FinovateFall Sneak Peek: Launchfire

FinovateFall Sneak Peek: Launchfire

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

Launchfire helps financial institutions drive digital adoption. It will be presenting its new game-based platform, Lemonade, which helps turn frontline staff into digital advocates.

Features

  • Quickly bring frontline staff up-to-speed on new digital products
  • Increase staff confidence using and recommending products to customers
  • Support both staff and customers with product simulations

Why it’s great
Lemonade gives frontline staff the knowledge, tools, and confidence they need to promote and support your digital products.

Presenter

Romeo Maione, Program Designer & Strategist
Maione spent six years as an international debater, becoming North American Champ in 2012. Now he helps FIs increase adoption of their digital products, as program designer and strategist at Launchfire.
LinkedIn

FinovateFall Sneak Peek: CrediVia

FinovateFall Sneak Peek: CrediVia

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

CrediVia is launching an online marketplace for smarter, simpler, faster commercial real estate loans, initially focused on the hospitality segment.

Features

  • Efficiently captures complete, accurate commercial real estate loan application data
  • Connects single loan requests to multiple viable lenders
  • Provides reports and analytics for faster loan decisioning and approval

Why it’s great
CrediVia is establishing new standards for the way to credit CRE loans. Its platform identifies the story behind lender and borrower needs, producing lasting relationships.

Presenters

Anuj N. Mittal, CEO and Co-Founder
Mittal’s personal frustrations as both a borrower and banker inspired CrediVia. His vision is to eliminate the broken, impersonal financing that strains lender-borrower relationships and delays funding.
LinkedIn

Ajay Jain, Ph.D., Chief Product Officer and Co-Founder
Jain champions CrediVia’s product innovation and development. His 20+ years of experience includes building multiple commercial software applications for a startup that was successfully acquired.
LinkedIn

FinovateFall Sneak Peek: Tolerisk

FinovateFall Sneak Peek: Tolerisk

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

Tolerisk pioneered two-dimensional risk assessment and is now introducing Tolerisk 401(k), a tool allowing advisors to provide custom financial planning advice in minutes, not hours.

Features

  • Offers deep analytics and a simple user interface
  • Creates a custom glide path for participant’s asset allocation
  • Eliminates the need for generic target date funds

Why it’s great
Through better technology, advisors can provide 401(k) participants with custom financial planning and investment advice without raising fees or wasting time.

Presenter
Mark Friedenthal, Founder and CEO
Friedenthal combined his experience as a regulator, institutional risk manager and RIA executive to create Tolerisk, the paradigm in fiduciary risk tolerance and planning.

FinovateFall Sneak Peek: Horizn

FinovateFall Sneak Peek: Horizn

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

Horizn’s award-winning Horizn Knowledge Platform helps financial institutions dramatically accelerate market adoption of digital innovation and new products, with both employees and customers.

Features

  • Gets employees and customers fluent on the latest digital innovations
  • Improves customer experience and drives digital adoption
  • Combines micro-learning, social technologies, gamification, and analytics

Why it’s great
Using Horizn, banks increased digital adoption by 25% and brought call center times down by 45 seconds. After using the in-branch demo with non-digital customers, up to 20% converted to digital banking.

Presenters

Janice Diner, CEO and Founding Partner
Diner founded Horizn in 2012. Her creative vision and determination has made Horizn a world-class SaaS company with a platform used by 60 million bank customers.
LinkedIn

Steve Frook, VP Sales
As VP Sales at Horizn, Frook works closely with financial institutions to significantly increase adoption and awareness of new and existing innovations.
LinkedIn

FinovateFall Sneak Peek: Tala Security

FinovateFall Sneak Peek: Tala Security

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

Tala is a startup that enables enterprises to deliver the most secure and trusted web experience to their customers across PC and mobile devices.

Features

  • Comprehensive protection against server-side, client-side, and third-party attacks
  • Completely automated and easy to manage
  • Agent-less, no change to the website or end user device

Why it’s great
With Tala, enterprises can increase site conversion rates and customer satisfaction, prevent loss of customer data, and recover lost online revenue.

Presenters

Aanand Krishnan, CEO
Krishnan is an experienced technology and security leader with a track record of introducing industry leading products. His previous firms include Symantec and Morgan Stanley.
LinkedIn

Siddhesh Yawalkar, Senior Software Engineer
Yawalkar is a Senior Software Engineer at Tala and works on Threat Intelligence and Analytics. He has an MSEE from Georgia Tech.
LinkedIn

SigFig Buys SmartWealth from UBS

SigFig Buys SmartWealth from UBS

Wealthtech company SigFig announced a big purchase today. The San Francisco-based company bought SmartWealth roboadvisory technology from UBS for an undisclosed amount.

In a memo, UBS’ Eva Lindholm, head of Wealth Management U.K., and Reto Wangler, chief operating officer of Global Wealth Management, said the company found “limited short-term potential” for SmartWealth after launching it in 2017. The SmartWealth technology was aimed to serve wealthy investors, requiring a minimum investment of $19,500. Though the Swiss bank originally aimed to expand the roboadvisory service, a management reorganization resulted in a redistribution of resources, ultimately cutting off funds for SmartWealth.

Under the sale, SigFig will receive the SmartWealth technology (not the clients). “We’re pleased, however, to have entered into an agreement to sell the intellectual property relating to UBS SmartWealth to SigFig – a financial technology firm that we have an equity stake in and with whom we’ve been working for two years in the U.S.,” the memo added.

SigFig CEO Mike Sha said, “This acquisition underscores our strong, growing relationship with UBS, as we work together to provide better digital financial solutions to advisors and their clients.” UBS has been working with the fintech for the past two years. “We saw this deal as a perfect opportunity to quickly establish a veteran technology team and UK compliant offering,” added Sha.

Launched in 2007 under the name Wikinvest, SigFig is a wealth-tech pioneer with more than $114 million AUM. Co-founder Parker Conrad debuted the company’s Actionable Advice offering at FinovateFall 2011. Earlier this year, the company closed on $50 million in funding, bringing its total capital to $117 million.

Deserve Raises $17 Million in Equity Funding

Deserve Raises $17 Million in Equity Funding

Credit-building payment card innovator Deserve just closed $17 million in equity funding this week. Contributors to the round include new investor Sallie Mae, as well as existing backers Accel, Pelion, Aspect Ventures, and Mission Holdings. This brings the company’s combined debt and equity funding to $95.5 million.

The California-based company will use the funds to build out its platform and add partners to its reward programs. The company currently offers users deals with six partners, including Amazon Prime, T-Mobile, and Wikipedia.

Originally known as SelfScore, Deserve rebranded in 2017 to enhance its focus on serving college students and Generation Z. The company offers Mastercard-branded credit cards for young, financially underserved consumers and others with thin credit files. The cards are made to appeal to international students and others, such as the company’s Founder and CEO Kalpesh Kapadia, who have recently moved to the U.S. and are having difficulty accessing credit. When it came to applying for credit in the U.S., Kapadia told Business Insider, “I got rejected every time. It was mostly for credit cards and student loans, given that I didn’t have a credit card history in the country.”

Deserve has three card options: Deserve Edu, which offers student benefits such as 1% back on all purchases and a free subscription to Amazon Prime Student; Deserve Pro, which offers no foreign transaction fees and 1% to 3% back on purchases; and Deserve Classic, which is specifically designed to help users build their credit.

The company leverages non-traditional data such as current financial health, education history, future employability, and projected potential earnings. Deserve combines those factors into a machine learning algorithm to determine applicants’ credit eligibility. The company’s cards are open to U.S. citizens, green card holders, registered international students, and H1B or L1 visa holders.

Founded in 2012, Deserve demoed a consumer behavior analytics service at FinovateFall 2014 under the name SelfScore. The company’s accounts are issued by Utah-based Celtic Bank. In April, Deserve closed on $50 million in debt financing to drive growth in accounts receivables.

Diebold Nixdorf Receives $650 Million Capital Commitment

Diebold Nixdorf Receives $650 Million Capital Commitment

Financial services, software, and hardware provider Diebold Nixdorf secured a commitment of $650 million in capital this week. The loan is coming from two unidentified, institutional lenders and repayment is due in August 2022.

The Ohio-based company will use the loan to acquire remaining shares of Diebold Nixdorf, repay debt, and fund its DN Now operational improvement plan. The loan is expected to be completed within the coming days.

Bloomberg reported earlier this month that the company may be experiencing a “potential liquidity crisis” and that “Diebold is trying to negotiate easier terms with its lenders, the second change in four months, to allow for greater leverage in its debt covenants.”

Diebold Nixdorf demoed on the Finovate stage alongside Zenmonics at FinovateFall 2014, showcasing an in-lobby terminal. Founded in 1859, the company is partnered with almost all of the world’s top 100 banks and most of the top 25 global retailers. Diebold Nixdorf’s employees help bring solutions to more than 130 countries.

A Framework for Your 2019 Fintech Strategy

A Framework for Your 2019 Fintech Strategy

FinovateFall is going beyond the demos again this year to bring you more content. In addition to two days of live demos from 80 fintech companies, we’ll have an extra discussion day to help you break down and digest some of the new technologies. You’ll also have a chance to present your own thoughts and questions to fintech thought leaders.

The discussion day will take place on September 26, following two days of demos on September 24 and 25, at the Marriott Marquis Times Square in New York. These are the conversations that will shape your bank’s 2019 strategy, so be sure to register.

Here is just a handful of topics we’ll cover:

The future of payments

Payments have changed since the dawn of fintech. However, many old habits, such as writing checks and swiping magstripe credit cards, have not changed. Other ideas, such as mobile wallets and tap-to-pay technologies have struggled to gain ground. We’ll discuss these thoughts, as well as voice-driven payments, new technologies, and how millennials are determining the future of digital payments.

Digital transformation

Is digital transformation simply a buzzword or is it a requirement for success and survival in 2019? Digital Transformation involves a broad scope of banks’ operations and we’ll have a chance to hear the experts break down what it means to them and why they think it’s worth paying attention to.

Cybersecurity and risk management

In order to stay one step ahead of hackers, techniques in cybersecurity are constantly advancing by leveraging technologies such as AI and the blockchain. We’ll host a team of analysts, bankers, and hackers as they discuss the threats and opportunities in this space.

Voice banking

AI, natural language processing, conversational banking, and chatbots have bubbled to the top as some of the hottest new fintech trends this year. Voice has been called the next user interface and there’s been plenty of discussion on how consumers will usher in the new era of conversational banking. We’ll hear from banks, analysts, and successful startups on developments they’ve seen in this space and advice they have on where to invest for the future.

Blockchain uses and crypto exchanges

It wouldn’t be a fintech conference without a blockchain discussion– and for good reason. The enabling technology has opened up new possibilities for old banking ideas such as currency, payments, contracts, audit compliance, and more. If you’re feeling behind on leveraging blockchain opportunities, be sure to tune into one of these sessions. And don’t miss discussions on crypto exchanges– because the blockchain and cryptocurrencies are way more than just bitcoin.

Building partnerships

While we can’t settle the build vs. buy dilemma for you, we will offer up our thoughts on the importance of partnerships in banking and fintech. Most fintechs need banks to survive, and many banks thrive off the new ideas and capabilities that fintech companies open up for their institutions. These sessions will capture ideas on how to create a win-win partnership that focuses on utility and efficiency.

Data

From its role in alternative credit scoring technologies to the latest robo advisory tools, data has a place across the fintech sector. As evidenced by the title of our data session, Data as Oxygen, we think it’s a pretty important resource. We’ll hear from top-tier banks, startups, and other financial services companies as they discuss how they use data and where they see the data revolution headed next.

Financing

As a staple banking activity, lending will take one of the starring roles in our discussion day. While lending basics have remained the same, new enabling technologies have recently opened up new opportunities in the space. Artificial intelligence and machine learning have changed the way underwriters look at risk and credit scoring, while point of sale financing technologies have advanced far beyond layaway thanks to real-time risk analyses. These are just some of the topics that will be featured on the Digital Lending Stage at FinovateFall next month.


We’ll also feature highlights such as:

  • Analyst all-stars
  • Debates on the future of digital financial services
  • Accelerator showcase

And be sure to check out our loaded list of 80 demoing companies that will take the stage on September 24 and 25. On the Finovate blog, we’re highlighting select companies in our Sneak Peek series to give you an advanced look at what to expect on stage.

Mint Brings User Interface into 2018

Mint Brings User Interface into 2018

The last time I covered Mint was in 2014. And the company’s last press release was in 2016. So it was good to see an update from Mint today, even if that update is slightly underwhelming– an announcement of a refreshed user interface.

The Intuit-owned company has updated the design of its iOS app to offer a sleek design as well as a simplified view of important changes in users’ finances. Mint listened to user feedback and brought financial data to the foreground, requiring fewer clicks to find it.

Along with these changes, the company is also rolling out Mintsights, a new feature to help iOS users stay on top of their budget. The tool leverages users’ financial data to offer data-driven insights and money saving offers. Mintsights will be launched to iOS users in the next few months and the company reports that updates to its Android and web interfaces are coming soon.

Founded in 2006, Mint found early fintech success when it was acquired by Intuit in 2009. The company’s founder, Aaron Patzer, demoed the budgeting technology at the very first Finovate conference in 2007. While Mint has remained fairly quiet since its introduction of Mint Bills in December 2016, the company has stayed focused on the consumer-facing side of its business, publishing blog posts and adding investment, credit, insurance, and lending offers targeting millennials.

Entrust Datacard Sees Fruit from NASA’s Jet Propulsion Laboratory

Entrust Datacard Sees Fruit from NASA’s Jet Propulsion Laboratory

Identity authentication and secure card issuance company Entrust Datacard announced enhancements to its Mobile Smart Credential solution this week. Overall, the changes help guard against security threats without compromising the user experience.

The Minnesota-based company’s main enhancement to its password-free mobile login experience is the addition of Bluetooth login support. The Mobile Smart Credential solution’s Bluetooth enhancement offers proximity-based VPN and workstation admittance, as well as access to cloud applications, legacy applications and physical door access. Instead of  passwords or two-factor authentication, the user’s mobile device is their key.

Ryan Zlockie, global vice president of authentication solutions for Entrust Datacard, called mobile devices “an extension of our identity.” He added, “Like a mobile wallet for payments, Mobile Smart Credential is a virtual employee ID that provides unfettered access to all of the digital and physical places where employees need to do their job. And, by removing friction to the authentication process, organizations are able to streamline operations, increase productivity and provides a better user experience for their employees, which leads to greater overall employee satisfaction.”

The Bluetooth functionality, which Entrust Datacard sees as another step in its journey to “zero-factor authentication,” is the result of the company’s collaboration with NASA’s Jet Propulsion Laboratory (JPL). In December of 2017, Entrust Datacard participated in an advanced authentication lab at JPL to test authentication experiences that increase security.

Entrust Datacard was founded in 1969 and presented at FinDEVr Silicon Valley 2016. Jason Soroko, Security Technologies Manager, and Matt Rose, Technical Sales Consultant, spoke to the audience of developers on Safeguarding Your Banking Applications. Last month, the company acquired cloud security firm SMS Passcode and made a strategic investment in cloud security expert CensorNet.

With 2,200 employees in 34 locations across the globe, Entrust Datacard is a privately held company headquartered in Shakopee, Minnesota. The company issues 10 million+ identity and payment credentials daily and manages billions of transactions on an annual basis.

Finovate Alumni News

On Finovate.com

  • Entrust Datacard Sees Fruit from NASA’s Jet Propulsion Laboratory.

Around the web

  • Taulia releases a record-breaking $6 billion in early payments for suppliers in the second quarter – up from $4.5 billion in the previous quarter.
  • BBVA enhances security by enabling customers to manage security levels on their smartphones from a single point in the app.
  • InComm launches Google Play gift cards in Thailand as it celebrates its 10th anniversary in the Asia-Pacific region.

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.