Author: David Penn

The ABCs of Digital Transformation: A is for Artificial Intelligence

The ABCs of Digital Transformation: A is for Artificial Intelligence
By David Penn Posted on
Categories: FinovateFall 2018

 

Finovate has curated an additional summit day that will take place the day after FinovateFall on September 27. The exclusive summit day kicks off at 8am and will focus on two of the technologies that are driving fintech innovation forward in the 21st century: Artificial Intelligence and Blockchain Technology. Be sure to register if you’re interested in taking part in these conversations.

Here we’ll preview the Artificial Intelligence track.

A is for Artificial Intelligence

Our Artificial Intelligence Fintech Summit will begin with Wells Fargo & Company’s Brad Stewart who is SVP for the bank’s Artificial Intelligence Enterprise Solutions group. Analysts believe that artificial intelligence (AI) will play a major role in financial services and commerce, driving greater personalization, efficiency, and security. Wells Fargo CEO and President Tim Sloan highlighted the potential for AI to transform banking by comparing it with events from his own 30-year experience in the industry:

I remember starting out as a retail banker when the first ATM was delivered to our branch! The ATM was revolutionary because it provided customers with a different way to do business with us. But innovation in financial services isn’t about delivering the latest technology. It’s about providing customers with better information in the moment, so they can make better decisions.

With Tata Consultancy Services estimating that people will manage 85% of business relationships without human interaction by 2020, AI will help shape the future of fintech. In his keynote address, Driving Organizational Transformation with AI, Stewart will look at the impact of artificial intelligence in financial services, providing a context for the expectations we should have when it comes to dealing with this new and evolving technology. Similar themes will be addressed by Optimove CEO and Founder Pini Yakuel during his midday discussion on How Science Builds Relationships.

Our AI track will also feature case studies that help us understand how banks are putting AI to work. Chief Analytics Officer for Commonwealth Bank of Australia Emil Matsakh will lead a discussion titled Mastering Adoption of Advanced Analytics and AI, that will look at the challenges of integrating AI in the enterprise. Jake Tyler, founder and CEO of Finn.AI, and Sumit Sarkar, head of Customer Experience & Strategy for Personal Banking at BMO will talk about the launch of BMO’s conversational AI solution, BMO Bolt, and share key metrics and early results.

A third opportunity to hear about AI in action comes in our real applications showcase. This conversation will feature data scientists and technical architects Hari Ramamurthy of Kuflink, Agnes Tourin of New York University, Jeffrey Yau of AllianceBerstein, Julia Romero of Haven Life, and ShanShan Li of Mass Mutual, who will share their experiences with and insights into AI’s business applications.

We’ll also get to hear a few fightin’ words where AI is concerned. A series of debates scheduled throughout the day will provide some lively and spirited conversation about some of the more controversial aspects of artificial intelligence. Sears Merritt, VP & Chief Data Scientist for MassMutual, and Katie Meyers, SVP & Chief Data Scientist for Farmers Insurance, will debate the latest data management strategies for successful AI.

Neeraj Arora, Global Head of Decision Science and Data Automation, Personal Insurance, AIG will moderate a debate how fintechs and corporates can build a productive partnership in AI. Participating in this conversation will be Veronica Osinksi, Founding Managing Partner, Trifecta Capital; Max Chee, Head of Aquiline Technology Growth, Aquiline Capital Partners; and Dan Dall’Asta, Partner, Route 66 Ventures.

Ellen Carney, Principal at Forrester Research, will sit down with Head of Artificial Intelligence and Machine Learning at HCSC, Imir Arifi, to discuss how to build a “foundation for success” when it comes to introducing robotics into financial services and AI.

This track will also feature a roundtable on how to use AI to add value to the customer experience. This session features Beyond the Arc’s Steven Ramirez, Swiss Re Management Corporation’s Jerry Gupta, Wells Fargo’s Ryan Miller, USAA’s Darrius Jones, Celent’s Daniel Latimore, and Ally Financial’s Aravind Rajasekaran.

Already registered for the main 3-day FinovateFall event but would like to add on the summit for the discounted rate? Please reach out to customer services at register@knect365.com or +1 (888) 670-8200 to activate the discount. 

Share this:

Send Post Twitter LinkedIn Facebook

Fenergo Partners with Bank of China US

Fenergo Partners with Bank of China US
By David Penn Posted on
Categories: Fenergo

Bank of China US branches have gone live on Fenergo’s client lifecycle management (CLM) platform, Fenergo CLM, reports Henry Vilar of Fintech Futures (Finovate’s sister publication).

Fenergo CLM provides the bank with an end-to-end client management solution enhancing its compliance framework, especially in the areas of know your customer (KYC), anti-money laundering (AML), and customer due diligence (CDD).

“BoC US Branches are dedicated to providing the tightest set of regulatory controls and customer due diligence,” said Marc Murphy, CEO of Fenergo. “We have invited the bank to join our client advisory board and regulatory forums, adding to the collective industry intelligence of Fenergo’s other global clients.”

Back in February, Fenergo partnered with regtech provider Arachnys to give financial institutions, namely investment, corporate and private banks, a KYC and CLM solution.

Founded in 2009, Fenergo demonstrated its Deal Manager solution at FinovateEurope 2012. The company has raised more than $80 million in funding, and includes Aquiline Capital Partners, Insight Venture Partners, Ulster Bank Diageo Venture Fund, and Investec among its investors.

Share this:

Send Post Twitter LinkedIn Facebook

Finovate Alumni News

By David Penn Posted on
Categories: AI Foundry, CASHOFF, Fiserv, ING Bank Śląski, Insuritas, Lomsy, Modelshop, Namaste Credit, Ocrolus, PayPal, PaySend, Promontech, Tinkoff Credit Systems, Xero

On Finovate.com

  • Fiserv Helps Bring Voice Banking to the Aloha State.

Around the web

  • PromonTech to unveil its new income engine, Income AI, next week.
  • PayPal introduces cashflow boosting solution for small businesses, Funds Now.
  • The Paypers interviews Ronnie Millar, PaySend’s Europe CEO.
  • Hedge fund manager John Hempton tells The Australian Financial Review that Xero could become a $100 billion business.
  • Insuritas teams up with 42,000+ member Enrichment Federal Credit Union.
  • Global Finance sits down for a conversation with Tinkoff Bank VP Maxim Evdokimov.

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.

Share this:

Send Post Twitter LinkedIn Facebook

Kasasa Unveils New Compliance Solution, RegGen

Kasasa Unveils New Compliance Solution, RegGen
By David Penn Posted on
Categories: Kasasa

The company that began the year offering the only loans with take-backs is now entering the regtech space with its latest compliance tool, RegGen. The solution from multiple Best of Show winner Kasasa enables banks and credit unions to easily create the account holder disclosures and marketing disclaimers that are a required component of the firm’s checking and savings accounts.

All FIs need to do to create the necessary language is respond to a set of simple, set-up questions (nine for marketing products, two for account holder disclosures). Those responses are stored by RegGen and automatically added to the FIs’ disclosure and marketing statements. Banks can use their FIRSTBase credentials to access and download Kasasa’s reference manual which includes instructional videos on how banks can make the most of RegGen’s features.

Calling the current compliance drafting process “research-intensive, time-consuming and expensive” for many FIs, Kasasa CEO Gabe Krajicek said. “With RegGen, our clients’ marketing and compliance professionals have compliance at their fingertips. Now they can create, edit and customize disclosures and disclaimers in minutes rather than hours.”

In its statement, the company also noted that RegGen provides “responsible guidance” but does not replace the guidance from a compliance officer or consultant, or from legal counsel.

Founded in 2005, Kasasa demonstrated its Kasasa Loans product at FinovateSpring 2018, winning its fourth Best of Show award. Earlier this month, the company announced that its Free Kasasa Cash Rewards Checking product was live with Michigan-based Chief Financial Credit Union. Last month, the Austin, Texas-based company announced that its MoneyIsland financial education game (for which Kasasa won Best of Show in 2011) helped ESB Financial to win Honorable Mention at the 2018 National Community Bank Service Awards. And this spring, Kasasa partnered with fellow Finovate alum MicroStrategy, integrating its product research and marketing tools into Kasasa’s business intelligence platform, Insight.

Share this:

Send Post Twitter LinkedIn Facebook

Finovate Alumni News

By David Penn Posted on
Categories: Chain.com, Green Key Technologies, Kasasa, LendingTree, Temenos, TransferWise, Zopa

On Finovate.com

  • Chain Rebrands to Interstellar Following Acquisition.
  • Kasasa Unveils New Compliance Solution, RegGen.

Around the web

  • GreenKey and IPC add new co-development agreement to their partnership.
  • TransferWise announces its second profitable year amid annual revenue growth of more than 75%.
  • Praxia Bank of Greece to leverage Temenos‘ T24 core banking system to support its SME lending business.
  • TechCrunch: LendingTree is the secret success story of fintech.
  • Zopa listed for 5th consecutive year in The Sunday Times Tech Track 100.

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.

Share this:

Send Post Twitter LinkedIn Facebook

Onfido to Enhance New Customer Onboarding for Volopa

Onfido to Enhance New Customer Onboarding for Volopa
By David Penn Posted on
Categories: Onfido

Identity verification specialist Onfido will help FX and international payments solutions provider Volopa enhance its customer onboarding process with secure and scalable KYC functionality. Volopa sought out Onfido’s machine learning-based technology in order to help it meet growing demand for its multi-currency prepaid card business.

“A key strength of Volopa is our ability to deliver client-branded cards which presents a unique advantage for Volopa in the marketplace where we are seeing strong demand for this proposition,” Jay Wissema, Director at Volopa said. He called the partnership, “another step forward in the company’s focus to maximize customer delight and deliver exceptional products at lower cost for our customers.”

An operator of consumer and corporate multi-currency prepaid card programs, Volopa enables businesses to offer their own Volopa-powered, branded cards. Cardholders can store value and transact in as many as 14 different local currencies without additional conversion or FX charges and fees, and can use accompanying mobile and web apps to manage and control their card use. These apps can be used to transfer funds between cards, top up cards instantly, view transactions in real time, and more.

Onfido will enable Volopa to onboard new customers in less than five minutes. To use the technology, Volopa customers simply take a selfie and a photo of their physical ID. Onfido verifies the authenticity of the identity document, compares the selfie with the photograph in the identity document, and cross references the customer’s identity against international watchlists.

“We are proud to be supporting Volopa as they grow,” Onfido CEO Husayn Kassai said. “Balancing security against scale is a challenge for many businesses, but our machine learning technology means we’re able to help Volopa deliver both. We’re excited by their vision of putting people in control of their transactions and look forward to developing our partnership with Volopa.”

Founded in 2012 and based in London, U.K., Onfido demonstrated the Facial Check with Video feature of its identity verification SDK at FinovateEurope 2018 earlier this year. Facial Check with Video provides additional security during the onboarding process, leveraging liveness detection to defend against spoofing attempts.

Last month, Onfido announced that it was partnering with TransferGo, helping the international remittance firm speed its onboarding process. Also in August, the company teamed up with Claim Technology to support claims handlers and their customers. Onfido will provide identify verification for India’s largest ride sharing company, Zoomcar, courtesy of a deal announced in July, the same month the company reported that it would provide identity verification technology for LendInvest’s Buy-to-Let digital applications.

Onfido has raised more than $60 million in funding, and includes Idinvest Partners, Wellington Partners, and Crane Venture Partners among its investors. See the company’s latest technology later this month at FinovateFall in New York.

Share this:

Send Post Twitter LinkedIn Facebook

Fiserv Launches New Digital LOS, Originate

Fiserv Launches New Digital LOS, Originate
By David Penn Posted on
Categories: Fiserv

Fiserv’s new digital loan origination system has been launched with account opening functionality, including credit cards and personal loans, reports Antony Peyton of Fintech Futures (Finovate’s sister publication).

Called Originate, it is integrated with other Fiserv digital solutions including the Mobiliti mobile banking and payments platform.

The first solution in the suite, Originate Deposits, features a user interface with optional ID scanning, autofill, and facial recognition to allow consumers to open an account or initiate a loan application from a mobile device, tablet, computer, or at a branch.

Maryland-based Hamilton Bank is the first bank to beta test it.

“We’ve been looking at options for a better digital account opening experience, regardless of where or how our customers choose to complete the process,” said Sherri Wilson, SVP of Hamilton Bank.

Credit Union 1 in Illinois is another early taker.

Paul Simons, CEO of Credit Union 1, said: “While we maintain a high volume of account openings, only a small percentage of our members were completing the process online. It was just too complex. The interface and flow in Originate Deposits are as intuitive as buying from a leading online retailer.”

Fiserv said that additional Originate solutions will come at the end of 2018 including retail, auto and mortgage.

Founded in 1984 and headquartered in Brookfield, Wisconsin, Fiserv demonstrated its Commercial Center at FinovateSpring 2018 (in partnership with Samsung.) 2018 has been a busy year of partnerships for the company, which teamed up with Philippine Veterans Bank earlier this month, with Your Legacy Federal Credit Union in August, and with cybersecurity firm, BlueVoyant in July.

Share this:

Send Post Twitter LinkedIn Facebook

Finovate Alumni News

By David Penn Posted on
Categories: Bpm'online, FIS, FixNix, Kasasa, Onfido, PayPal, Smart Valor, Temenos

On Finovate.com

  • Onfido to Enhance New Customer Onboarding for Volopa. See Onfido at FinovateFall in New York, September 24-26.

Around the web

  • bpm’online recognized by CRM Magazine Market Awards 2018 in three categories: Midmarket CRM Suite, Sales Force Automation, and Enterprise CRM Suite.
  • Australian challenger bank Judo Capital to deploy Temenos’ T24 core banking system.
  • Fintech Futures interviews Serena Smith, international payments executive at FIS.
  • PayPal tops 250 million active account milestone.
  • Sai Sundaram, former COO of UBS ODC India, joins FixNix’s advisory board.
  • Smart Valor officially accepted as a financial intermediary.
  • PayPal’s Xoom partners with OXXO to add more than 17,000 new cash pickup locations in Mexico.
  • Kasasa‘s Free Kasasa Cash Rewards Checking offering goes live with Chief Financial Credit Union.

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.

Share this:

Send Post Twitter LinkedIn Facebook

IdentityMind Webstore Helps Businesses Integrate Compliance Solutions

IdentityMind Webstore Helps Businesses Integrate Compliance Solutions
By David Penn Posted on
Categories: IdentityMind Global

 

The new online RegTech store launched by IdentityMind Global today will make it that much easier for companies to integrate compliance and regulatory technologies into their solutions.

“The IdentityMind Webstore is the perfect channel for small and medium-sized FinTechs, marketplaces, virtual currency exchanges, small enders, and person-to-person payment (P2P) firms to enhance their platforms,” company Chief Products and Marketing Officer Jose Caldera explained. He emphasized even smaller companies need to be sure that their compliance programs “meet the full scope of the regulatory requirements,” and added that the new offering will help them do this “faster with minimum investment.”

The Webstore functions as a self-serve marketplace where customers can choose, demo for free, and purchase regtech plugins that serve as front ends to IdentityMind’s SaaS-based trusted digital identities platform. The customizable plugins can be deployed in web apps to provide AML, KYC, sanctions screening, and transaction monitoring operations.

Immediately available are a pair of solutions: a KYC Plugin, which includes a customizable onboarding form, pre-integrated with IdentityMind’s platform; and an ICO Plugin, that helps ensure companies conduct compliant onboarding for initial coin offerings (ICOs) and security token offerings (STOs). IdentityMind Global has been especially effective in using its trusted digital identities technology in this market, having worked with more than 25 virtual currency exchanges around the world and helped more than 165 companies conduct compliant ICOs and STOs. Additional plugins are expected to be added later this year and into 2019.

IdentityMind Global demonstrated its platform at FinovateSpring 2018. Founded in 2009, the Palo Alto, California-based company partnered with ZED Network last month to help the company’s money transfer operators (MTOs) meet KYC and AML regulations. In addition to being named one of The Silicon Review’s 50 Best Companies to Watch in 2018 this summer, IdentityMind Global teamed up with Ontology Trust Ecosystem in July, with ONe Network in May, and with digital shopping platform Fluz Fluz in March.

With more than $20 million in funding, IdentityMind Global includes Benhamou Global Ventures, Lakewood & Company, and Eastern Link Capital among its investors. Garrett Gafke is CEO.

Share this:

Send Post Twitter LinkedIn Facebook

Sberbank Partners with 500 Startups to Launch Russian Fintech Accelerator

Sberbank Partners with 500 Startups to Launch Russian Fintech Accelerator
By David Penn Posted on
Categories: Sberbank

Sberbank and international accelerator 500 Startups are launching a joint development programme for Russian IT start-ups, reports Antony Peyton of Fintech Futures (Finovate’s sister publication).

Their areas of interest cover a lot. It’s not just fintech but start-ups working in e-commerce, cloud B2B services, internet of things (IoT), big data, machine learning, artificial intelligence (AI), VR/AR, robotics, cybersecurity, and blockchain.

Lev Khasis, first deputy chairman of the executive board of Sberbank, said: “It is important that our joint project is focused on selecting Russian start-ups and allows American companies to take part in the selection. There has been nothing similar to this in Russia before.”

The 25 strongest teams will be selected for the accelerator. Each start-up will receive seed investment of up to RUB 10 million ($145,000) and the “possibility” to promote their product in ecosystems of Sberbank and corporations that are partners of the accelerator. Each team will discuss their investment provision individually.

At the first stage, the teams will work on start-ups in Moscow for nine weeks. The mentors of the teams will be from 500 Startups: they will hold lectures and seminars and provide individual consultations. The final stage of the accelerator will be a demo day where managers from Sberbank, private venture investors and representatives of funds will choose the seven best start-ups.

The winners of the Moscow stage will be sent to Silicon Valley. There, the start-ups will learn about international business practices and develop their products. Then, they will present their projects at a demo day in San Francisco to Russian and foreign investors and large companies.

Start-ups from all Russian regions can submit applications until 6 October 2018. Teams that want to participate in the programme should have a minimum viable product, some clients, and be registered in Russia.

The programme is expected to run for thirteen weeks. You can apply here.

Sberbank demonstrated its messenger solution at FinovateSpring 2016. Founded in 1841, the Russian bank now serves more than 110 million clients, or 70% of the country’s population.

Share this:

Send Post Twitter LinkedIn Facebook

FinovateFall Sneak Peek: Biometric Signature ID

FinovateFall Sneak Peek: Biometric Signature ID
By David Penn Posted on
Categories: Biometric Signature ID, FinovateFall 2018, FinovateFall 2018 Sneak Peek

A look at the companies demoing live at FinovateFall on September 24 through 26, 2018 in New York. Register today and save your spot.

BioSig-ID has re-invented the password by fixing weak, typed passwords with just four characters you draw, eliminating imposter login and providing secure MFA.

Features

  • Draw your password, don’t type it
  • Turns your password into a secure MFA with four characters
  • Just use your finger or mouse. No special hardware required.

Why it’s great
A four-character BioSig-ID Smart Password you draw instead of typing turns itself into a secure multi-factor authentication solution.

Presenters

Jeff Maynard, President/Founder
Maynard has invented the way to turn a four-character password you draw – not type – into a secure authenticator, stopping imposter logins.
LinkedIn

 

Chad Steen, Chief Technical Architect
An IT professional with over 25 years as an architect, engineer, developer, and consultant to various companies, Steen is skilled in all things biometric.
LinkedIn

 

Share this:

Send Post Twitter LinkedIn Facebook

FinovateFall Sneak Peek: Enova Decisions and ID Analytics

FinovateFall Sneak Peek: Enova Decisions and ID Analytics
By David Penn Posted on
Categories: Enova, FinovateFall 2018, FinovateFall 2018 Sneak Peek, ID Analytics

A look at the companies demoing live at FinovateFall on September 24 through 26, 2018 in New York. Register today and save your spot.

Enova Decisions, decisioning experts with deep experience in nonprime consumers, joins ID Analytics, a leader in credit and fraud risk solutions, to present Solution Accelerators.

Features

  • Make more accurate credit decisions in real-time
  • Quickly activate best-in-class data, analytics, and machine learning
  • Streamline fraud detection, identity verification, and credit risk assessment

Why it’s great
Launching a new product and don’t want to deny creditworthy customers? Solutions Accelerators enable businesses to make smart credit decisions now and better decisions tomorrow.

Presenters

Sean Naismith, Head of Analytics Services, Enova Decisions
Naismith has 18+ years of professional experience with unique insights into analytics, marketing, finance, and IT. He currently oversees strategy and development of decisioning solutions.
LinkedIn

 

Jason Heil, Head of Credit Risk Solutions, ID Analytics
Heil has 10+ years of experience with credit risk scoring in consumer lending. He currently manages strategy, planning, execution, measurement, and closeout of credit solutions.
LinkedIn

 

Share this:

Send Post Twitter LinkedIn Facebook