

FinovateSpring returns to San Francisco for the first time since 2013. This year our spring conference will be held in the heart of the city at the Hilton San Francisco Union Square on O’Farrell Street. The venue is less than an hour away from the main Bay Area airports, as well as shops, restaurants, and a variety of entertainment venues.

Live Demos and Deep Dives

FinovateSpring begins Wednesday morning, May 10, and continues through Friday afternoon. The first two days of the conference will feature our presenting companies as they demonstrate their latest technologies live on our stage.

On Friday, we will invite the fintech experts to take over and have them put into context the innovations that have been on display over the past few days. We’ve prepared a full day of keynote addresses, debates, fireside chats, and panel discussions on a wide range of critical trends and themes in fintech.

Check out a preview of our Friday morning main stage agenda, as well as our afternoon breakout streams on Community Banking, Digital Payments, Digital Banking, and Digital Lending.

This year we will also feature a special, pre-FinovateSpring Summit Day on Tuesday. This Summit Day consists of two tracks: one focusing on the evolving role of the customer experience in fintech and the other examining the rise of artificial intelligence as an enabling technology in the industry. We’re looking forward to the conversations with and insights from our speakers in both of these tracks.

With all we’ve got planned for FinovateSpring next week, we are thrilled to be back in San Francisco for this year’s conference. If you’ve got any questions about the event, check out the FAQ section on our FinovateSpring page or contact us directly.

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Paysend Introduces New Payments App

Paysend Introduces New Payments App
By David Penn Posted on
Categories: PaySend

The new mobile app from Paysend, Paysend Link, enables users to send money to anyone, anywhere, with just the recipient’s mobile phone number.

“We are constantly looking for ways to simplify and improve (the) customer experience and make it even easier for the sender to initiate a transaction,” Paysend CEO Ronald Millar said. “Now all they have to do is provide a recipient’s phone number and click send.”

Available in the iOS and Google Play app stores, PaySend Link enables fund recipients to see the incoming transfer and direct it to their Visa, Mastercard, or UnionPay card. The recipient can then immediately use the funds for transactions or withdraw the funds as cash at any ATM. PaySend added that it will make fund transfers directly to bank accounts available “soon.”

Millar pointed out that one of the advantages of PaySend Link is that it doesn’t require the exchange of personal information. “This sets a new standard when it comes to security and safety of customer data and financial information shared across borders,” Millar said. “What’s more – it’s a recipient who decides where they want to direct the incoming transfer to – their bank account, debit, or credit card.”

Founded in 2016 and headquartered in London, Paysend demonstrated its Global Account at FinovateSpring 2018. The account enables users to store fiat and crypto currencies, move funds between different currencies, transfer funds to other Global accounts or crypto wallets, and make purchases online or in-person. The account also comes with a prepaid card (both physical and virtual) to facilitate in person transactions and make cash withdrawals.

Earlier this year, the company announced that it would support money transfers to bank accounts in 34 European countries. Paysend began 2019 with news that it had forged a payments partnership with Vietcombank. The company has raised $20 million in funding, and includes MARCorp Financial and Digital Space Ventures among its investors.

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WealthForge Unveils Alt Investing Processing Platform Altigo

WealthForge Unveils Alt Investing Processing Platform Altigo
By David Penn Posted on
Categories: WealthForge

A new straight through processing technology platform for alternative investments from WealthForge will make it easier for advisors and sponsors to manage alternative investment transactions for their clients and partners. The solution, Altigo, leverages automation to improve accuracy and save time in what the company called a typically “lengthy, error-prone, paper-based process.”

WealthForge CEO Bill Robbins cited the “poor experience” most customers face when trying to invest in alternative assets as one reason why interest in alternative investing remains limited among higher net worth clients. “If straight through processing provides a stable foundation for alternative investments, as it has for other asset classes, ” Robbins said, “then we can expect it to expand the pie for everyone involved.”

Errors in alternative investment subscriptions are a major issue. In its statement, WealthForge cited industry analysis that indicated that up to 60% of subscriptions are deemed not-in-good-order (NIGO), and require some correction before the transaction can be processed. This correction process can result in per document costs climbing by as much as 4x, the company noted.

Altigo is being offered to sponsors who then can make the platform available to their distribution partners. WealthForge announced that Cantor Fitzgerald is Altigo’s first major sponsor, and that advisor-focused functionality will be added to the platform later in 2019.

Jay Frank, Head of Distribution at Cantor Fitzgerald Capital, pointed to a variety of ways Altigo will help make operations more efficient for all parties involved. “Consistent with our leadership position in the industry, improving the investor, advisor, and back office experience is a key focus as we continue to scale our unique solution set of real estate and cash management programs,” Frank said.

WealthForge demonstrated its WealthForge Network at FinovateSpring 2016. The Network makes private capital markets more efficient by enabling issuers to display offerings to registered intermediaries, and by providing a branded online investment process for investors. In 2018, WealthForge announced that it has processed more than $500 in capital investments on its platform.

A member of both the WealthTech 100 and the Inc. 5000, WealthForge was founded in 2009 and is headquartered in Richmond, Virginia. The company has raised $5.2 million in funding courtesy of investors including NRV and SenaHill Partners.

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NYMBUS Helps Drive PNB’s New Digital Only Bank

NYMBUS Helps Drive PNB’s New Digital Only Bank
By David Penn Posted on
Categories: NYMBUS

Pacific National Bank (PNB), with nearly $500 million in assets, has selected technology solutions provider NYMBUS to support the infrastructure and operations of its new digital-only bank. PNB will leverage NYMBUS’ SmartLaunch solution to bring a seamless online and mobile banking experience to Florida’s Millennial professionals.

PNB CEO Carlos Fernandez-Guzman underscored that the process of deploying the new bank will be as smooth and effortless as the user experience PNB hopes to provide. “In less than 90 days, and without disruption or cost to our existing bank infrastructure, SmartLaunch will provide all the necessary technology, resources, and digital marketing support to ensure our digital bank gets maximum exposure to reach and acquire a new audience of tech-savvy young professionals,” Fernandez-Guzman explained. Pacific National Bank was established in 1985 and is the 19th largest bank headquartered in Miami-Dade County, Florida based on assets.

SmartLaunch enables FIs to offer a customized digital-only banking experience without the need to add human resources or undergo a major conversion process. The Banking-as-a-Service (BaaS) solution is built on NYMBUS’ digital-first SmartCore platform to eliminate the need for the bank to pursue a technology overhaul. Everything from the customer-facing call center and back office operations to digital marketing is provided by the platform.

NYMBUS President David Mitchell said the technology helps “level the playing field,” making it easier for smaller banks and credit unions to compete with the offerings of their larger rivals. Solutions like SmartLaunch, Mitchell said, will enable PNB to “focus on (its) core business while NYMBUS handles the entire back-office, operations and world-class digital marketing support to get its new digital-only bank up and running quickly.”

NYMBUS demonstrated its technology at FinovateSpring 2016. Founded in 2015 and headquartered in Miami Beach, Florida, the company announced last month that it will partner with MOXY, the first new financial institution in the Washington, D.C., Maryland, and Virginia area in more than 10 years.

Inspire Federal Credit Union went live with NYMBUS’ SmartCore platform in March and, last fall, TransPecos Banks picked the company to launch its new digital bank brand, BankMD.com. With more than $33 million in funding, the company includes Home Credit Group and Vensure Enterprises among its investors.

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Working Lunch: Our Talents Talk Fintech Innovation at FinovateSpring

Working Lunch: Our Talents Talk Fintech Innovation at FinovateSpring
By David Penn Posted on
Categories: FinovateSpring 2019

From walking meetings to working lunches, we know that fintech folks like to stay busy. And with so much to offer during FinovateSpring’s Content Day on Friday, May 10, we thought we’d take advantage of the noon lunch break to bring you even more great analysis and insight from some of fintech’s sharpest observers.

Here’s a peek at our lunch time line up, including one expert briefing panel discussion and a whole slew of special interest, hosted discussions held under Chatham House Rules to promote a free and open conversation.

  • Addressing Financial Wellness & Financial Inclusion. An expert briefing moderated by Theodora Lau, Founder, Unconventional Ventures. Featuring:
    • Monica Brand Engel, Founder, Quona
    • Ashraf Hassan, Global Head of Strategic Partnerships, Google Play
    • Stoyan Kenderov, Head of Product & Design, Lending Club
    • Brad Leimer, Co-founder, Unconventional Ventures
    • Jennifer McHugh, Director of Public Affairs & Financial Education, Royal Credit Union

Here are our special interest discussion tables held under Chatham House Rules:

  • How Incumbents Can Successfully Collaborate with Fintechs to Accelerate Change with John Stecher, Chief Innovation Officer, Barclays Bank
  • The Democratization of Alternative Investments with Ronak Pakzad, Founder, GoodWealth
  • Quantum Computing – The Wave of the Future? with Aleksandr Oysgelt, Director, Technology and Innovation, Deutsche Bank
  • Challenges in the Insurance Industry & How Insurtech Could Solve Them with Quetin Coolen, Co-founder and CEO, Waffle
  • How Challenger Banks are Creating a Seamless Digital Experience with Tyler McIntyre, Founder, Bank Novo
  • How Community Banks Can Harness Fintech with Jill Castilla, President and CEO, Citizens Bank of Edmond
  • Addressing the Security Challenges Facing Financial Institutions with Sean Sposito, Security Analyst, Javelin Strategy

Remember our Content Day on Friday, May 10, will also feature four afternoon content streams dedicated to Community Banking, Digital Payments, Digital Banking, and Digital Lending.

Tickets to FinovateSpring are still available, so visit our registration page today and reserve your spot. We’ll see you in San Francisco!

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Klarna Brings its Alt Payment Options to Brick and Mortar Retail Shoppers

Klarna Brings its Alt Payment Options to Brick and Mortar Retail Shoppers
By David Penn Posted on
Categories: Klarna

E-commerce payments innovator Klarna announced today that its pay later options are now available in-store as well as online.

“Shoppers today want more control over their buying experience,” Klarna U.K. General Manager Luke Griffiths said. “Our mission is to make payments as seamless and stress-free as possible. We’re now bringing more payment flexibility to the in-store environment, so shoppers can move smoothly through the purchase journey, whether they choose to shop online or on the high street.”

The announcement means that Klarna’s alternative payment options will now be available for transactions in retail, brick and mortar stores. The company has three offerings to simplify the transaction experience:

  • the option to pay later, up to 30 days after delivery
  • three equal installment payments collected monthly
  • a six to 36-month consumer financing offering for more expensive items

Consumers can use Klarna via their connected smartphone. First they make their purchase using their smartphone to scan either a QR code at the checkout register or after receiving and clicking on a payment link sent to the customer by email or SMS. Second, the customer adds their information and chooses a Klarna payment option.

The financing decision occurs in real-time, and average completion times run about one minute – ensuring that the in-person shopping experience is as seamless as possible. For the merchant, this means faster checkouts, happier customers, and increased conversions and sales.

Klarna’s news comes just weeks after the company announced it was extending its partnership with Swedish fashion house Acne Studios. “We’ve been impressed with Klarna’s work in Europe – particularly in our home country of Sweden,” Acne Studios CEO Mattias Magnusson said. “(We) are pleased to partner with them in other markets to accelerate our international sales.”

Also in April, Klarna launched its Mindful Money financial management content hub to help Gen Z and Millennials learn more about budgeting and spending. Mindful Money will feature insights and recommendations from personal finance commentators and journalists.

Klarna also launched its global customer authentication platform last month, providing global businesses with an easy and secure authentication process. In March, the company unveiled its open banking platform, enabling access to more than 4,300 European banks via a single access to account API.

Headquartered in Stockholm, Sweden, Klarna demonstrated its flagship solution at FinovateEurope 2012. The company has raised more than $774 million in funding, and includes Sequoia Capital, General Atlantic, and Creandum among its investors. Klarna was founded in 2005.

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Feedzai and North American Bancard Partner to Fight Fraud

Feedzai and North American Bancard Partner to Fight Fraud
By David Penn Posted on
Categories: Feedzai

A new partnership between North American Bancard (NAB) and Feedzai will put machine learning to work to help merchants better manage risk and fight fraud. The two companies have collaborated to build a set of customized fraud prevention tools that leverage real-time data insights to identify suspicious patterns and transaction anomalies that often are the tell-tale signs of criminal activity online.

Saurabh Bajaj, Feedzai Head of Product, emphasized the importance of real-time technology in the fight against emergent fraud threats. He pointed out that while consumers and merchants alike have benefitted from the rise of digital technologies in e-commerce, these gains have come at a cost.

“Digital transformation across industries has been great for consumers, but also for increasingly sophisticated fraudsters looking for new ways to commit fraud,” Bajaj said. “That’s why we need a real-time AI engine that can secure transactions, using intelligence across all business channels.”

NAB Chief Risk Officer Jay Nadarajah highlighted the importance of maintaining a quality customer experience while improving the security of that experience. “Facilitating safe, secure, and fast transactions while eliminating friction in the underwriting and risk processes through technological advancements is at the core of what we’re trying to offer to merchants,” Nadarajah said. “These technological advancements drive efficiencies and speed in identifying fraudulent activity.”

Founded in 1992, North American Bancard is a payments technology company with more than 350,000 business customers in the U.S. and Canada. The Troy, Michigan-based firm offers payment processing and acceptance solutions including free EMV and NFC hardware, no long-term contracts, and acceptance of most major credit cards and PayPal at rates starting at 0.29%.

Feedzai demonstrated its Fraud Prevention platform at FinovateEurope 2014. Earlier this month, the company announced a partnership with Raiffeisen Bank International to use advanced machine learning to help the European bank fight fraud. In March, Aite Group named Feedzai Best in Class in the vendor market for fraud and anti-money laundering solutions.

With more than $76 million in funding, Feedzai includes Data Collective (DCVC), Sapphire Ventures, Citi Ventures, and Oak HC/FT among its investors. Nuno Sebastiao is CEO of the company, which is headquartered in San Mateo, California, and was founded in 2011.

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FinovateSpring’s Friday Finale Tackles Fintech’s Toughest Topics

FinovateSpring’s Friday Finale Tackles Fintech’s Toughest Topics
By David Penn Posted on
Categories: FinovateSpring 2019

Have we saved the best part of this year’s FinovateSpring for last? You’ll be the judge on Friday, May 10th when we turn from the entrepreneurs to the experts, analysts, and investors.

Our Content Day begins Friday morning with opening remarks from our chair and an expert insight into the most innovative technologies from our Best of Show Awards, courtesy of Beyond the Arc’s Steven Ramirez.

What follows is a day’s worth of keynotes, roundtables, fireside chats and debates on topics ranging from digital transformation in financial services to the rise and role of new technologies like AI. Friday will also feature four content streams: Community Banking, Digital Lending, Digital Payments, and Digital Banking, with their own addresses and panel discussions that we’ll highlight in an upcoming post.

Tickets are still available. And we’re looking forward to seeing you next month in San Francisco, California. In the meantime, here’s a look at who will be saying what on the final day of FinovateSpring.

  • The Rise of the Machines – The AI Revolution and the Road to Superintelligence – What will AI Mean for the Future of Financial Services and the Future of Work? A keynote address from Tim Urban, Founder, Wait But Why.
  • Which Artificial Intelligence Technologies Will Really Change Financial Services? A power panel featuring:
    • Emil Matsakh, former Chief Analytics Officer, Commonwealth Bank of Australia
    • Jon Zanoff, Managing Director, Techstars
    • Ankit Bhatt, SVP of Omnichannel Experience, U.S. Bank
    • Karen Gordon Mills, Former member of President Obama’s cabinet and Senior Fellow, Harvard Business Schoo
  • Improving the Financial Health of America’s 100 Million Credit Underserved Consumers. A fireside chat featuring Alex Lintner, Group President, Consumer Information Services, North America
  • How Can Financial Institutions Capture the Fintech Opportunity and Collaborate with New Players to Transform Customer Experience? A C-Suite digital change leaders debate featuring:
    • Vaduvur Bharghavan, CEO, Ondot Systems
    • Peggy Mangot, Senior Vice President, Wells Fargo
    • Dave Mooney, President and CEO, Alliant Credit Union
    • Jeff Winner, Managing Director, Marcus by Goldman Sachs
    • Edward J. Achtner, Head of Digital Banking & Strategic Change, U.S, Commercial Bank (CMB), HSBC Bank USA
    • Steven Ramirez, CEO, Beyond the Arc
  • Simplifying and Securing Digital Commerce through Tokenization. A special address from Jessica Turner, Executive Vice President, North American Digital Payments and Labs and Global Issuer Engagement.
  • How are Regulators Approaching Cryptocurrencies? A fireside chat featuring Andrea Seidt, Ohio Securities Commissioner, Ohio Department of Commerce, and Valentina Isakina, Managing Director, Jobs Ohio
  • The Evolving Role of Cybersecurity – Are Banking Treating Technology Risk as Extensions of Their Businesses? A strategy roundtable featuring:
    • Bindu Sundaresan, Cybersecurity Leader, AT&T
    • Rahul Pangam, VP, Risk Strategy, Simility
    • Nipun Gupta, Vice President, Technology, Deutsche Bank
    • Sean Sposito, Cybersecurity Analyst, Javelin Strategy & Research.
  • Where Is the Smart VC Money Investing in Fintech? An investors debate featuring:
    • Mike Sigal, Partner, 500 Startups
    • Michelle Arbov, Vice President, Mergers & Acquisitions, IAC
    • Ramneek Gupta, Co-head of Venture Investing & Managing Director, Citi Ventures
    • Mike Parker, Partner, AGC Partners
    • Patricia Kemp – Co-founder & General Partner, Oak HC/FT
  • Finovate Finale! The Accelerators Showcase featuring:
    • Jon Zanoff – Managing Director, Techstars
    • Nami Baral – Founder & CEO, Harvest Platform
    • Quetin Coolen – CEO & Co-founder, Waffle Labs
    • Sunny Parikh – Vice President, Partnership Fund for New York City
    • Jason Briggs – COO, Diffeo
    • Tadas Jucikas – Founder and CEO, Genus AI
    • Brittany Lockard – Principal, Financial Services, Accenture Ventures
    • Mary Cay Cousart – Senior Vice President, Cutover
    • Marcia Chong Rosado – Manager, Financial Innovation Practice, Village Capital

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BlueVine and GovQuote Team Up to Fund SMEs

BlueVine and GovQuote Team Up to Fund SMEs
By David Penn Posted on
Categories: BlueVine

SME online financier BlueVine is collaborating with GovQuote to help small businesses that serve state, local, and education (SLED) government agencies get the working capital they need.

“Our mission is to bring liquidity to the entire government procurement ecosystem, making it efficient and transparent, through the use of technology,” founder and CEO of GovQuote Jeff Rubenstein said. “It’s that simple.”

GovQuote is a free public procurement marketplace that helps connect the 90l000 state, local, and education government agencies that comprise the U.S. SLED market with small business vendors. The company’s platform provides an easy virtual environment where SLED agencies can get quotes from a database of thousands of SMEs competing for their business. Agencies can take advantage of GovQuote’s technology to get quotes in less than 60 seconds and a complete digital record for compliance.

The market for SLED agencies is sizable, but it is often a challenging one for SMEs. The procurement process can be long – with businesses waiting more than 90 days for payment on government-ordered goods and services. By providing funding for inventory, to hire additional staff, or to cover potential cash flow issues, BlueVine’s line of credit and invoice factoring offerings give SMEs options that allow them to compete confidently for SLED clients.

GovQuote’s partnership with BlueVine will be especially helpful for SMEs that have traditionally struggled to secure financing, Rubenstein said. Together, BlueVine and GovQuote will give these entrepreneurs what he called “the power to level the playing field in the government market and quickly get access to tailored funding solutions.”

BlueVine enables small business owners to get up to 95% of their invoice payment immediately, with weekly financing rates as low as 0.25%. Eligible borrowers can get advances of up to $5 million, with no funding minimums, and no cancellation or sign-up fees.

“The government and education market is growing, presenting many growth opportunities to small businesses,” BlueVine CEO and founder Eyal Lifshitz said. Underscoring the cash flow challenges that are a major obstacle for many SMEs that could otherwise compete in this market, he explained how BlueVine’s line of credit and invoice factoring offerings can make a difference.

“By combining the power and simplicity of GovQuote’s platform with on-demand financing options provided by BlueVine, we’re leveling the playing field for small business owners that serve state, local, and education agencies,” Lifshitz said.

BlueVine demonstrated its small business financing platform at FinovateFall 2014. The company made fintech headlines at the beginning of the year with news of its partnership with Bullhorn to help finance staffing companies. Headquartered in Redwood City, California, BlueVine has raised $590 million in funding, and includes Lightspeed Venture Partners, Menlo Ventures, 83 North, Credit Suisse, and M12 among its investors.

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