Author: David Penn

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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Bpm’online Focuses on Customization and Clean Data in Latest Update

Bpm’online Focuses on Customization and Clean Data in Latest Update
By David Penn Posted on
Categories: Bpm'online

Enhanced customization and better data processing are among the major enhancements business process automation company bpm’online has just added to its platform. The latest version of the firm’s intelligent low code development technology is designed to make it easier for businesses to build new solutions faster by automating and accelerating day-to-day operations.

Bpm’online CEO and Managing Partner Katherine Kostereva credited client feedback for many of the changes added to the platform. “At bpm’online we believe you can’t build lasting customer relationships without powerful business processes and coherent strategy in place,” Kostereva said. “Striving to deliver immense value to our customers, we launched the update that remarkably enriches their experience with our software.”

The enhancements include the greater customization options in bpm’online’s self-service portal, as well as new administrative tools and the ability to automate more functions. Enhanced CRM functionality enables companies to accelerate and grow sales and marketing campaigns with technologies like extended dynamic content for email marketing. The update also includes connectors to enable users to readily integrate with solutions like Zoom and GoToWebinar.

Development and data management tools are also a big part of the update. With regard to data management, the company focused on data cleanliness by offering automation and new tools to help find and remove or merge duplicate data. Developers will benefit from more system customization options, as well as more control over user access during the development process. Bpm’online also highlighted efficiency updates to its mobile app, and the addition of Spanish localization.

Headquartered in Boston, Massachusetts, and founded in 2002, bpm’online demonstrated its technology at FinovateEurope 2018. Forrester recognized the company, with its partner network of more than 400, as a “strong performer” in digital process automation earlier this month. In February the global business software provider announced that it was teaming up with Meritus Business Partners, and had forged an agreement with intelligent green energy systems firm, KTC.

Bpm’online’s Kostereva was named one of the Top Women in Cloud Innovation by CloudNOW at the beginning of the year.

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Token Helps Drive Open Banking with New Sberbank Croatia Partnership

Token Helps Drive Open Banking with New Sberbank Croatia Partnership
By David Penn Posted on
Categories: Token

Sberbank Croatia has selected turnkey open banking platform provider, Token.io, to deliver PSD2 compliance and open banking capabilities, reports Henry Vilar of Fintech Futures (Finovate’s sister publication).

Sberbank Croatia, subsidiary of Sberbank, is integrating TokenOS into its banking infrastructure to establish PSD2 compliance and enable the system flexibility required for it to develop new services, such as bank direct payments and account aggregation.

The news extends Token’s relationship with Sberbank, which began in 2018 when Token announced a partnership with Sberbank Slovenia, as Token sees increasing interest from the region.

Csaba Soos, CEO of Sberbank Croatia, said: “The development of digital technology is one of Sberbank’s key strategic objectives and our partnership with Token demonstrates that progress is well underway at Sberbank Croatia. By cooperating with Token, we can offer an improved user experience and a larger portfolio of value-added services for both our corporate and retail customers.”

Steve Kirsch, founder and CEO, Token added: “Our turnkey, cost-effective open banking solution is enabling Sberbank Croatia to comply with the PSD2 regulation while remaining focused on achieving its strategic goals and growth through innovative new services.”

Token said that being cloud-based gives Sberbank both flexibility and scalability when initiating and managing transactions. Now, Sberbank Croatia can be accessed by any regulated TPP in Europe.

The bank gains crypto-based security and programmable money technology together with operational support, consent management, monitoring and reporting.

The partnership with Sberbank Croatia comes on the heels of Token’s recent announcement that it was teaming up with Omnio Group to help the digital banking platform provider deliver open banking opportunities and PSD2 compliance for its clients.

Founded in 2015 and headquartered in San Francisco, California, Token.oi demonstrated its technology at FinovateEurope 2017. The company has raised $18.5 million in funding, and includes Octopus Ventures, Plug and Play, EQT Ventures, and OP Financial Group among its investors.

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Ixaris Partners with Banking Circle on Cross-Border Payments

Ixaris Partners with Banking Circle on Cross-Border Payments
By David Penn Posted on
Categories: Ixaris

Payments optimization specialist Ixaris is working with financial service infrastructure company Banking Circle, and will leverage the company’s Virtual IBAN (International Bank Account Number) technology in order to support and streamline cross-border payments for the travel industry.

“Our partnership with Banking Circle allows Ixaris to offer an even more competitive edge to our travel customers, not only by optimizing payments but by creating a seamless cross border transaction process across more than 25 currencies in 60 countries in a way that banks would simply would not allow,” Ixaris CEO Aran Brown explained.

Banking Circle’s virtual IBAN technology enables companies to send and receive low-cost, real-time payments anywhere in the world. This technology alleviates the need for businesses looking to send money across borders to have a physical location – and a physical bank account – in the areas they wanted to operate it. The combination of Ixaris’ payment optimization with virtual IBAN technology improves cross border payment efficiency, leading to greater revenues and, potentially, greater profits.

“Banking Circle Virtual IBAN plays an invaluable role in delivering faster, cheaper payments to merchants transacting around the globe,” Banking Circle CEO Anders la Cour said. “Unlike traditional business to business cross border payments, which can incur high bank charges and payment delays, our innovative and multi-award winning solution enables Ixaris to give customers their own virtual IBANs.”

Headquartered in Hellerup, Denmark, Banking Circle unveiled its Virtual IBAN technology in 2017. Soon afterwards, the company won the Best Corporate Payments Initiative in the Banking Technology awards.

Banking Circle was acquired by investment and private equity firm EQT last summer in a deal valued at $300 million. Also in 2018, Banking Circle announced a major new partnership with Alibaba, who will use the company’s technology and global network for digital payments.

Ixaris demonstrated the UI editor of its cloud-based open payments platform at FinovateEurope 2015. The company is also an alum of our developers conference, presenting 2017 – The Year of Open Payments: Exploiting Disruption in the Payments Industry with the Open Payments Cloud at FinDEVr Silicon Valley 2017.

More recently, Ixaris announced a new Chief Legal and Compliance Officer, Georg von Brevern, and a new Commercial Director, Sean Ashton, earlier this month. The company has raised $8.8 million in funding and includes Future Fifty and EASME – EU Executive Agency for SMEs among its investors.

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Indian Fintechs Raise Capital; Expensify Partners with Asian RideShare Startup

By David Penn Posted on
Categories: Expensify, Finovate Global, Fiserv, MasterCard

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.

Central and South Asia

  • India’s ZestMoney raises $20 million in new funding.
  • Fiserv to streamline and automate cash management processes for Eurasian Bank of Kazakhstan.
  • Indian digital investment advisor Kuvera raises $4.5 million in Series A financing.
  • Telecom operator Tcell and Wallet Factory launch mobile financial app, TezSum, in Tajikistan.
  • Cashfree, an Indian payments company, raised $5.5 million in a round led by Smilegate Investment.

Latin America and the Caribbean

  • Brazilian credit marketplace FinanZero raises $11 million in Series B funding.
  • Tencent Holdings invests in Argentine mobile payments app Uala.
  • Euromoney considers the battle for dominance in Brazil’s emergent fintech space.

Asia-Pacific

  • Expense management specialist Expensify integrates with Southeast Asia-based ride share company Grab.
  • WorldRemit initiates international transfers to UnionPay debit cards in China.
  • Singapore machine learning data analytics firm AIDA picks up investment from Mastercard.

Sub-Saharan Africa

  • Ghanan fintech KudiGO raises $450,000 in seed funding.
  • The Financial Times looks at the rise of mobile money in Kenya.
  • South African accelerator and incubator Founders Factory Africa (FFA) and Standard Bank welcome five fintech startups to their incoming class.

Central and Eastern Europe

  • Sberbank partners with Digital Horizon and Gazprombank to support biometric technology company Speech Technology Centre.
  • Billon Solutions wins approval from Polish Financial Supervision Authority to operate as a registered e-money institution.
  • N26 announces plans to open a technology and innovation center in Vienna, Austria.

Middle East and Northern Africa

  • Vocalink brings real-time payments to Saudi Arabia courtesy of new partnership with Saudi Payments, a subsidiary of the Saudi Arabian Monetary Authority.
  • Investors from the Qatar Investment Authority believed to participate in SoFi’s $500 million funding round.
  • Financial Times looks at financial inclusion and “homegrown fintech” in Iraq.

Top image designed by Freepik

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Marqeta Inks Deals with Four European Partners

Marqeta Inks Deals with Four European Partners
By David Penn Posted on
Categories: Marqeta

Modern card issuer Marqeta has secured its first four partnerships in Europe following its launch in-market in the region last October,reports Jane Connolly of Fintech Futures (Finovate’s sister publication).

The California fintech has signed up digital banks Morning and YAPEAL – from France and Switzerland respectively – along with Spain’s point-of-sale lender Aplazame and Scandinavian mobile payments platform Auka.

Marqeta, which has created an advanced payments infrastructure and open-API platform defining a new standard for modern card issuing, sees the UK and Europe as a key market in its global expansion plans.

According to Marqeta’s research, Europeans are 2.5 times more likely to be already using a digital bank than someone in the United States.

Ian Johnson, head of European growth at Marqeta, said: “(The U.K. and Europe) has a thriving ecosystem of digital banks and fintech start-ups that have already had a lot of success in market. To be able to bring on customers of this calibre is true validation of the global possibilities around modern card issuing and of our early work in the market.”

Marqeta has been awarded a valuation of nearly $2 billion. The fintech views modern card issuing as a $40 trillion addressable opportunity.

The company participated in our developers conference, FinDEVr Silicon Valley, in 2016. At the event, Chief Technology Officer Tony Ford provided a presentation on payment gateways and API innovation titled Democratizing Issuer Payment Processing with Just-in-time Funding.

Founded in 2010 and headquartered in Oakland, California, Marqeta has raised more than $116 million in funding. The company’s investors include 83North, ICONIQ Capital, Commerce Ventures, IA Capital Group, and Visa.

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Tink Teams Up with Mash

Tink Teams Up with Mash
By David Penn Posted on
Categories: Tink

Finland-based Mash will leverage account aggregation technology from fellow Nordic fintech Tink as part of an initiative to enhance the customer experience and offer new services. The company plans to use Tink to improve the onboarding process for new users as well as provide more control and insight into their financial accounts.

Calling Tink a “perfect match,” Mash CEO James Hickson praised Tink’s “pan-European connectivity” and work in Finland in support of the new partnership. “The quality of the aggregated data that Tink can access makes them a reliable source which will enable us to deliver a better service to our customers by making more informed decisions,” Hickson said.

Founded in 2007, Mash leverages proprietary algorithms, machine learning, and automation to provide consumer lending and payments solutions to thousands of customers a day. With offices in Finland, Sweden, Poland, Luxembourg, and Spain, the company has raised more than $153 million in funding (€138m).

“Mash is one of our partners who chooses to leverage the opportunities brought about by open banking to become more data-driven and deliver a better customer service,” Tink CEO and co-founder Daniel Kjellén said. He added that creating a win-win proposition for both Mash and its customers is “exactly what open banking is all about.”

With a single API integration, Tink offers cloud-based account aggregation (AIS) and payment initiation (PIS) services to help financial services companies bring new solutions to their customers. Tink provides data enrichment and categorization to ensure accuracy of user financial information, and offerings such as the its Tink Link SDK give companies an easy way to create a bank- and market-agnostic “one user authentication journey.”

Tink demonstrated its API platform at FinovateEurope 2018. Founded in 2012 and headquartered in Stockholm, Sweden, the company announced a partnership with Danish fintech Lunar Way in March, supporting payment initiation and PFM for Lunar Way’s mobile app. In February, Tink made even bigger fintech headlines, raking in $63 million (€56m) in new funding and going live in five new markets in Europe.

We featured Tink in our recent look at how banks can compete with Apple’s new credit card.

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How Artificial Intelligence is Shaping Fintech

How Artificial Intelligence is Shaping Fintech
By David Penn Posted on
Categories: FinovateSpring 2019

Talking with MX Research for an article recently published in the Credit Union Times, Ron Shevlin, Head of Research for Cornerstone Advisors, opined on the importance of AI and the banking industry.

Shevlin, who will serve as the chair for the Artificial Intelligence Summit at FinovateSpring in San Francisco next month, said that “banks are at serious risk if they are not investing in the data capabilities and assets that are going to drive AI technologies in the future.”

He added that banks need to focus on the ongoing financial health of their consumers and that capability will only come about as a result of embracing technologies like AI and its data needs. As far as Shevlin is concerned, banks are better off trying to emulate Fitbit than Amazon.

Sound interesting? Then join Ron Shevlin and a few hundred of your fellow fintech fans on Tuesday, May 7th – the day before FinovateSpring begins – for an all-day exploration into the role artificial intelligence and machine learning are playing in the development of fintech.

Here’s a look at the keynotes, debates, case studies, and panel discussions we have scheduled for the day. Tickets are available now, so visit our registration page and save your spot today.

  • How Artificial Intelligence Will Transform the Financial Services Industry. A keynote address from Dave Birch – Global Ambassador, Consult Hyperion.
  • Transforming Legacy Businesses with AI – Machine Learning is King Now, But Image, Voice & Natural Language Processing Are Coming Up Fast. What are the Internal Challenges? The Ethnical Challenges? And the Business Opportunities? A strategy roundtable featuring:
    • Mary Jane Ajodah – VP, Chief Digital Office, Strategy and Delivery, BNY Melon
    • Tom Tiefenworth – Assistant Vice President, Chief Technologist Compliance Analytics, Legg Mason
    • Anindya Sengupta – Vice President, Strategic Initiatives, Prudential Financial Inc.
    • Sanjeev Khati – Head of Business Development, Banking and Financial Services, USA, Tata Consultancy Services
    • Conan French – Senior Advisor for Innovation and Fintech, Institute of International Finance (IIF).
  • The Rise of Natural Language Processing & How it is Reshaping Financial Services. A keynote address from Franziska Bell – Director, Data Science Platform, Uber
  • AI for Fraud Detection and Risk Management. A fireside chat with Kedar Samant – Senior Director, Simility Risk Platform – and Elizabeth Vogelsang – Director of Risk Management, Chime
  • Let’s Chat About Chatbots. A strategy roundtable featuring
    • Sandi Boga – Director, Customer Experience (CIAM), ATB Financial
    • Jerry Gupta – SVP Group Strategu, Swiss Re Management (U.S.) Corporation
    • Sumit Sarkar – Head, Customer Experience & Strategy, Personal Banking, BMO
    • Katia Lang – Co-founder and CEO, The Fintech Times
  • An AI Powered Future for Marketing. An innovator insight from Barry Kirk – VP, Loyalty Solution Leader, Maritz Motivation Solutions.
  • Data – Oxygen for AI. How Data Management & Data Governance Can Make or Break Your AI Journey. A debate featuring:
    • Eric Byunn – Founder and Partner, Centana Growth Partners
    • Hari Ramamurthy – CTO and Technical Architect, Kuflink
    • Joost van der Burgt – Senior Policy Advisor on Fintech, De Nederlandsche Bank
    • Mike Brusov – Founder and CEO, Cindicator
    • Daniel Drummer – Global Lead Data Analytics, J.P. Morgan
  • Using AI to Transform Customer Experience. A case study.
  • Harnessing AI to Revolutionize the Insurance Industry. A case study featuring Sean Harper – Co-founder and CEO, Kin Insurance.
  • AI to Streamline Operational Processes. A case study featuring Yun Zheng – VP II, Global Risk Analytics, HSBC USA.
  • Fintechs and Financial Institutions On the Journey Towards a Productive Partnership in AI. A closing debate featuring:
    • Tim Prier – CEO, Wicket
    • Brian Ascher – Partner, Venrock
    • Manuel Roggero – Director, Design and Partnership Innovation, Solution Acceleration and Innovation, RBC
    • Ron Shevlin – Head of Research, Cornerstone Advisors

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