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Finovate Blog
Tracking fintech, banking & financial services innovations since 1994
While some of the audience got a head start yesterday with the Summit Day discussions, today is the start of our mainstage event.
As a reminder, we’ve moved the event to the Hilton Union Square in San Francisco. And tickets are available at the registration desk so there’s still time to take part in the action.
Registration opens at 8:30 a.m. Be sure to come early to grab your badge and enjoy a cup of coffee and breakfast while you network. The demos will start at 9:30 a.m., so give yourself enough time to find a good seat in the auditorium.
Here’s an outline of the rest of today’s schedule:
Prepaid payments innovator InComm is expanding into wearables this week. The Georgia-based company announced its MyVanilla Prepaid Mastercard is compatible with Fitbit Pay and Garmin Pay.
This is the first prepaid card to work with Fitbit and Garmin; prior to today’s announcement both were limited to debit and credit cards.
“The payments industry is steadily moving toward a digital ecosystem, and we are ensuring both consumers and our retail partners are ready for this change,” said Michael Parlotto, Vice President of Emerging Technologies at InComm. “Bringing MyVanilla to Fitbit Pay and Garmin Pay allows consumers to quickly and confidently use their prepaid cards on the go.”
With the launch, consumers using the MyVanilla general purpose reloadable (GPR) prepaid card can make payments using Fitbit’s and Garmin’s mobile wallets at locations where Mastercard prepaid payments are accepted. Compatible devices include the Fitbit Charge 3, Fitbit Ionic, and Fitbit Versa; as well as the Garmin D2 Delta, Garmin fenix 5, Garmin Forerunner 645, and Garmin vivoactive 3.
The consumer’s card number is never stored on their wearable device. Rather, the device generates a unique token to process the transaction, ensuring card number secrecy in the event the watch is lost or stolen.
Along with the wearables announcement, InComm unveiled it will bring NFC capabilities to retailers in its payment network. This update will allow InComm prepaid cardholders to reload Vanilla Prepaid cards that are connected to mobile wallets by tapping their NFC-capable phone. “[O]ur launch of tap-to-reload capabilities expands our suite of payment processing tools to include full lifecycle management of the mobile payments ecosystem, from provisioning capabilities to reload processing,” said Parlotto.
Fiserv has gained three Canadian credit unions for its DNA core system, reports Martin Whybrow of Fintech Futures (Finovate’s sister publication).
These are Carpathia Credit Union, based in Winnipeg, Manitoba, and Toronto-based duo, Estonian Credit Union, and Parama Credit Union.
Canadian service provider, Celero, has been recruited to work on the projects, having implemented Fiserv solutions at other Canadian credit unions over the years.
Drivers given for the decision include a desire to automate and streamline operations, simplify the creation of new products, and activate a full range of integrated digital services for their members.
Among other reasons for the selection, Nick Rawluk, CEO at Carpathia Credit Union, cites, “the proven track-record of continuous investment in DNA”.
DNA, which Fiserv acquired with Open Solutions in early 2013, is used by more than 100 credit unions in Canada, including 60 of the top 100 based on assets, serving more than 1.2 million members.
The Microsoft and Oracle-based system started life in the early 1990s as The Complete Banking Solution (TCBS). From the outset there was a credit union version with the same code base, The Complete Credit Union Solution (TCCUS), and this has always been a strong sector for the system.
Fiserv recently appeared on the FinovateSpring 2018 stage alongside Samsung SDS, where the two showcased how Samsung SDS integrates its biometric authentication and collaboration solutions into Fiserv’s Commercial Center: Security (CC:S) to create a more secure and convenient digital banking experience. Some of the company’s recent partners include Eurasian Bank, NBT Bank, and Hellenic Bank.
Silicon Canals listsKantox among 10 hottest Barcelona fintech startups to work for in 2019.
PYMNTS interviewsEntersekt’s country manager of Canada Christian Ali.
Tunisian bank selectsTemenos to drive digital transformation and future growth.
Diebold Nixdorfexpands partnership with Belgian-owned Belfius Bank and Insurance to improve the UX for the bank’s 3.5 million consumers.
BlueVine and Nationwide partner to launch Pitch to Win small business contest with $100,000 prize.
Kabbage partners with the Building Trades Employers’ Association to provide members, specifically women and minority-owned business contractors, access to funding.
Micronotessees triple-digit YOY client growth in Q1 2019
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.
It’s rehearsal day, so while companies are practicing their demos on stage in the auditorium, sponsors are setting up their booths in the networking hall. And you can prepare too– check out our Sneak Peek blog series to get an advance look at what each of the companies will unveil on stage and take a look at some of the themes that will pulse throughout the show.
AI and CX Summit
The precursor to the event begins today. Don’t miss our exclusive Summit Day that covers all you need to know about the latest in AI and Customer Experience as it relates to fintech and banking. Registration opens at 8:15 a.m. and the first session begins at 9 a.m.
Demo days
FinovateSpring begins tomorrow on Wednesday, May 8. Registration opens at 8:30 and the show kicks off at 9:30. Our 60 demo companies will take the stage on the first two days. Demos will be intermixed with keynote speakers, the Analyst All Star session, and networking. The demos wrap up on May 9 and the Best of Show winners will be announced that afternoon during happy hour.
Context day
Once the Best of Show winners have been crowned, it’s time to put it all into context. Registration for the final day of FinovateSpring begins at 8 a.m. and opening remarks start at 8:30. Prepare to hear plenty of insightful keynote addresses, panels, and discussions around community banking, digital banking, digital lending, and digital payments.
Feel free to contact us with any questions. We’ll see you in San Francisco!
First Hawaiian is changing core systems but staying within the FIS camp. It has used the supplier’s mainframe-based Systematics for many years and has opted for the same supplier’s IBS core platform as the replacement, reports Martin Whybrow of Fintech Futures (Finovate’s sister publication).
The project includes FIS’s Digital One omni-channel platform at the front-end. Another component is FIS’s Code Connect API layer for connectivity.
The choice of core system and channel solutions comes despite the bank signing in 2015 with FIS’s fellow U.S. heavyweight competitor, Fiserv, for a range of front-end systems. These included Fiserv’s Corillian Online for online banking, Mobiliti for mobile banking, CheckFree RXP for electronic bill payment, a personal payments service, Popmoney, and personal finance management tool, AllData.
As with FIS, Fiserv has a range of core banking systems. FIS’s long-standing IBS was gained with one of the supplier’s acquisitions, that of Metavante in 2009. IBS covers payments, deposits, lending, card processing, accounting and reporting, risk and compliance, sales and service, imaging, data warehouse and analytics, and cash management.
First Hawaiian is the oldest and largest full-service bank in Hawaii with more than $20 billion in assets. The bank has 55 branch locations in Hawaii, three on Guam, and two in Saipan. It is undertaking a major enterprise-wide effort that it says is focused on delivering “a customer-centric experience that inspires loyalty and enhances the capabilities of their retail branch network.”
The new core system is intended to provide the bank with “advanced digital capabilities for seamless customer experience, rich data analytics for informed decision-making, and the ability to easily integrate with third-party applications.”
FIS most recently demoed at FinovateFall 2016. The company debuted its Cardless Cash solution that provides fast, secure options for sending and picking up cash at any ATM. Headquartered in Florida, FIS’ solutions move $9 trillion each year for 20,000 clients in 130 countries.
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.
Three Canadian Credit Unions selectFiserv’s core platform.
Rippleto power instant global payments for Ria Money.
Persistent Systemsjoins Siemens’ MindSphere Partner Program to bring Industrial IoT solutions to market.
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.
What’s new and what’s next in fintech? How are all of those 2019 industry predictions panning out?
One of the best ways to gauge what’s trending is to attend FinovateSpring, which will be taking place next week, May 8 through 10, in San Francisco. If you haven’t already, be sure to register today so you don’t miss out!
The word cloud above outlines trends the demoing companies will present on stage. Here’s my take:
Dominant themes
Artificial Intelligence Is anyone surprised to see AI as the top trend at this year’s show? Fintechs and banks alike are leveraging the enabling technology to build out use cases across the sector from security, to investment, to marketing, and more. You can expect to see this theme pulse throughout the demos this year.
Data If AI is a jet engine, data is jet fuel. No matter how powerful the plane, it won’t move without the propellant. Financial services generate a lot of data and fintechs are ready to show you how to put it to use.
Sales Banks know that no matter how much money you pour into a new offering, products don’t sell themselves and up-selling and cross-selling aren’t always straightforward. So whether it’s wealth management or accounting tools, checking accounts or lending products, fintechs are ready to help bring in revenue.
APIs/SDKs What’s a fintech without an API these days? Using an API or SDK helps fintechs give the keys to their technology to another business or organization. Prepare to see most companies allowing you to tap into their technologies with their own API and/or SDK.
Dwarfed topics
Algorithmic Investing Wealthtech solutions were red hot in 2015, but while they are as relevant as ever, their popularity has been minimized by the takeover of topics such as AI, machine learning, and voice banking. And while companies have been using algorithms for years to disrupt this space, other topics are rising to the top of the popularity list.
Alt Payments This is another trend that’s been around for awhile. In fact, it’s a topic startups have been tackling since the dawn of fintech. However, since consumers are still comfortable paying by credit card, cash, and in some cases even by check, alternative payments technology hasn’t accelerated quickly.
Insurtech In the U.S., insurtech has been slow to excite both consumers and banks. There is clearly a market for insurance solutions in financial services, but it’s a small one.
What I’ll be watching
Alternative banking services, such as products for unbanked and underbanked populations are making a slow but steady rise in fintech. Big banks struggle to serve this market, which can be less than profitable, but many fintechs have found ways to deal with the risk and create a product that is relatable for the underserved audience.
There’s still time to book your ticket for FinovateSpring. And it’s worth coming a day early to attend the Summit Day on May 7. The Summit Day will feature in-depth discussions on customer experience and AI. Check out what to expect from the AI Summit and what you’ll get out of the Customer Experience Summit.
A look at the companies demoing at FinovateAsia Digital on June 22, 2021. Register today and save your spot.
UniPAY is an all-in-one core payment solution for B2P, B2B, banks, and emerging markets vendors.
Presenter
Koba Kurdadze, Founder and CEO Kurdadze is an experienced Chief Executive Officer with a demonstrated history of working in the financial services industry. He is skilled in business planning, analytical skills, risk management, e-commerce, and the blockchain. LinkedIn
A look at the companies demoing at FinovateAsia Digital on June 22, 2021. Register today and save your spot.
Glia (formerly SaleMove) is a next-generation digital communications platform for companies to connect with their customers using messaging, video, cobrowsing, and AI.
Features
Improve the customer experience
Drive online sales conversion
Improve contact center efficiency
Why it’s great Glia creates digital-first moments that simplify and transform communications between businesses and their customers.
Presenter
Dan Michaeli, Co-founder & CEO Michaeli is the CEO and Co-founder of Glia, where he is responsible for recruiting, sales, and marketing. He is originally from Guatemala and is a proud graduate of the University of Pennsylvania. LinkedIn
A look at the companies demoing at FinovateAsia Digital on June 22, 2021. Register today and save your spot.
Terafina’s omnichannel sales solution helps banks and credit unions unify the customer experience across digital, branches, and call centers to deepen client relationships and grow sales.
Features
Receive a simple, secure, and seamless account opening experience
Deliver proactive intervention to reduce abandonment rate
Deepen relationships through a multi-product, omnichannel experience
Why it’s great Terafina’s rapidly growing customer base of banks and credit unions experiences an average of 18% to 35% sales conversion boost across their product lines.
Presenters
Jason Hillner, Senior Director of Sales Hillner has over 20 years of experience helping financial institutions find, implement, and use technology to improve the customer experience. LinkedIn
Sunil Krishnan, Head of Engineering With over 15 years architecting and designing high performance core banking and origination systems, Krishnan brings extensive expertise to delivering continuous value to banks and credit unions. LinkedIn
