This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.
Finovate Blog
Tracking fintech, banking & financial services innovations since 1994
While not as headline-grabbing as the AI craze, the speed with fintechs, banks, and financial services companies have embraced environmental sustainability may be one of the underrated stories of 2023. This is true for both “green financing” which supports the funding of climate-supporting initiatives as well as “green fintech” which involves the development of products that enable sustainable finance and eco-investing.
In 2023 alone, we have seen companies like ClimateTrade, Cloverly, Connect Earth, and GreenPortfolio demo their climate-conscious technologies on the Finovate stage. These companies shared innovations such as blockchain-based climate and carbon credit marketplaces, carbon tracking API technology, and climate impact scoring for investments. And before these companies were firms like Energy Shares in 2022 and ecolytiq in 2021 that introduced equity crowdfunding for utility-scale renewable energy projects and environmental impact data for payment transactions to Finovate audiences.
But are we making the most out of the current moment? A recent blog post by fintech observer and author Chris Skinner references a relevant column by James Vaccaro, Director of Corporate Strategy at Triodos Bank. Vaccaro took a critical look at present-day efforts by banks and other financial institutions to adopt more climate-friendly policies. His conclusion was that current efforts such as decarbonization are laudable, but often suffer from poor management.
Yes, there is some subterfuge and greenwashing going on, but many initiatives do have authentic intentions – they’re just not working optimally and need to be redesigned and upgraded.
Also, the recurrent phenomenon of there not being enough finance for green projects, but finance not having enough green projects to invest in, suggests that we’re not just dealing with a funding gap. There are systemic barriers at play and these need to be addressed with innovative solutions to unblock flows of finance.
Vaccaro notes that some solutions, such as carbon tracking calculators, have not turned out to be the killer sustainability apps that many hoped they would be. Nevertheless, he clearly sees a need for further investment in both green fintech and green-friendly finance – to use our previous taxonomy. He cites approvingly offerings like social impact bonds. He also is helping the Climate Safe Lending Network launch its Climate Finance Catalyst Contest to develop financial solutions to support the decarbonization of the financial industry.
Regulators are paying attention to the problem. In their report on environmentally sustainable finance, the International Money Fund, the World Bank, and the OECD “highlight(ed) the need for scaling up private finance to support the transition to net zero.” That aside, the report noted two, potentially related, challenges that are worth noting. These were the lack of frameworks and scoring methodologies (particularly in developing economies) and market fragmentation.
These issues are not new to financial services. And while there is much work to be done, these kinds of challenges are being effectively tackled in many areas of fintech and financial services – from payments to credit risk and lending. Often, as is the case with sustainable finance, enabling technologies such as blockchain, machine learning, and AI are driving factors enabling us to leverage data in new ways. This bodes well for the potential to make sustainable finance possible, and especially where it is needed most.
Peloton did not disclose the names of the investors. The company did say that members of the investing team have joined Peloton Technologies’ advisory board. The seed funding comes four months after the company secured $1.5 million (CAD $2 million) from the Pacific Economic Development Agency of Canada (PacifiCan). The funding from PacifiCan was the second investment Peloton received from the agency. The company picked up CAD $500,000 in funding from PacifiCan’s Business Scale Up and Productivity (BSP) program in 2022 ($367k in today’s dollars).
“We’re thrilled with the response from the Private Investor community,” Peloton Technologies Executive Chair of the Board John MacKinlay said. “We have a world-class group of investors with deep background in payments, banking, risk management, compliance, accounting, IT architecture, and securities law.” MacKinlay added that the funding will also help Peloton Technologies execute its acquisition strategy; last month, Peloton announced the acquisition of KIS Payments, an ISO (Independent Sales Organization). MacKinlay also noted that this week’s fundraising was a “precursor” to a “larger capital raise” slated for the first half of 2024.
“We’ve spent a lot of time creating the most comprehensive solution for businesses and now it’s time to scale,” CEO Craig Attiwill said when the company acquired KIS Payments in October.
Founded in 2011, Peloton Technologies helps small and medium-sized businesses in Canada process payments, execute fund transfers, exchange currencies, and store payment data. Its platform also supports the integration of multiple payment methods across multiple financial institutions. Peloton’s proprietary technology ensures the secure storage of payment data, document management, email/SMS notifications, and scheduling, as well as providing a sophisticated rules engine.
How will disruptive technologies like Generative AI change the financial services landscape. How will these technologies impact our ability to expand financial wellness and promote financial inclusion?
The rise of disruptive technologies has created new opportunities for banks and financial services companies to bring new and better services to consumers and businesses. Here’s a look at what our fintech experts told us this year at FinovateFall about how disruptive technology will shape the future of finance.
This year at FinovateFall we heard from fintech analysts and financial services professionals on what financial institutions can and should do in order to bring better financial services to more individuals, families, communities, and businesses. Here’s a brief Streamly Snaphot sharing what our experts had to say.
Join Finovate VP and host of the Finovate Podcast Greg Palmer as he talks with the entrepreneurs whose innovative companies took home top honors at FinovateFall 2023 in New York this year.
From new tools for credit unions members to embedded micro life insurance solutions to strategies to help FIs better engage mortgage-holders, the Finovate Podcast is a great way to keep up with the trends driving fintech today.
Podcast host Greg Palmer catches up with Rachel Lauren of Debbie (demo video) to talk about consumer debt reduction and the credit union ecosystem. EP 193.
Greg Palmer chats with Alex Matjanec of Wysh(demo video) about micro life insurance, customer retention, and financial inclusion. EP 192.
Greg Palmer sits down with Chase Neinken of Chimney (demo video) to discuss strategies for productively engaging your mortgage-holding customers. EP 190.
What are the biggest challenges facing banks when it comes to modernization and digital transformation? We checked in with Charbel Safadi, President, Modernization and Transformation, with Zafin, to hear his thoughts on what banks and other financial institutions are doing to future-proof their businesses and better serve their customers.
Zafin made its Finovate debut in 2017 at FinovateFall. The company offers a cloud-based product and pricing platform that simplifies core modernization for the world’s biggest banks. Zafin’s platform enables business teams to collaborate in the design and management of pricing, products, and packages. At the same time, the platform empowers technology teams to streamline core banking systems.
Headquartered in Vancouver, Canada, and founded in 2002, Zafin includes Wells Fargo, HSBC, and CIBC among its customers.
When you look at the current landscape for banks, what is their biggest technological challenge right now?
Charbel Safadi: The predominant technological challenge facing banks in the current landscape is the accumulation of legacy technology platforms that impede adaptability and innovation. These platforms, built over several decades, create a significant tech debt, hindering banks from promptly responding to changing market demands. This stands in contrast to agile fintech startups, unburdened by such legacy systems.
For banks, the challenge lies in modernizing these deeply entrenched platforms to enable transformative experiences and stay competitive in the rapidly evolving financial landscape. Despite significant time and financial investments, the traditional “rip and replace” approach has proven unsuccessful. This tech debt, rather than a lack of inherent competitiveness, is the primary obstacle for banks in delivering compelling value propositions, necessitating a forward-looking, progressive modernization strategy.
You just recently joined Zafin and are part of the company’s new transformation and modernization division. Tell us about why you joined the company and what this new division is all about.
Safadi: Zafin’s mission is to empower banks in reshaping their business models and updating technology platforms. As a leader in our organization, my role is to align our vision with clients’ business goals, fostering a cohesive team that mirrors banks’ transformation strategies. With a background in financial services consulting and experience with global banks, I recognize the market’s strong focus for the next decade and Zafin’s potential impact.
Being part of Zafin’s journey excites me, given its pivotal role in contributing to clients’ transformation agendas. Zafin’s strategic position emphasizes technology and business platforms, distinguishing it in the market. This allows us to provide significant value, aiding clients in kickstarting technology modernization while transforming their business models.
I am confident in our ability to guide clients through this journey, making a substantial impact and offering the necessary tools for success. Zafin’s forward-thinking strategy, coupled with our cohesive team and inclusive culture, solidified my decision to be part of this transformative organization.
Tell us about the launch of Zafin Studio. What challenge will it help Zafin customers resolve?
Safadi:Zafin Studio represents a significant advancement in the modernization of technology platforms, specifically addressing the challenge of crafting forward-looking propositions tailored to each client’s unique values and needs. Unlike existing solutions in the market, Zafin Studio adopts a comprehensive approach to banking propositions. Leveraging the Product and Pricing Index (PPI) tool, it rapidly gathers, filters, and segments data and insights for analysis from leading global banks, bridging a crucial market gap. This empowers various stakeholders within a bank, from business users to product managers and department heads.
Our goal is to equip them with the tools to comprehend market dynamics, enabling swift research on top banks worldwide and insights into their product designs and rate structures. The collected information is entirely external and does not involve customer data. Through Product Explorer, Zafin Studio unravels the intricacies of product offerings, merging external market research with an internal product explorer. The drag-and-drop feature of Proposition Canvas in turn empowers banks to seamlessly design and implement cutting-edge functionalities. Essentially, Zafin Studio acts as a governing methodology and framework, revolutionizing banks’ transformation approaches. We eagerly anticipate our clients utilizing Zafin Studio to elevate co-created value propositions to new heights.
Zafin is headquartered in Vancouver, Canada. What are some of the top concerns for Canadian banks that might differ from those of banks in the U.S., the U.K., or Europe?
Safadi: In Canada, the banking landscape differs significantly from the U.S., U.K. and Europe due to population size and the number of institutions. Canadian banks are primarily concerned with population dynamics, competition, and the regulatory framework. The evolving regulatory landscape indicates that open banking is on the horizon in Canada. This, combined with the rise of innovative fintech firms free from legacy technology constraints, compels banks to prepare for the coming years.
While fintech companies lack the technological burdens of traditional institutions, they also lack the established customer base of incumbents. To capitalize on this, banks must pivot towards a more horizontally aligned approach to product development and proposition modeling. This involves adopting a holistic view of the Canadian customer, encompassing their entire financial journey and value chain. By consolidating data from diverse systems, including mortgages, lending, and deposits, banks can craft compelling value propositions that genuinely resonate with consumers. Prioritizing strong relationships over sheer customer volume is crucial. This means tailoring pricing, offers, and incentives to match the customer’s entire banking journey. This forward-thinking approach ensures sustained delivery of substantial value and the preservation of loyalty within the existing client base, thereby upholding a competitive edge rooted in customer trust.
Speaking of international activity, Zafin recently announced a new operational center in Dubai and the upcoming release of various AI-based solutions for the Middle Eastern market. Tell us about some of the top trends in fintech in the Middle East?
Safadi: Zafin is making significant investments in Generative AI, with Zafin Copilot serving as a central component in our technology portfolio. This tool is pivotal for both external client interactions and internal team processes. We’ve dedicated significant efforts to explore how AI can enhance product and pricing modeling, effectively harnessing continuously generated data, including customer details, transactions, and relationship data. We’ve made it a priority to equip our clients with the technological capabilities needed for full access to the rich data set within our platform.
Globally, AI forms a fundamental part of our strategy, with a notable emphasis on the Middle Eastern marketplace. This region’s substantial investments in AI makes it an ideal ground to explore dynamic pricing, especially in comparison to markets with stricter pricing regulations.
Our core principles of trust, transparency, and fairness in banking guide all AI development initiatives. We ensure strict adherence to regulatory frameworks across global markets. AI is viewed as an intrinsic element of our entire platform, offering benefits to our customers, end consumers, and internal teams while aligning with our commitment to ethical and regulatory standards.
What trends in fintech and financial services are currently being underestimated in terms of their potential impact in the next few years?
Safadi: Many organizations are considering the adoption of Generative AI technologies. The central question revolves around how AI can effectively be utilized to reassess and improve product design, customizing offerings for each individual. This transition not only poses a challenge but also presents an opportunity. AI has the potential to centralize and grant access to the everyday data encountered by most organizations. The focus should now pivot towards creating dynamic product offerings that align with the unique value of each individual, taking into account the customer’s current life stage, priorities, and preferences.
In addition to well-explored areas like AI, another crucial emphasis lies in the design of the next-generation product architecture. Through global discussions and collaborations with banking clients, trailblazing organizations such as Zafin are actively shaping a horizontal model for the next generation of product architecture in financial institutions. This architecture should span the entire spectrum of banking, delivering a tailored and dynamic experience precisely meeting the customer’s needs at any given moment. Banks should persist in prioritizing depth and loyalty in customer relationships, recognizing their significance in the forthcoming years.
What can we expect from Zafin over the balance of 2023 and into 2024?
Safadi: Zafin is firmly dedicated to executing its strategy, aiming to provide substantial value to our clients. This dedication empowers them to not only modernize their technology platforms but also to transform their business models. Our intense focus revolves around delivering the essential technology, capabilities, and skills required for both these endeavors. Through robust partnerships within our deep ecosystem, our goal is to offer comprehensive customer modernization journeys.
We strive to spare our clients from spending excessive time — potentially three to four years or even longer — struggling to overhaul their technology landscape without having the capacity to contemplate new product architectures and business models. Everything we undertake is geared towards facilitating a low-risk approach to modernize their technology platforms, unlocking the potential to construct next-generation product architectures promptly.
Simultaneously, we remain committed to upholding trust, transparency, and fairness in how our clients deliver products and services to their client base.
What are the opportunities and challenges of AI in the fraud prevention and identity verification space? We caught up with Heidi Hunter, Chief Product Officer for IDology, a GBG company, to find out.
IDology delivers a comprehensive suite of identity verification, AML/KYC, and fraud management solutions to help businesses drive revenue, deter fraud, and maintain compliance. Founded in 2003, IDology made its Finovate debut in 2012. GBG acquired the company in 2019.
Ms. Hunter joined GBG Americas in 2011 and has worked in both product innovation and customer success roles during her career with the company. She brings more than 13 years’ experience in supporting customers and helping them with their business needs through product innovation, support, and implementation roles.
Currently, Ms. Hunter is responsible for driving the company’s product roadmap and bringing new innovations to the identity verification market through strategic product development.
AI has brought on challenges and opportunities when it comes to fraud and financial crime. What are the principal challenges financial institutions are facing?
Heidi Hunter: There are four main areas of concern: cybersecurity and fraud, biased models, human oversight, and regulatory compliance.
Deloitte has written on the growing concern of AI as a cybersecurity and fraud threat, noting that 51% of executives interviewed believe that the cybersecurity vulnerabilities of AI are a major concern. One issue is the problem of more and better fake documents. AI will simplify creation of passports, driver’s licenses, and ID cards that are virtually indistinguishable from genuine ones. Another issue here is increased synthetic identity fraud. Generative AI is a productivity tool for fraudsters, creating highly realistic synthetic identities at scale.
Additionally, there is more effective phishing and social engineering. A recent study of 1,000 decision makers found 37% had experienced deepfake voice fraud. And Generative AI is used to fuel a surge in phishing tactics.
You also mentioned biased models, human oversight, and compliance.
Hunter: The use of AI and machine learning (ML) algorithms have come under scrutiny with concerns over data bias, transparency, and accountability. With regard to human oversight, 88% of consumers reported that they would discontinue a helpful personalization service if they didn’t understand how their data would be managed.
Lack of human oversight is also a regulatory concern. AI often lacks transparency, leaving businesses exposed when they must explain their decisioning, which has brought expectations of future regulation. AI-generated deepfakes are moving fast and policymakers can’t keep up.
Can the same technology that’s enabling fraudsters also enable FIs to thwart them?
Hunter: Yes, especially when AI is paired with human intelligence. AI benefits from experts charged with overseeing incoming and outgoing data. A trained fraud analyst accompanying AI-based solutions can catch new and established fraud trends. This includes novel threats that AI solutions on their own may miss.
From a compliance perspective, this means businesses can offer a more transparent solution and manage potential bias. Supervised AI can eliminate the need to manually verify an ID, and help provide the explanation needed for compliance and regulatory requirements.
Automation plays a major role in AI. So does human oversight. Can you talk about the relationship between AI and automation?
Hunter: Automation is typically rule-based and follows predetermined instructions, while AI can learn from data and make decisions based on that data. In other words, automation software operates on a set of predefined rules, while AI can make predictions and decisions based on the data it is presented with. The ‘predictions’ aspect of AI- and ML-based tech is where human supervision plays such an important role.
What is the proper balance between human oversight and AI? What role do humans have in an increasingly AI-powered world?
Hunter: Like with any tool, human-supervised AI is great when it’s one part of a larger identity verification (IDV) strategy.
Humans have a role at every ‘stage’ of AI use or implementation: in development, in terms of what data is being used to train a model; during deployment, where an AI-based tool is used and to what degree; and when it comes to holding AI-based tools accountable. This means analyzing a given output and what decisions a FI makes based on that output.
For identity verification specifically, how has human-supervised AI helped solve problems?
Hunter: Consumers also set the bar high for seamless interactions. For example, 37% of consumers abandoned a digital onboarding process because it was too time-consuming. Overcoming this challenge requires a comprehensive strategy. Human-supervised AI can play a critical role in the process, as it can quickly scrutinize vast volumes of digital data to uncover patterns of suspicious activity while also providing insight and transparency into how decisions are made.
Are businesses embracing human-supervised AI? What hurdles remain to broader adoption?
Hunter: Yes, because while there is a lot of excitement around what AI can do, several businesses and people in the academic community believe AI isn’t ready to make unsupervised decisions. As mentioned earlier, businesses show concern over AI operating on its own. Concerns range from ethical questions, to cybersecurity and fraud risks, to making a bad business decision based on AI. On a positive note, businesses are becoming more aware of benefits of supervised learning models.
U.S. President Joe Biden and Chinese President Xi Jinping are meeting in California this week. With that in mind, Finovate Global turns to China for the latest fintech news from the world’s second most populous country.
For context, the People’s Bank of China (PBOC) released its Fintech Development Plan for 2022-2025 almost two years ago. In its analysis of the PBOC’s Plan, China Briefing noted that the country had “much to gain” from innovation in fintech and financial services. In large part this was because of China’s “insufficient supply of inclusive finance, especially in rural areas.” The country reached a consumer fintech adoption rate of 87% in 2019. And, again, further fintech adoption in rural areas could cause this rate to quickly climb even higher.
What obstacles confront China’s fintech sector? China Briefing suggests that “unbalanced application of intelligent technology” is among the issues to be resolved – or at least better managed. The report references the so-called “Matthew Effect” in which stronger positions become stronger and weaker positions become weaker to describe the one of China’s bigger challenges when it comes to innovation in financial services.
Read the report from China Briefing to learn more about how China plans to “leapfrog improvement of the fintech sector”.
China’s JD.com launched its enhanced authentication solution for imported goods in the region, JD Smart Check. The new process is part of the company’s cross-border e-commerce platform, JD Worldwide.
JD Smart Check has three main focuses: improving quality inspections for cosmetic products, leveraging blockchain technology to enhance anti-counterfeiting activity, and providing on-demand authenticity inspections for products shipped by direct mail. New X-ray fluorescence analysis to provides fast, on-site assessment of cosmetics and personal care products at JD’s logistic centers. With regards to anti-counterfeiting efforts, the company leverages serialized tracking codes, supply chain monitoring, and product inspection videos to ensure accurate scrutiny of inventories. Lastly, JD Worldwide will be able to better serve direct mail shoppers by adding reports from authoritative centers to its product inspection services.
China’s largest retailer by revenue, JD.com serves nearly 600 million customers. The company operates the largest fulfillment infrastructure for any Chinese e-commerce firm.
Ant Group has forged a partnership with Payments Network Malaysia (PayNet). The partnership will enable travelers from eight nations – representing eight different supported digital wallets – to use PayNet’s DuitNow QR in Malaysia.
The DuitNow QR network consists of more than 1.8 million merchant touchpoints throughout Malaysia. The eight supported wallets are Alipay (China), AlipayHK (Hong Kong SAR), HelloMoney by AUB (Philippines), Hipay (Mongolia), MPay (Macau SAR), Naver Pay (Japan), Toss Pay (South Korea) and True Money (Thailand). Group CEO of PayNet Farhan Ahmad said that the cross-border digital payments collaboration with Ant Group signified “a new Silk Road emerging” that will be “powered by cross-border payment functionality.”
The Ant Group/PayNet partnership comes as a recent report commissioned by Alipay indicates that increases in average consumer spending over the past few years will help accelerate intra-Asia cross-border travel and payments. The companies noted that the partnership extends “beyond connectivity” to include joint marketing efforts that will boost merchant and brand visibility in digital wallets.
Here is our look at fintech innovation around the world.
With FinovateFall in the books, and FinovateEurope right around the corner, our Streamly Video Series is a great way to keep the conversation going between conferences!
This week, we feature three interviews from some of FinovateFall’s keynote speakers: Jacqueline Baker, Principal Consultant and Founder of Scarlet; and authors Tomas Chamorro-Premuzic; and Tommaso Di Bartolo, experts on AI and the multiverse, respectively.
Jacqueline Baker: How to Empower the Leader Within You
Tomas Chamorro-Premuzic: The Human-AI Relationship of the Future
Tommaso Di Bartolo: Living La Vida Metaverse – Are You Ready to Be Immersed?
FreedomPay, a digital commerce platform, forged a strategic partnership with micro-donation charity Pennies this week.
The partnership will integrate Pennies into FreedomPay’s technology stack.
Based in London, Pennies has facilitated nearly 200 million micro-donations since inception.
Digital commerce platform FreedomPay announced a new strategic partnership with micro-donation charity Pennies this week. Via the partnership, FreedomPay will integrate Pennies into its technology stack in what FreedomPay SVP of Global Product Delivery Tony Hammond called “a significant milestone in the fusion of commerce and philanthropy, empowering businesses to create a meaningful impact while ensuring a smooth payment experience for their customers.”
FreedomPay offers a Next Level Commerce platform that gives merchants a cloud-based solution for fast, secure payments. FreedomPay helps ensure that merchants have access to the most modern payment types and technologies. The company also supports alternative payment methods such as mobile wallets. FreedomPay manages billions of payment transactions a year; has more than 1,000 POS, PMS, kiosk, web, and mobile integrations; and serves customers in more than 75 countries around the world.
Launched in 2010 and headquartered in London, Pennies has partnered with more than 120 brands and facilitated nearly 200 million micro-donations. The company’s technology enables consumers who are paying by card or digital wallet to add a small donation to their purchase when transacting with participating brands. All of the funds raised by Pennies go to charity, whether or not the transaction takes place in-store, online, or in-app. The company has helped raise millions of pounds to fund charities in the U.K., the Republic of Ireland, and elsewhere. This week’s announcement means that FreedomPay merchants will be able to enable the Pennies micro-donation option as part of their transaction process.
“FreedomPay’s values align with Pennies own commitment to making giving simple, every day, ensuring customers have affordable ways to donate and enabling brands to generate real social impact,” Pennies CEO Alison Hutchinson said.
Headquartered in Pennsylvania, FreedomPay was founded in 2000. The company has raised more than $23 million in funding, and includes Goldman Sachs, Core Capital Partners, and TPG among its investors. Last month, FreedomPay renewed and expanded its strategic partnership with Lloyds Bank. In September, the company announced the integration of Amazon’s ID service into FreedomPay’s platform.
“With FreedomPay’s commerce tech, consumers and merchants gain access to world-class technology, including our seamless tokenization capacity,” FreedomPay President Chris Kronenthal said when the Amazon integration was announced. “This feature enhances data security while delivering the seamless, personalized experiences consumers love.”
Digital conversations platform Eltropy has integrated with Fiserv’s account processing platform Portico.
The integration will enable credit unions using Portico to use Eltropy solutions such as advanced Text, Video, and co-browsing.
Eltropy most recently demoed its technology last year at FinovateFall.
Digital conversations platform for community financial institutions (CFIs) Eltropyannounced an integration with Fiserv’s full-service account processing platform Portico today. The integration will enable credit unions using Portico to leverage a variety of Eltropy communications solutions. These include advanced Text, Video, Secure Chat, co-browsing, screen sharing, and chatbots. And all of this functionality is contained within a single platform.
“This partnership with Fiserv allows us to boost efficiency and improve communications capabilities and security – including two-factor authentication – for even more community financial institutions,” Eltropy VP of Strategic Partnerships Jason Smith said. “This integration has the potential to elevate member engagement across all channels, equipping credit unions with the tools they need to thrive in today’s competitive landscape.”
Eltropy’s technology empowers credit unions to sync contacts, send promotional texts, and offer personalized, one-on-one conversations with members. The Portico integration will support communications between departments, facilitating secure and efficient interactions between lending, collections, sales, marketing and other internal sources.
The ability to sync contacts was a particular highlight of the integration. Eltropy’s sync-up feature enables credit unions to integrate member data with Eltropy’s Digital Conversations Platform. Unveiled last month, the Digital Conversations Platform unifies Eltropy’s Video Banking, Enterprise Texting, and Digital Contact Center solutions, and adds AI capabilities, as well. This integration will give credit unions comprehensive member insights that can drive member segmentation and make more personalized products and services possible.
“Integrating Eltropy’s innovative messaging capabilities into our Portico core banking platform allows credit unions to streamline communication and enhance member engagement,” Fiserv VP of Product Management & Strategy for Credit Union Solutions Vanessa Stock said. “Messages can now be sent directly from the application, cutting call center wait times and building stronger member relationships.”
A Finovate alum since 2017, Eltropy made its most recent Finovate appearance last September at FinovateFall. At the event, the company demoed Eltropy One, the firm’s all-in-one omni-channel solution that enables FIs to manage both inbound and outbound communications from a universal console. Eltropy has forged a number of new credit union partnerships this year, including alliances with InRoads Credit Union and Cyprus Credit Union. The company has also partnered with a number of fintechs, including fellow Finovate alums Akuvo, Q2, and Alkami.
Real-time data platform Hazelcast has appointed a new Chief Technology Officer. Adrian Soars, a professional with more than 25 years of experience in financial services, will bring to the company his expertise in artificial intelligence (AI) and the implementation of high-performance data platforms.
“Adrian’s passion for solving complex problems and his experience designing real-time architectures for some of the world’s largest tech programs is a wealth of information we cannot wait to share with our customers,” Hazelcast CEO Kelly Herrell said.
Soars comes to Hazelcast after serving as Chief Technology Officer of AI company Napier. Previously, Soars held senior leadership positions at major investment banks and financial services companies. These firms include TD Securities, Standard Chartered Bank, and Deutsche Bank, among others. At Hazelcast, Soars will lead research and development (R&D) efforts to ensure the company’s continued strong technical leadership, as well as its ability to deliver competitive advantage to the firm’s customers. Soars will also lead enhancement initiatives on the Hazelcast’s platform. One major goal will be to lower the total cost of ownership of building, deploying, and maintaining real-time apps.
“The Hazelcast Platform is seriously impressive software and delivers true, real-time capabilities for enterprises,” Soars said. “And, when you factor in the platform’s unified architecture, it will make life easier for application development teams by mitigating the headaches all too common with a do-it-yourself approach,”
Hazelcast made its Finovate debut last year at FinovateEurope 2022. At the event, the company showed how its real-time data platform enables businesses to leverage a resilient and elastic memory resource for both data at rest and data in motion. Hazelcast’s technology provides real-time inventory and shipping data, detects fraud, and derives insights that enable innovations in products or services in microseconds – among many other use cases.
Founded in 2012, Hazelcast is headquartered in Palo Alto, California. This fall, the company was recognized in the Gartner Market Guide for Event Stream Processing (ESP) as a unified, real-time data platform. The recognition comes in a new category for Gartner, within the cohort of event stream processing technologies.
Hazelcast has raised more than $63 million in funding. Bain Capital Ventures and Earlybird Venture Capital are among the company’s investors.
Looking to demo your latest fintech innovation before an audience of bankers, investors, and financial services professionals? The application window for demoing companies for FinovateEurope 2024 is now open. Visit our FinovateEurope 2024 hub for more information.
