FinovateFall Sneak Peek: Interactions

FinovateFall Sneak Peek: Interactions

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

Interactions provides an omnichannel Intelligent Virtual Assistant that seamlessly combines AI and human understanding to enable businesses and consumers to engage in productive conversations.

Features

  • Omnichannel customer care across voice and digital channels
  • Voice biometrics service for ID and authentication
  • Context and persistence across channels
  • Personalized and relevant customer experience

Why it’s great
With Interactions IA, banks can offer more self-service – anytime, anywhere. Interactions utilizes AI and machine learning to deliver personalized experiences and seamless transitions across channels.

Presenter

Dan Fox, Senior Field Marketing Manager
Fox is focused on creating strategic marketing programs to support field sales efforts. He started with Interactions in 2011, and has presented at numerous conferences focusing on customer experience.
LinkedIn

Finovate Alumni News

On Finovate.com

  • Hydrogen, TD Bank Partnership Drives DIY Financial Planning.

Around the web

  • Hackney London Borough Council leverages technology from OutSystems to enhance its digital services.
  • NCR inks partnerships with a trio of credit unions: Parsons FCU of California, Educators Credit Union of Texas, and AERO FCU of Arizona.
  • Anorak to provide life insurance advice to users of money management app, Yolt.
  • SaleMove wins top honors at Orion Advisor Services’ Ascent/FUSE 2018 conference. See SaleMove at FinovateFall in New York September 24-26.
  • Varo Money to deploy Temenos’ T24  core banking platform.
  • Digital lending platform Roostify announces its app is now available on the Salesforce AppExchange.

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.

ID.me Offers Retailers Eligibility Verification for Discount Programs

ID.me Offers Retailers Eligibility Verification for Discount Programs

Digital identity innovator ID.me is expanding its segment-specific gated offering, giving retailers the opportunity to provide a diverse range of exclusive discounts across more segments and geographies.

ID.me has been known for providing group affiliation verification for active duty military and veterans, first responders and government employees, as well as teachers and students. The company’s new initiative will enable businesses and organizations to offer their customers and workers targeted, exclusive deals while limiting discount fraud.

“ID.me provides a seamless verification solution that empowers retailers to rapidly verify customer eligibility and give back to vital customer segments, all while driving revenue growth,” ID.me CEO Blake Hall explained.

Tyrone Fiegen, Senior Program Manager, Customer Experience & Loyalty program at Lenovo highlighted the importance of accuracy when it comes to gated offerings. “When we give a targeted discount, it is important that it goes to the right customers and access doesn’t get leaked,” Fiegen said. “Using ID.me’s verification technology, we are confident the right customers are taking advantage of the offer, and as a result, we have been able to offer richer, more attractive discounts.”

Lenovo is the first retailer in Canada to go live with ID.me’s solution. The company is leveraging the technology to provide a 10% discount on ThinkPad laptop computers for students as part of back-to-school season. Lenovo plans to offer a similar discount for active duty military and veterans, as well.

Founded in 2010 and headquartered in McLean, Virginia, ID.me demonstrated its Identity Gateway at FinovateSpring 2017. By verifying identity and group affiliation against the most comprehensive and authoritative data sources available, ID.me’s platform both simplifies the verification process for customers while increasing conversion rates for companies and organizations. ID.me’s technology is used buy more than seven million customers and by leading brands such as Under Armor, LinkedIn, Lenovo, and Ford.

Last month, ID.me announced that it would provide its digital credentialing service to government agencies and healthcare organizations as a white-label offering starting in 2019. Named to the One World Identity’s top 100 Influencers list in February, ID.me began the year teaming up with Veterans of Foreign Wars of the U.S. (VFW) to enable veterans to access VA benefits via Vets.gov, as well access to military discounts at more than 200 retailers.

ID.me has raised more than $46 million in funding from investors including FTV Capital, USAA, and the National Institute of Skilled Training (NIST).

The  ABCs of Digital Transformation: B is for Blockchain

The  ABCs of Digital Transformation: B is for Blockchain

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 Blockchain Technology track.

B is for Blockchain Technology

Our blockchain discussion kicks off with a keynote address from Daniel Gorfine, Director of LabCFTC and Chief Innovation Officer at the U.S. Commodity Futures Trading Commission (CFTC). Formerly VP for External Affairs and Associate General Counsel with OnDeck, Gorfine will also participate in our Wednesday panel discussion, Demystifying the Myth: Separating the Blockchain Hype from the Reality – The Good, the Bad, and the Future of Money Supply.

Gorfine made headlines earlier this year when he warned against “hasty regulatory pronouncements” during Congressional testimony before the House Committee on Agriculture. He said:

Indeed, while some may seek the immediate establishment of bright lines, the reality is that hasty regulatory pronouncements are likely to miss the mark, have unintended consequences, or fail to capture important nuance regarding the structure of new products or models.

Finding the balance between regulation and innovation where new technologies like the blockchain are concerned will be a theme our speakers will likely address more than once during our Blockchain track.

As befits a topic as controversial as blockchain technology, our Blockchain summit day also will include a trio of debates and a real applications showcase to introduce interesting use cases involving the blockchain and distributed ledger technology. Our first conversation of the day is a C-Suite Debate moderated by Trustology’s Head of Operations, Boris Spremo, that will consider the ways financial services companies have leveraged distributed ledger technologies to cut costs and improve efficiency. The debate will feature Ian Putter of Standard Bank Group, Joyce Shen of UC Berkeley, Ron Quaranta of Wall Street Blockchain Alliance, and Helen Altshuler of Google/SafeChain.

We will also examine the role of blockchain technology in the enterprise. Our debate, Running Blockchain Projects by Banks, Insurance and Investment Firms, provides a “from the boardroom perspective” on how to make enterprise blockchain projects a success. Hosted by Evolve Capital Partners’ Alex Koles, this debate features Banca Mediolanum’s Demetrio Migliorati, Vanguard’s John Evans, Northern Trust’s Arijit Das, Prudential’s Anindya Sengupta, and Tata Consultancy Services’ Gomathy Subramanian.

Our third debate of the Blockchain Technology summit reviews the role of fintechs in advancing blockchain technology. Fintechs as Enablers of Change: Collaboration and Partnership – How to Do it Right? will feature Goldmoney’s Roy Sebag, Yang Ventures’ David Friedman, and UC Berkeley’s Joyce Shen examining ways that FIs and fintechs can build relationships that are beneficial to both parties. Moderated by Peter Sexton of the International Trade Administration, this discussion will include real world examples and examine journeys taken by financial firms.

We will also take a specific look at cryptocurrencies. Our In the Spotlight panel, moderated by Morgan Polotan of Genacast Ventures, will consider the status of cryptocurrencies as an alternative financial asset, review the rise of ICOs and the current landscape for initial coin offerings, as well as discuss tokenization and token business models. Our panelists for this conversation are Jeff Koyen of 360 Blockchain USA, Rob Nance of CityBlock Capital, Raphael Ouzan of Thrive Capital, and Ron Quaranta of Wall Street Blockchain Alliance.

Our afternoon sessions will focus on successful use cases of blockchain technology. Arijit Das, SVP for FinTech Solutions and Enterprise Messaging at Northern Trust, will discuss leveraging blockchain for private equity fund management. And our real applications showcase will feature Ian Putter of Standard Bank Group, Helen Altshuler of Google/SafeChain, and Finhaven’s Dohyung “DH” Kim looking at identity management, payments, smart contracts and other business operations and processes where blockchain technology can and is being deployed.

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. 

Finovate Global: Fintech News from Around the World

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 Eastern Europe

  • Central Banking’s FinTech & RegTech Global Awards names the Bank of Lithuania as the winner of its Catalyst Award.
  • Halyk Bank Georgia implements new omnichannel system from Asseco geared toward retail clients.
  • Global Finance sits down for a conversation with Tinkoff Bank VP Maxim Evdokimov.
  • Sberbank partners with 500 Startups to launch Russian fintech accelerator.

Middle East and Northern Africa

  • Abu Dhabi Global Market (ADGM) introduces funding rules for private financing platforms (PFPs).
  • Bank Al-Tamweel Wa Al-Inma (BTI Bank) in Morocco to deploy Path Solutions’ iMAL core banking system.
  • IT Web Africa looks at the technological and operational challenges of banking for the underbanked in North Africa.

Central and South Asia

  • Indian digital lending startup Kissht closes $30 million Series C.
  • Fintech Valley Vizag of India partners with Bizofit to launch $1 million startup challenge.
  • India Post Payments Bank to deploy payments technology from Financial Software and Systems.

Latin America and the Caribbean

  • PayPal’s Xoom partners with OXXO to add more than 17,000 new cash pickup locations in Mexico.
  • Argentina’s digital bank Wilobank picks Spanish technology provider Indra as implementation partner.
  • Forbes profiles Brazilian fintech Neon.

Asia-Pacific

  • UnionPay introduces cross-border mobile payments service in Hong Kong, Macau.
  • Thailand’s Bank of Ayudhya chooses NICE Actimize to transform its AML compliance capabilities.
  • Blockchain patent activity picks up in China.

Sub-Saharan Africa

  • South African payments startup Yoco picks up $16 million in funding.
  • Nigeria’s Paga raises $10 million in round led by Global Investment Fund (GIF).
  • Development finance company Financial Sector Deepening Africa estimates fintech’s contribution to Africa’s GDP at $150 billion by 2022.

Top image designed by Freepik

Finovate Alumni News

On Finovate.com

  • ID.me Offers Retailers Eligibility Verification for Discount Programs.

Around the web

  • Bill.com announces its automated international business payments solution, piloted in July, is now generally available.
  • Finastra’s former chief digital officer, Balazs Vinnai, joins W.UP as an investor and president.
  • ZeroReveal, the security solution from data-in-use cybersecurity specialist Enveil, earns international Common Criteria security certification.
  • Thailand’s Bank of Ayudhya chooses NICE Actimize to transform its AML compliance capabilities.
  • ACI Worldwide introduces new offerings to enable banks to take advantage of SWIFT’s global payments innovation (gpi) service.
  • Sberbank launches new Seven Minute loan offering for large businesses.
  • Thomson Reuters teams up with augmented intelligence solution provider, Squirro.

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.

Fiserv Helps Bring Voice Banking to the Aloha State

Fiserv Helps Bring Voice Banking to the Aloha State

Voice banking is coming to the customers of First Hawaiian Bank, courtesy of Amazon Alexa and the bank’s decision to extend its partnership with Fiserv.

President and COO of First Hawaiian Bank Eric Yeaman highlighted the firm’s long relationship with the Brookfield, Wisconsin-based financial services leader. “We have been working with Fiserv for several years to enhance our digital services and empower our customers with a wider range of choices in banking convenience,” he said. “With voice-driven technology playing a bigger role in people’s lives, the time was right to introduce voice banking into that mix.”

Voice banking capabilities will be available to customers via Amazon Alexa. Initially, customers will be able to check balances and review transactions; the bank will review customer preferences and demand to determine which additional capabilities will be added. The deployment marks the first use of voice banking technology from a bank or credit union based in Hawaii, and seeks to take advantage of the growing number of – and higher engagement from – voice banking users.

“Voice banking is another way the bank is expanding the spirit of service and connecting with customers through intelligent interactions that reflect how people live today,” President of Digital Banking for Fiserv Kevin Schultz said. He referred to the $20 billion institution as a “customer-focused bank” with a “reputation for exceptional service.”

With assets of more than $20 billion, First Hawaiian Bank was founded in 1858 as Bishop & Company. The firm has 55 branches in Hawaii, with another three on Guam, and two on Saipan. It is the largest bank in the state.

Fiserv most recently demonstrated its technology at FinovateSpring 2018 – partnering with Samsung SDS America to show the integration of biometric authentication with its Commercial Center platform. Founded in 1984, Fiserv serves more than 12,000 clients around the world and reported global revenues of $5.7 billion last year.

Fiserv trades on the Nasdaq under the ticker “FISV,” and has a market capitalization of $32 billion. Jeffrey Yabuki is CEO.

The ABCs of Digital Transformation: A is for Artificial Intelligence

The ABCs of Digital Transformation: A is for Artificial Intelligence

 

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. 

Fenergo Partners with Bank of China US

Fenergo Partners with Bank of China US

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.

Finovate Alumni News

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.

Kasasa Unveils New Compliance Solution, RegGen

Kasasa Unveils New Compliance Solution, RegGen

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.

Finovate Alumni News

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 TemenosT24 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.