Author: Julie Muhn (@julieschicktanz)

FinovateFall Digital Day 3: Building Consumer Trust and Creating a More Open Ecosystem

FinovateFall Digital Day 3: Building Consumer Trust and Creating a More Open Ecosystem
By Julie Muhn (@julieschicktanz) Posted on
Categories: FinovateFall 2020

Finovate came back strong this morning, with excellent keynotes and a solid round of fintech demos.

Sarika Sangwan, Global Head of Strategy and Marketing- Financial Services at Pinterest kicked things off with her keynote on building consumer trust in the age of doubt. She illustrated that the best way to build trust is with intentionality and purpose. Sangwan encouraged banks to put the customer first and allow that to drive every decision they make.

The next keynote of the morning featured Tom Feher, Banking Industry Executive of U.S. Financial Services at Microsoft, who spoke on coming together to respond, recover, and reimagine during COVID-19. Feher showcased a range of solutions to help firms return to in-person operations in the midst of the pandemic. He pointed out that low code and no code solutions can not only help organizations respond to issues faster, but also reduce costs.

Today’s final keynote speaker was Paul Rohan, Head of Business Strategy- Finance at Google Cloud on how open banking is 21st century branch banking. Rohan’s discussion combined technology, sociology, and history to consider how banks can change their belief systems (as well as their computer systems) to move into a more open approach that embraces third parties.

Following this was the last set of demos:

  • Authoriti showcased the Authoriti Network that helps create new ways of preventing identity theft, fraud, and misuse of data.
  • Cirrus Secure demoed its cloud-based collaboration hub that impacts a lender’s bottom-line by creating efficiency in place of document chaos.
  • KioWare presented its touchless kiosk environment that enables kiosks to be converted to touchless operation without expensive new hardware.
  • Cinchy showed off its real-time Data Collaboration Platform that helps financial service providers solve data integration, data access, data governance, and solutions-delivery challenges.
  • Lenderfit demoed how it helps lenders close more commercial loans faster.
  • Glia showcased its digital customer service platform that connects financial institutions to their customers using chat, voice, video, cobrowsing and AI.
  • Illuma Labs demoed passive voice authentication for call centers to help banks elevate the user experience, enhance security against fraudsters, and improve operational efficiency.
  • Envestnet |Yodlee presented its data aggregation and analytics platform that provides innovation and insights for financial service providers.
  • Microsoft showcased tools to help firms protect their workforce during each phase of the return to the workplace — and beyond.
  • Horizn demoed how it helps financial institutions dramatically accelerate digital adoption with customers and employees.

Wrapping up today’s show were the Mastercard Priceless Pitches, three-minute pitches from Mastercard’s Start Path participants, including:

  • Previse showed how it leverages AI to power B2B payments and make B2B commerce more efficient.
  • Doconomy presented how it helps consumers calculate the carbon footprint of every transaction they make and offset and reduce their carbon footprint.
  • Enveil showed how it protects data-in-use to enable secure and private data sharing, search, and analytics.
  • vCita presented how it powers small business by offering them tools to manage their money, time, and clients to grow their business.

Tomorrow we’ll kick off our discussion days with another conversation at our interactive networking session, Meet at the Cafe. Afterwards we’ll feature insightful keynote presentations and breakout panels. Stay tuned!

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Square Staves Off Competition with the Launch of Two New Payroll Features

Square Staves Off Competition with the Launch of Two New Payroll Features
By Julie Muhn (@julieschicktanz) Posted on
Categories: Daily news

Since its launch in 2009, Square has always catered to small business owners. The payment services company is best known for offering micro-to-medium sized merchants an easy way to accept payments and today Square is launching two services to make those business’ payrolls even more robust.

Explaining the problem, Square Payroll GM Caroline Hollis said, “The traditional payroll process is slow and rigid, creating cash flow constraints for employees and businesses alike. This is even more pronounced now given the current economic conditions.”

The new features include On-Demand Pay for employees and Instant Payments for employers. On-Demand Pay will allow employers to offer their workers early access to some of the wages they’ve earned, while Instant Payments helps businesses fund payroll faster than the typical time of three-to-four days.

There is a bit of a catch with these services, however. Both offerings hinge on Square’s Cash App, a mobile wallet that effectively serves as a checking account for P2P payments. With On-Demand Pay, employees can transfer up to $200 of their earned wages to Square’s Cash App for free. Transfering the funds to a third party debit card, however, incurs a 1% or $2 fee. As for Instant Payments, employees that elect to be paid via Square’s Cash App receive their pay within minutes, while those paid via direct deposit get paid “as soon as the next business day.”

The new features are not new to the fintech scene. They will, however, help Square compete with new offerings from other third party fintechs and serve as a way to help Square maintain its multi-million user base of sellers.

Photo by Amy Hirschi on Unsplash

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Klarna’s $650 Million Funding Round Boosts Valuation to $10.6 Billion

Klarna’s $650 Million Funding Round Boosts Valuation to $10.6 Billion
By Julie Muhn (@julieschicktanz) Posted on
Categories: Daily news, Funding, Klarna

As the buy-now, pay-later (BNPL) craze explodes, some fintechs are in just the right place to catch the sparks. Payment services company Klarna is one of these players, and it has just landed $650 million in funding.

Today’s round adds to the company’s $1.4 billion in previously raised funds, bringing its total to just over $2 billion. The investment also boosts Klarna’s valuation to $10.6 billion, ranking the company as the highest-valued private fintech in Europe and the fourth highest worldwide.

The round was led by Silver Lake, GIC (Singapore’s sovereign wealth fund), and accounts managed by BlackRock and HMI Capital. Additional funds came from Merian Chrysalis, TCV, Northzone, and Bonnier, which have acquired shares from existing shareholders.

Klarna will use the funds to invest in product development, fuel global expansion, and build on its growth.

“We are at a true inflection point in both retail and finance,” said Klarna CEO and Co-founder Sebastian Siemiatkowski. “The shift to online retail is now truly supercharged and there is a very tangible change in the behavior of consumers who are now actively seeking services which offer convenience, flexibility and control in how they pay and an overall superior shopping experience. Klarna’s unique proposition, consumer preference and global retailer network will prove an excellent platform for further growth.”

As consumers seek alternative methods to finance their purchases, Klarna’s BNPL tool that enables users to pay in interest-free installments has gained impressive traction. The company’s shopping app has more than 12 million monthly active users worldwide, with 55,000 daily downloads.

And Klarna’s game is also strong on the merchant side of things, as many retailers have sought to increase online sales during stay-at-home orders. During the first half of 2020, the company added more than 35,000 new retailers to its existing merchant base of more than 200,000 partners including Sephora, The North Face, Timberland, and Ralph Lauren.

As a result of this growth, the company’s volume grew 44% over the first half of this year to more than $22 billion and its revenue increased 36% year-on-year to $466 million over the same period.

Photo by Jeff Kingma on Unsplash

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Digital, Demos, and Reinventing Fintech Dominate Day 1 of FinovateFall 2020

Digital, Demos, and Reinventing Fintech Dominate Day 1 of FinovateFall 2020
By Julie Muhn (@julieschicktanz) Posted on
Categories: FinovateFall 2020, Uncategorized

We were welcomed to the first day of FinovateFall 2020 by a familiar face: Finovate VP Greg Palmer. Greg kicked things off with a discussion of the importance of digital offerings, noting the increased accessibility to all.

The opening keynote was from Pablos Holman of Intellectual Ventures Lab who issued the friendly reminder that “nobody has ever invented a new technology by reading the directions.” Holman encouraged the audience to find real problems in the world and start innovating where there is a true need. He pointed out two keys to success in this type of innovation: first, form fintech-bank partnerships to give ideas the traction they need; second, run a lot of experiments by trying a handful of things to determine what works the best.

During his Mastermind keynote, Scott Gnau, VP of Data Platforms at InterSystems encouraged the audience to leverage the inflection point that is COVID-19 to focus on digital transformation and build technology that is resilient to change in the future. Part of the key to this, he explained, is to leverage partnerships but maintain ownership of your own data to remain agile.

After a round of virtual meet-ups and networking sessions, the demos began:

  • Yext kicked things off by showing how it can improve the search experience on company websites and across the entire search ecosystem.
  • Scientia Consulting presented FinTech Insights, a tool that analyzes digital banking competition in realtime behind their login screens.
  • Finzly showed its open banking platform, Finzly BankOS.
  • Lendsmart demoed its AI driven platform that solves for the lack of automation, transparency, and communication in the lending process.
  • Glance Networks presented its solution for transforming in-branch financial consultations into digital meetings.
  • Nacha demoed Phixius, a tool that enables the secure exchange of payment-related information via open APIs within a trusted network.
  • Icon Savings Plan showcased its portable, universally accessible, workplace retirement savings plan that serves as an alternative to the 401k.
  • Remitter presented its AI-powered, white-labeled digital communications platform that helps lenders maximize revenue by optimizing customer engagement.
  • DQLabs showcased its data management tools.
  • XcooBee demoed its payment workflow automation tools that combine self-checkouts and remote pay to help reduce retail touch-points and boost transactions.

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Winners of the 2020 Finovate Awards Unveiled

Winners of the 2020 Finovate Awards Unveiled
By Julie Muhn (@julieschicktanz) Posted on
Categories: Finovate Awards

Today we’re announcing the winners of the 2020 Finovate Awards, recognizing excellence in fintech across 23 different categories. This is the second year of the Finovate Awards, which aims to highlight strong work done by the companies who are driving fintech innovation forward and the individuals who are bringing new ideas to life.

This year’s Finovate Awards may not come with ballroom gowns, confetti, and cocktails, but that doesn’t make the accomplishments any less compelling. In fact, the opposite is true. To be receive an award in the midst of a global pandemic-turned-economic crisis is often the result of putting the needs of others first.

Judges for the awards include media analysts, board members, bankers, fintech founders, and more. Each were given the difficult task of taking a record number of nominations and distilling them down to just a single winner in each category.

  • Best Alternative Investment Platform: CNote
  • Best Back Office / Core-Service Provider: MAXEX
  • Best Consumer Lending Platform: NF Innova and Raiffeisen Bank Serbia
  • Best Customer Experience: Commonwealth Bank of Australia
  • Best Digital Bank: STASH
  • Best Digital Mortgage Platform: LendingHome
  • Best Enterprise Payments Solution: PaymentGalaxy by Finzly
  • Best Financial Mobile App: TMRW by United Overseas Bank
  • Best Fintech Accelerator / Incubator: The Venture Center’s FIS and ICBA Accelerators
  • Best Fintech Partnership: PPP.bank (Citizens Bank of Edmond and Teslar Software)
  • Best ID Management Solution: buguroo
  • Best Insurtech Solution: Spire by Ernst & Young
  • Best Mobile Payments Solution: Nordic API Gateway
  • Best RegTech Solution: Facteus
  • Best SMB/SME Banking Solution: ANNA Money
  • Best Use of AI/ML: Socure
  • Best Wealth Management Solution: SoFi Invest
  • Excellence in Financial Inclusion: Current
  • Excellence in Sustainability: PayActiv
  • Executive of the Year: Renaud Laplanche, Upgrade
  • Fintech Woman of the Year: Lisa Kimball, Finicity
  • Innovator of the Year: Elena Ionenko, Turnkey Lender
  • Top Emerging Tech Company: Breach Clarity

While only one company can win each category, it’s also worth recognizing the quality of all of the finalists who made it to the last stage in the process.

We owe a huge thank you to the panel of judges, followers, and everyone who took the time to submit a nomination. Congratulations to the winners!

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ABN AMRO Adds Subscription Management Courtesy of Subaio

ABN AMRO Adds Subscription Management Courtesy of Subaio
By Julie Muhn (@julieschicktanz) Posted on
Categories: Daily news, Subaio

ABN AMRO is updating its Grip app this week by integrating Subaio’s white label subscription management feature for banks.

The integration comes at a time when users are spending more than ever before on subscriptions, especially digital subscriptions such as movie streaming services and cloud storage products. According to the New York Times, consumers spent an average of $640 on digital subscriptions in 2019, up 7% from 2017.

ABN AMRO’s Grip PFM app now leverages Subaio’s subscription management feature that enables users see all of their recurring payments in one place. The tool alerts users of any changes in subscriptions and even helps them cancel subscriptions from within the app. Subaio relies on an algorithm that uses machine learning to detect patterns in frequency, amount, merchant name, and more.

“Since the launch we’ve already seen tens of thousands of Grip users coming in to see their overview and also cancel subscriptions. It’s fantastic to help people get control of their subscriptions,” said Subaio CEO Thomas Laursen.

Today’s partnership with ABN AMRO is Subaio’s seventh bank partnership. Among the company’s other partners are Nordea and challenger bank Lunar. The company has found that the average user has eight different subscriptions, and that the users are saving $253 (€213) every time they use Subaio’s solution to cancel a subscription.

Founded in 2016, Subaio showcased at FinovateEurope 2020. The company has raised $2.4 million and has 20 employees.

Photo by freestocks on Unsplash

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Who Will Be Left Holding the Bill for BNPL?

Who Will Be Left Holding the Bill for BNPL?
By Julie Muhn (@julieschicktanz) Posted on
Categories: Thought Leadership

You know that buy now, pay later (BNPL) has jumped the shark when even Cosmo is writing about it. After all, BNPL is basically millennials’ way of reverse engineering the layaway programs their parents grew up on.

Not only have we recently witnessed new fintechs launch their buy now, pay later technology, we’re seeing a large increase in incumbent players expand their existing services to include BNPL offerings, as well. Just yesterday, Fiserv announced its BNPL payment option in partnership with QuadPay, and today Standard Chartered partnered with Amazon to offer installment payment plans for customers in the UAE.

While each of the now dozens of BNPL schemes operate a bit differently, most allow the consumer to split up a purchase into multiple installments and repay over a set period of time without incurring interest. As with everything that seems too good to be true, however, negative externalities exist. Here’s a breakdown of the hidden (and not-so-hidden) costs:

The BNPL company

If a consumer makes a purchase and fails to pay one or more of the installments, the BNPL company is generally the one who feels the loss. To mitigate their losses, however, companies generally won’t allow customers to make repeat purchases if they default on a repayment. Not only this, most charge late fees and high interest (some charge up to 30%) to reclaim what they can.

The consumer

The end consumer is always responsible for knowing the repayment arrangement. However, mistakes happen and if the buyer is unable (or forgets) to pay one of the installments, they face multiple costly consequences. As mentioned above, the consumer in default generally faces a late fee. Klarna, for example, charges $35 per month for missed payments. Additionally, while most BNPL offerings are interest-free, some charge high interest on missed payments.

Merchants

Merchants have a pretty good end of the deal when it comes to BNPL. Many offerings allow them to receive the full amount of the buyer’s purchase up-front, and they are not on the hook if the buyer defaults. Some, such as Splitit, allow the merchant to choose a lower fee if they receive the payment as the consumer repays their monthly installments.

The pricing model for merchants vary. Among some of the fees that BNPL companies advertise are: up to 6% plus $0.30 per transaction, 1.5% plus $1.50 per transaction, or 3% plus $1 per transaction.

Banks

While the banks typically aren’t a party to BNPL transactions, these new payment schemes are still costing them. How? Many shoppers are using BNPL to circumvent credit cards, which charge compounding interest each month. For users that are in the habit of financing large purchases, it makes more sense to pay for the purchase over the course of four months, interest-free, than to incur credit card debt by only paying the minimum balance.

Photo by Marika Sartori on Unsplash

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Credit Suisse Launches Challenger Bank Competitor

Credit Suisse Launches Challenger Bank Competitor
By Julie Muhn (@julieschicktanz) Posted on
Categories: Daily news

Challenger banks have been slowly making their way into the mainstream banking sector. By offering competitive rates, unique services, and digital-first user experiences, this new breed of banks has disrupted the traditional banking scene, causing some incumbents to rethink their approach.

This certainly seems to be the case with Credit Suisse, a 164-year-old bank. The Switzerland-based firm is steeling itself against challengers by launching its own digital bank, CSX. The new offering aims to be a hybrid approach between challengers and incumbents, and “combines the flexibility and cost effectiveness” of a digital bank with “the comprehensive range of services and expertise” of a traditional bank.

“CSX is intended for all private clients in Switzerland who want to complete their banking business swiftly and easily and who value digital, professional financial advice,” said Anke Bridge Haux, Head of Digital Banking at Credit Suisse. “Of course, we are still available to serve our clients in person. CSX clients can decide for themselves how they want to interact with us, depending on their individual needs.”

In order to serve clients from a range of demographics, Credit Suisse’s new digital bank will be divided into two offerings, CSX and CSX Young. Both take a mobile-first approach, from onboarding to a virtual debit card. Credit Suisse will launch the two accounts at the end of next month. After launching, the app will add services including investments, pensions, and mortgages.

In conjunction with today’s digital banking announcement, Credit Suisse also unveiled plans for a new concept branch that focuses on personalized advice. The bank is piloting the new concept at a new branch in Zurich and is building out the idea with a Digital Bar that offers interactive, personalized advice via video conferencing. Branch locations will also include co-working spaces, multimedia group rooms, and an event zone that can be booked by third parties.

Photo by Birmingham Museums Trust on Unsplash

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Payoneer Launches Cross-Border Tool for Banks

Payoneer Launches Cross-Border Tool for Banks
By Julie Muhn (@julieschicktanz) Posted on
Categories: Daily news, Payoneer

Cross-border payments platform Payoneer announced a major development this week. The New York-based company unveiled Payoneer for Banks, a tool to help banks make and receive cross-border payments.

The company’s new bank partnerships will offer secure low-cost international payments made in real time using the banks’ existing infrastructure. “By integrating with our APIs, banks can offer a seamless cross-border payments experience to their customers with low investment, which offers the potential for additional revenues, enriched offerings for customers and a competitive advantage,” said Eyal Moldovan, General Manager of SMBs for Payoneer.

The company reports it has already signed on 10 banks, challenger banks, and eWallets in 10 countries and it is in the middle of launching more partnerships. Among the list of disclosed partners are ANNA Money in the U.K.; Bank Asia in Bangladesh; BSB Bank in Belarus; EasyPay in Armenia; GCash, the leading mobile wallet in the Philippines; eZ Cash in Sri Lanka; Faysal Bank and JazzCash in Pakistan; Kuda Bank in Nigeria; Privatbank and Monobank in Ukraine; and Prex in Argentina.

Payoneer noted that now is an ideal time for the bank-focused product since many operations are moving to digital channels and international payment capabilities remain slow and unreliable.

“We focus on creating a bank that customers would love, and that drives a lot of our decisions,” said Monobank Cofounder Michael Rogalskiy. “It was extremely easy to work with Payoneer, because we have the same shared values and the same ideas around money transfers. Our integration allows our customers to have a better user experience, lower fees, and faster access to their international earnings. It’s a relationship that brings value for us, for Payoneer, and for our shared customers.”

Photo by Icons8 Team on Unsplash

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Four Digital Bonuses at FinovateFall

Four Digital Bonuses at FinovateFall
By Julie Muhn (@julieschicktanz) Posted on
Categories: FinovateFall 2020

Everyone knows that just because something is digital doesn’t mean it can’t be interactive. Many times, in fact, the opposite is true, and that’s the case with this year’s FinovateFall Digital event.

Not only will the demos and discussion content be on-point, we’ll have lots of focused networking opportunities throughout the five-day event to enable you to make valuable connections Finovate is known for.

But the interactivity at FinovateFall extends far beyond networking. Here are five elements we’ve added to the digital show to make it even more “extra.”

Scavenger hunt

Attendees will earn points by watching content, connecting with attendees, exploring the Central Park map, and finding buried easter eggs. Be sure to attend the right sessions and accomplish all the activities needed to complete the hunt.

Donations

We’ve teamed up with No Kid Hungry as our charity partner for FinovateFall. Because of coronavirus, one in four children face hunger this year in the United States alone. Additionally, with physical school closures, the approximately 30 million children on free or reduced-fee school lunches will struggle to find a warm meal every day.

If 200 attendees donate just $25, we’ll meet our $5,000 goal for FinovateFall and No Kid Hungry.

Finshape

Public health officials say that exercise — while undoubtedly crucial under normal circumstances — is essential to your physical health and mental well-being during the COVID-19 pandemic. So as part of the event next week, we want you to take the time to focus on your health and fitness.

We’ve built in hour-long lunches and ended content by 4pm each day to make sure you still have time for your healthy habits. Track your total health and fitness minutes per day for the chance to win a raffle prize. Plus, exercising will also earn you points for the scavenger hunt.

On Demand content

While immersive, thought provoking and insightful, let’s not forget about the lighter side of events, too. The on demand exclusive content we’ve put together for the event explores the fun side of demoers, speakers, and attendees. Hear everything from their thoughts on industry trends to their favorite Halloween costume. The quick videos are not only informative, but also entertaining.

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Wealthfront Unveils First Product in Self-Driving Money Suite

Wealthfront Unveils First Product in Self-Driving Money Suite
By Julie Muhn (@julieschicktanz) Posted on
Categories: Daily news, Wealthfront

The fintech industry has long fantasized about automating finances. The earliest example of this is automatic billpay, which is so common today it is considered table stakes.

Wealthtech player Wealthfront is taking personal finance automation to a new level today with the launch of Autopilot, the first service under the company’s Self-Driving Money umbrella. Autopilot takes Wealthfront Cash clients’ savings and automatically monitors their balances and moves money around on their behalf to maximize their savings and returns.

Wealthfront Cash is a challenger banking service the company launched last year. The account, which is key to the company’s Self-Driving Money concept, is fee-free and pays accountholders 0.35% APY on their savings. When an accountholder’s paycheck is deposited into their account, Wealthfront optimizes the allocation of the funds by automatically paying bills and routing the remaining funds to investments, savings accounts, debt payoff, etc.

“Our clients are diligent savers and follow best practices to grow their savings, but they struggle to prioritize managing their finances among a long list of competing priorities,” said Chris Hutchins, Wealthfront’s Head of Autonomous Financial Planning. “This can lead to missed days in the market or missed days of compounding interest, which has a huge negative impact on your long term net worth. Autopilot is your free financial assistant, automating your financial tasks to ensure your savings are put to work immediately in the best account for your goals.”

Wealthfront’s next development will improve upon the speed of money movement within its ecosystem by implementing services such as same-day investing. The company already offers clients the option to receive their paychecks up to two days early when they use direct deposit with their Wealthfront Cash account.

“We’ve set out to build a new system that makes money with our clients, not off of them as traditional banks do,” said Wealthfront Co-founder Dan Carroll. “The system we’re building has the potential to be one of the biggest wealth creation engines of our generation, automatically optimizing your money in the background while saving you time and stress.”

Photo by Nathan Lindahl on Unsplash

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Sezzle Launches Virtual Card to Bring Buy Now, Pay Later into Brick-and-Mortar Stores

Sezzle Launches Virtual Card to Bring Buy Now, Pay Later into Brick-and-Mortar Stores
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Daily news, Sezzle

Buy Now Pay Later (BNPL) is having a moment in fintech. And one of the leading players in the space is expanding its innovations into the offline realm.

Minnesota-based Sezzle unveiled its virtual payments card this week, helping users benefit from its BNPL technology during their in-store shopping trips. The company has partnered with card issuing platform Marqeta to power its new virtual card.

Sezzle virtual cardholders will be able to use Sezzle’s installment payments technology in-store at retailers that already accept Apple Pay and Google Pay, as well as online. The purchases are interest-free and can be split into four installments, paid out over six weeks.

Sezzle Virtual Card

“As traditional, in-store retail re-emerges, it’s critical that we support our merchant partners by giving them new tools to jump-start sales, both online and in-store,” said Sezzle Co-founder and Chief Technology Officer Killian Brackey. “As a proven solution for driving incremental sales and new customer growth, we are thrilled to publicly announce an easy way for U.S. retailers to offer Buy Now, Pay Later in store.”

The in-store user experience is simple. At checkout, consumers authenticate themselves and tap their phone at the point-of-sale terminal, which will activate their Sezzle card.

Sezzle’s news comes on the heels of PayPal’s announcement that it plans to add a BNPL competitor. The payments giant revealed on Monday the launch of Pay in 4, a short-term payments installment product for U.S. customers. 

Four-year-old Sezzle, which listed on the Australian Stock Exchange (ASX) last summer, has seen a recent uptick in adoption, spurred by the economic effects of the coronavirus. The company added 325,000 new users in the second quarter of this year, up 326% from the same period last year. Sezzle has a market capitalization of $848 million.

Photo by Pat Farrell on Unsplash

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