FinovateSpring 2012 Sneak Peek: Part 2

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Here’s part 2 of the sneak peek of the companies that will demoing at FinovateSpring May 8 and 9 in San Francisco. Each company provided a short summary of the innovation they will debut on stage. We published 23 last week and we will complete the preview next week.
Don’t miss the opportunity to experience the hottest innovations in financial technology. Get your FinovateSpring ticket here.
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InvestorBee puts data at consumers’ fingertips so they can make smart, confident investments.
  • It’s fact, not opinion. Users can tap into the database to learn from the experiences of nearly 1.5 million investors.
  • It’s an investment health check. Users can compare their portfolios and multi-asset products with fact-based, relevant benchmarks to understand whether they receive fair value.
  • It’s simple investing without guesswork. Users can choose an objective risk-based strategy to track that’s right for them in a few easy steps.
Users extract wisdom from the crowd to make better, simpler investment decisions – all for free at InvestorBee.
Innovation type: Investing, marketing, PFM

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iQuantifi takes you way beyond budgeting! It helps you reach all your financial goals and tells you exactly how you can do it. No estimates. No calculators. Just solid advice and the power to do it all online.
Innovation type: Banking products, investing, PFM
Historically, investing in securities has been 
a difficult proposition for retail investors, 

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mainly due to the lack of access to competitive products and the absence of user-friendly financial education tools.
This problem is exacerbated in emerging markets, where financial markets tend to be less developed.
Kuspit offers retail investors an online platform to learn about investing, apply what they’ve learned, and invest in the same platform. All of this is available in an easy and progressive manner, while sharing ideas with the community.
Innovation type: Investing, online, PFM

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The current infrastructure to deliver capital to Main Street businesses is broken. It’s simply too expensive for banks to manually analyze and underwrite a small loan – whether it is $10,000 or $100,000. As a result, banks make fewer loans, and creditworthy small businesses are denied the capital they need to grow. 
On Deck has created an efficient, effective and proven solution to this fundamental problem. By leveraging new digital sources of data, any institution can increase its small business lending through the On Deck platform, delivering funding decisions in minutes rather than weeks.
Innovation type: Lending, payments, small business

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PaySimple is launching an innovative platform for banks to set up their own private-labeled version of cloud-based receivables automation. With this platform, banks of all sizes can easily bring to market a sticky value-added offering to attract and retain small business members, while adding a new revenue stream. 
PaySimple will demonstrate how banks can set up custom-branded software in a few simple steps and how small businesses can immediately benefit from a system that combines payment acceptance across channels integrated with customer management.
Innovation type: Online, payments, small business

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Portfolio Football is a first-of-a-kind application that addresses the need for financial planning and literacy through gamification. Portfolio Football plays on the popularity of American Football and the adoption of fantasy sports into the lives millions. It makes financial management competitive, fun and easy to understand, while providing users with a powerful tool for personal finance and portfolio management. It’s a true “game changer.”
Innovation type: Investing, Online, PFM

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With 80% of Americans between the ages 20-40 now using social media and playing social games, how can financial institutions reach their customers in new ways?
Introducing SaveUp – an innovative program that uses game mechanics to reward good financial behavior. When users save money and reduce debt, they earn credits to play for prizes like cars, travel, and cash up to $2 million.
Financial institutions can use a customized SaveUp experience to help their customers make better financial decisions, increase engagement, and cross-sell products. Current FI partner campaigns have conversion rates of up to 44%.
Build a deeper relationship with your customers while helping them succeed.
Innovation type: Marketing, rewards

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SoMoLend makes investing in your online community simple, affordable, and social. SoMo is an online platform that uses patent-pending lending technology executed within a hyper-localized geographic scope to connect small business borrowers with individual and organizational investors.  
SoMo’s user-friendly technology allows business borrowers to raise capital from friends and family, customers and community supporters as well as from Facebook, Twitter and LinkedIn connections. Investors lend money directly to borrowers through the SoMo platform, which then packages the loans and sells them as notes, bypassing banks and credit-card issuers.
Innovation type: Investing, lending, small business

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Thomson Reuters is pleased to introduce their new App Store solution that enables access to the latest innovative capabilities and tools for use across the digital enterprise. Thomson Reuters’ solution makes it easy for financial institutions and third-party developers to create and integrate pioneering market monitoring and investing apps. 
By seamlessly enabling the combination of Thomson Reuters content, firm’s customer account data and firm’s internal and other data sources, Thompson Reuters is helping institutions leverage the providers of financial content. This delivers a differentiated experience for their customers while lowering both development costs and time to market.
Innovation type: Investing, marketing, mobile, online, PFM

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Approximately half of the world’s population are cash-preferred consumers (unbanked, underbanked, teens or privacy-concerned) and have no bank account or limited access to traditional financial services. eCommerce merchants have not had a way, until now, to monetize this segment of consumers simply missing out on the substantial revenues they represent.
ZipZap will unveil the latest innovations in global cash transaction solutions for eCommerce merchants. CashCade ensures no more lost revenue from card-based transactions being declined, while CashPayment enables consumers worldwide to make payments for online purchases at offline locations using cash.
Innovation type: Back office, payments

Balance Financial Launches Portfolio Reporting, Adds 2 Board Members

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Balance Financial, a software suite for financial professionals, launched a solution called Portfolio Reporting today.

The new solution serves as a one-stop-shop for financial advisors, family offices, and CPAs to track and review their clients’ financial holdings.

Below is a description from Balance’s website:

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In unrelated news, GeekWire shared that Stephan Roche (bio), CMO of Memory Lane, and and Will Kessinger (bio), co-founder of Vformation, have been added to Balance’s board of directors.

To learn more about Balance Financial, watch its FinovateFall 2011 demo.

OpenCuro’s Payment Module Now Available for Zen Cart

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Secure payments startup, OpenCuro announced today that its payment module will be available in Zen Cart’s open source shopping cart.

The payment module is free and can be integrated with OpenCuro’s API. Merchants that already use Zen Cart can begin accepting payments on their checkout site via PaymentMethod.jpgOpenCuro in minutes.

The module can be installed on the OpenCuro or Zen Cart website and requires no IT or programming skills. 

To learn more about OpenCuro, watch its FinovateSpring 2012 demo.

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Finovate Alumni News– April 17, 2012

  • Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgQ2ebanking partners with cybercrime prevention company, Trusteer.
  • Kasasa’s Tunes program pulls in Gen-Y checking customers.
  • DR Power Equipment, partners with Bazaarvoice to manage consumer ratings and reviews. Come see Bazaarvoice at FinovateSpring.
  • Check Point Software announces Check Point ThreatCloud, a collaborative network to fight cybercrime.
  • Plastyc announces you can now add minutes to friends’ & family members’ phones abroad in 85 countries.
  • Holtmeyer & Monson partners with ProfitStars.
  • Bank Technology News reports Fiserv names Ally financial executive as CIO.
  • ABC 7 San Fran covers BillGuard. Come see its live demo at Finovate Spring in San Fran May 8 & 9.
  • GigaOM looks at how Braintree powers payments for hot startups.
  • OpenCuro’s payment module now available for Zen Cart.
  • Balance Financial launches Portfolio Reporting, adds 2 board members.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Kasasa’s Tunes Program Pulls in Gen-Y Checking Customers

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Yesterday, the Washington Post covered how BancVue’s Kasasa helped a credit union attract Gen-Y customers.

Money One FCU is using Kasasa’s Tunes program that allows members to choose iTunes downloads over interest (3.01%).

Of the credit union’s 12,400 members, 50 have opted into the Tunes program, while 900 chose to reap the 3.01% interest.

The program doesn’t have any fees, but members must meet two stipulations in order to benefit from it:

1) Use their debit card at least 10 times per month

2) Sign up for online banking

The credit union’s president and CEO, Debbie Connors, discloses that the number of new checking accounts has increased by 4 times in the past few months.

To learn more about Kasasa and BancVue, watch Kasasa’s Finovate 2009 demo and BancVue’s FinovateFall 2011 demo.

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Q2ebanking Partners with Cybercrime Prevention Company, Trusteer

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Q2ebanking, an ebanking solutions company, announced a partnership this morning with Trusteer, a cybercrime prevention solution company.

The partnership integrates Trusteer’s solutions into Q2ebanking’s products and will allow financial institutions to leverage Trusteer’s fraud protection solution to:

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    • Prevent financial malware 
    • Secure browsers against data theft
    • Provide automated remediation

The Trusteer products are pre-integrated with Q2ebanking’s solutions in order to shorten implementation time for financial institutions.

To learn more about Q2ebanking, watch its FinovateSpring 2011 demo.

Finovate Alumni News– April 16, 2012

  • Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgDes Moines Register reports Dwolla to establish small New York City satellite office.
  • Armada Data Solutions adds Check Point Software Technologies’ firewall services to security practice.
  • TSYS signs payment services agreement with Pivotal Payments.
  • AOL UK lists CurrencyFair as 1 of 5 ways to transfer money abroad.
  • The Washington Post lists Expensify as an app that can make life at work a bit easier. Come see their new tech at FinovateSpring.
  • Blaze Mobile awarded another patent for NFC payments. See its live demo at FinovateSpring.
  • Credit Union Times looks at Filene-backed SaveUp. Come see its live demo at FinovateSpring.
  • Chicago Sun-Times highlights Authentify’s technology.
  • The Wall Street Journal discusses P2P lending networks Prosper & Lending Club.
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.

Social Money Announces Partnership with ICICI Bank in India

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Des Moines-based Social Money, the creator of GoalSaver technology and owner of SmartyPig, announced a partnership with ICICI Bank in India yesterday.

The 2,700-branch bank will have access to Social Money’s GoalSaver product (pictured right). While the bank has not yet disclosed how it will use the product, Bank Innovation shares an inside scoop:

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“Broadly, GoalSaver hopes to enliven checking accounts with social networking features and a better user interface. The product boasts a goal feature, for example, which lets a customer share his goal savings progress with his networks on Facebook and Twitter, if he wishes.”

ICICI Bank, located in 20 countries, plays a large role in Social Money’s international strategy. It will launch the product later this year. 

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To learn more about Social Money, come to FinovateSpring and watch its live demo. To learn more about SmartyPig, watch its FinovateFall 2010 demo.

U.S. Bank Now Offers FreeMonee to Cardholders

Thumbnail image for FreeMoneeLogo.jpgLast month, we blogged about a FreeMonee FAQ page for U.S. Bank that hinted at a partnership. Today the bank partnered with the national gift network, making this official. 

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Now, the cash incentives are available for U.S. Bank cardholders to take advantage of the deals (from $2 to $50) provided by the merchant network. 
Here’s how it works:
“The FreeMonee Gifts are targeted to ensure they are relevant and valuable to customers. Cardholders redeem their gift by simply using their U.S. Bank Check Card when they shop at the specific retail store, website or restaurant named in their gift message. Once the purchase is completed, U.S. Bank automatically credits the cardholder’s account with the specified gift amount.”

U.S. Bank is the first financial institution to offer FreeMonee. As Clifford Cook, CMO for U.S. Bank Retail Payment Solutions states, “U.S. Bank is continually looking for ways to reward our loyal cardholders.”

The bank has not yet made the technology available to its consumers and has not announced when it will do so.
To learn more about FreeMonee, watch its FinovateFal 2011 demo

Finovate Alumni News– April 13, 2012

  • Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgAdvisors4Advisors describes inStream Solutions as the future of professional wealth management software.
  • Bank Technology News highlights tech startups Dwolla, T8 Webware, and SmartyPig in the silicon prairie.
  • Main St looks at how TIO Networks helps the underbanked consumer.
  • HSBC UK introduces Fast Balance app from Monitise.
  • U.S. Bank now offers FreeMonee to cardholders.
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.

Finovate Alumni News– April 12, 2012

  • Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgDwolla redesigns dashboard page, reveals celebrity investor.
  • Intuit opens driving range in downtown Seattle for 1 day to promote its GoPayment technology.
  • mFoundry launches mobile banking solution for Conestoga Bank.
  • Utilities Employees CU signs a contract with Jwaala to enhance its online services and offer mobile banking.
  • eDeposit appoints Robert R. Craig as CEO. Come see its live demo at FinovateSpring May 8 and 9 in San Francisco.
  • Former Morgan Stanley CEO, John Mack, joins Lending Club’s board of directors.
  • NY Times Bucks blog covers SimpleTuition’s SmarterBank.
  • Social Money announces partnership with ICICI Bank in India.
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.

Dwolla Redesigns Dashboard Page, Reveals Celebrity Investor

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Alternative payments company, Dwolla has been covered quite a bit in the news lately. Here’s why:

First off, Silicon Prairie News reported that Dwolla rolled out a redesign of its user dashboard page on Sunday. There are no major changes, but the design is more user friendly and aesthetically pleasing. 

Here are the major changes:

1) Account balances are located at the top of the user’s dashboard page

2) Users send and request money using a text box below their photo
3) A text box in the middle of the page enables users to find contacts by entering their name, email address, or phone number

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4) There’s a new tab called Places (as seen below) that has a Foursquare application. There’s no identified use for this yet, but the text on the dashboard states, “We are currently in the process of building an awesome platform to help you find new places to use Dwolla!”

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5) During the registration process, users are immediately given 10 cents to send to five of their friends. Silicon Prairie explains how it works:

“Following a registration page, the first action a new user is encouraged to take is to send money, free money. ‘Search for someone and we’ll shoot them some cash on your behalf,’ Dwolla’s website says. Users have the ability to send 10 cents to an individual by entering an email address or phone number or connecting their Facebook account to send to a friend.”

The Iowa-based startup is also in the news for the confirmation of rumors that Ashton Kutcher invested in Dwolla’s recent Series B funding round. Kutcher, an Iowa native, broke the news on an episode of Prairie Cast yesterday. 

The Des Moines Register also covered the announcement and included 16 photos of Milne with Kutcher. Here’s Milne’s reaction of the experience:

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To learn more about Dwolla, watch its FinovateSpring 2011 demo and come to FinovateSpring May 8 and 9 to see Dwolla’s new technology that Milne refers to as, …”a 420-second demo of a first-of-its-kind technology.” Get your ticket here.