Finovate Spring 2011 in the Press

2MinuteFinance
What is Finovate?
by Bobby Lee
American Banker
Dwolla Mobile Pay App Uses Location
by Daniel Wolfe 
Bank Innovation
by JJ Hornblass
5 Surprising Choices for ‘Best of Show’ at Finovate
First Bank to Go Live With Mitek’s ‘Mobile Photo Bill Pay’ by Yearend

Mint: ‘Don’t Count Us Out on Payments’
Card Companies Circle BillFloat
FinovateSpring Grades: BancBox, Mitek, eWise, Lead the Pack
Bank Technology News
Aptys Demos Tablet-based Paperless Invoices
by Penny Crosman
6 Best Ideas For Banks at Finovate Day 1
by Penny Crosman


Boston Innovation
The Future of Finance: 3 Boston Startups Demo at Finovate 2011
by Cheryl Morris


Business Wire
FinovateSpring 2011 Best of Show Award Winners Announced by The Finovate Group 

Link 

TILE Financial Unveils Financial Identity Profile to Stengthen Connection Between Financial Advisors and Under-30 Consumers
Link

Celent
Finovate Spring 2011 Roundup
by Jacob Jegher

CNNMoney

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Log in to Facebook… with your eye
by Blake Ellis


Credit Karma
Finovate Spring 2011: Our Picks


Credit Union Times
by Marc Rapport
CUSO-Backed P2P Specialist Dwolla wins “Best of Show” at Finovate
On-Site Coverage: CUs Need To Look Beyond ‘Comfort Zone’
CUbroadcast
Getting “Mo-cial” at Finovate Spring 2011
by Mike Lawson

DesMoinesRegister.com
Dwolla wins award in S.F., moves closer to “holy grail” of direct access to bank accounts
by Adam Belz

Enhanced Online News
FinovateSpring 2011 Best of Show Award Winners Announced by the Finovate Group

Entrepreneur
How to Cut Transaction Costs on Customer Purchases
by Eileen Gunn
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Forbes
Start-ups talk Money, Cash, Credit At Finovate     &nbs
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by Tomio Geron
Link     
Huffington Post
Fintech Leaves Fake-o-nomics Behind
by Ben Mangan

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Lazy Man and Money
Finovate Spring 2011 Live Blog

Links: Part 1, Part 2, Part 3, Part 4, Part 5

MarketWatch
Investing Meets Social Networking
by Stacey Delo
Mashable 
Expenses Made Fun: Expensify Adds Automatic Receipt Scanning [PICS]
by Jennifer Van Grove
MyBankTracker.com
Coupon Clipping of the 21st Century
by Zachary Ehrlich

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New York Times
by Ann Carrns
Consumer Reports Offers New Comparison Tool
A Tool To Weigh Debt Payment Options
P2P Lending News
LendStreet to Offer Peer to Peer Debt Restructuring Service
by Matthew Paulson
PaymentsViews
by Jacqueline Chilton
FinovateSpring 2011
FinovateSpring 2011: Best of Show and Glenbrook Perspectives
PCMag.com
Forget Passwords, Eye-Scanning Is Here
by Damon Poeter
PCWorld
Web Services Promise to Save you Money, Slash Paperwork
by Yardena Arar
PYMNTS.com
Outstanding in the Field: FinovateSpring 2011 Showcase
by Tim Attinger


Reuters

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Brokerage rip-off datapoint of the day
by Felix Salmon

San Francisco Chronicle

Lendio to Demo Business Loan Matching Tech at Finovate

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Social Lending Network
LendStreet Takes an Innovative Approach to P2P Lending
by Peter Renton

TechAxcess
Lendio to Showcase Loan Software
Link                                                                            
TECHcocktail
HelloWallet Launches to Consumers to Grow Personal Wealth
by Frank Gruber
TechCrunch
BillShrink Upgrades Its Statement Rewards With Rewards Discovery, Geolocation, And Social Features
by Alexia Tsotsis

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Google-Backed Corduro Promises Even Lower Mobile Payment Fees Than Square
by Erick Schonfeld
Expensify Adds Intelligent Receipt Scanning To Expense Report System
by Leena Rao
Former eBay, Oracle Execs Raise $11 Million for “Gift Network” FreeMonee
by Robin Wauters
PayNearMe’s Cash Payment Product Can Now Be Used For Money Transfers, Bill Pay and More
by Leena Rao
The Simplifier
What Was Missing at Finovate
by Bryan Link
TMCnet.com
PayNearMe Awarded Best of Show at FinovateSpring 2011
Venture Beat

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No more deadbeat friends: PayDivvy launches social bill service
by Anthony Ha
Washington Post
The Download: HelloWallet debuts its financial health software
by Steven Overly
Williammillsagencyevents
Finovate Spring San Francisco Live Blog
Xconomy Boston
PeerTransfer, Inspired by Raw Deals for International Students, Rolls Out Online Tuition Payment Service
by Gregory Huang

Alumni News: Week of May 2 and May 9

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Backbase

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Backbase will provide TCS Bank in Russia with a website integration solution through Bank 2.0 Portal. Link

Bill.com

Bill.com rolled out Sage Peachtree Sync, software for controlling bill payment and management. Link

BrightScope

BrightScope released its second annual list of the Atlanta-based companies with the best 401k plans. Link

CashEdge

CashEdge expanded Popmoney service by adding Popmoney for Prepaid. It also announced a partnership with TxVia. Link 

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Check Point Software Technologies

Check Point was listed on Acadian Asset Management’s Top 15 Buys list.  Link


Cortera

Cortera announced a new version of its PULSE app, a customer monitoring service. The new version will add Growth Clues alert.  Link


DebtGoal

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DebtGoal hired Igor Vaks, former Experian CIO, as new COO. Link


eToro

eToro emerged as the preferred platform for building forex wealth through web trading.  Link

Expensify

Expensify advertised on giant billboard in the Bay Area. Link

Fiserv

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Fiserv announced improvements to its Relationship Rewards. Link

ID Analytics

CoreLogic partnered with ID Analytics to integrate ID Network with LoanSafe Fraud Manager. Link

ID Analytics will host Advance 2011, its 9th Consumer Risk Management Conference, this September.  Link

IP Commerce

IP Commerce recently raised another round of funding. Link

Lending Club

Lending Club issued a record high of $17.5M loans in April. It is the 4th record month in the past 5. Link

Lending Club won Webby Award for the Banking/ Bill Paying category. Link


Mint 

Mint won Webby Awards for the Financial Services category. Link

MoneyAisle

Mone
yAisle launched live auctions for unsecured personal loans to help consumers across a wide range of credit scores. Link

PayNearMe

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PayNearMe raised $16M in funding from new and current investors. Link

Plastyc

Plastyc won a patent for improved online payment methods. Link

Prosper

Prosper increased loan volume by more than 50% compared to 3 months ago, issuing over $5M in new loans in April. Link

Yodlee

Yodlee is looking into developing mobile apps with new “FinApp Store” strategy. Link

FinovateSpring 2011 Best of Show: BancVue, BankOns, Dwolla, oFlows, Mitek, PayNearMe & Wikinvest

imageFinovateSpring 2011 is a wrap. It was an inspiring two days, with 64 demos, all with an interesting twist or two or three on the state-of-the-art.

In the end, seven were chosen by the audience as best of show, but it was a tight race. Most companies received a significant number of audience votes and piles of business cards in the networking sessions.

The FinovateSpring 2011 Best of Show winners (in alphabetic order):

  • BancVue for its youth-oriented financial game system, MoneyIsland
  • BankOns (company launch) for its mobile merchant-funded rewards system
  • Dwolla for its alternative payment service (taking root in Iowa)
  • oFlows for taking mobilizing the application process via iPad2
  • Mitek Systems for Mobile Photo Billpay, doing for paper bills what it did for checks
  • PayNearMe for enabling online bills and transfers to be paid with cash at a 7-11 store
  • Wikinvest for SigFig, a service to help users understand investment costs & alternatives

Congratulations! And thanks to everyone who presented, sponsored, attended and followed the #finovate tweets.

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Notes on methodology:
1. Only audience members NOT associated with demoing companies were eligible to vote. Finovate employees did not vote.   
2. Attendees were encouraged to note their favorites as the day went on and choose 3 favorites from just the demos of that day. Ballots were turned in at the end of the last demo session each day. 
3. The exact written instructions given to attendees: “Please rate (the companies) on the basis of demo quality and potential impact of the innovation they demoed. Note: Ballots with more than three companies circled will not be counted.” 
4. The seven companies appearing on the highest percentage of submitted ballots were named Best of Show.

BrightScope’s New Tool Shines on Financial Advisors

Last week, BrightScope launched Advisor Tool, a new and improved way to search for investment advisors.

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Twin brothers Mike and Ryan Alfred founded BrightScope in 2007 with a goal to “bring transparency to opaque markets.” It accomplishes this through two free services:

  • A tool that allows users to view the ratings and rankings of public-company retirement plans (401ks) accessed through a public database.
  • The new Advisor Tool, which provides key info for selecting an advisor such as experience, fees, and average account balance.

Here’s how Advisor Tool works:

  1. Decide: Choose to search for an individual advisor or firm
  2. Set parameters: Enter what you’re looking for, such as the advisor’s name, city or state, the value of assets, and so on (see inset below).
  3. Compare: The results include basic info: location, qualifications, area of specialty, client types and more detailed data such as legal disputes, formal complaints, cost of services, and a list of exams passed.  
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Advisor Tool Features

It allows you to compare and contrast the following characteristics of up to three advisors at a time:

  • Type of registration held
  • Current employer
  • Dollar value of the assets under management
  • Average account balance
  • Primary client type
  • Years of experience
  • Fees the advisor charges
  • SEC & FINRA disputes

Results can be filtered by the following criteria:

  • Number of assets
  • Average account balance
  • Current employer
  • Client types

Analysis

Besides sitting down with a phone book, asking Aunt Laura, or Googling financial advisors, users can search directly through the FINRA and the SEC databases. However, both have been described as “clunky” and “needlessly complex.” BrightScope brings web 2.0 search and discovery to this important area.

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While the tool is powerful, it is not without limitations. The results are only as good as the sources of information used, primarily Financial Industry Regulatory Authority (FINRA) BrokerCheck database and the Securities Exchange Commission (SEC) investment advisor database. 

But as advisors upgrade their listings, for a fee, with photos and other detailed information,

search results will prove even more useful. BrightScope expects to be one of the most effective marketing tools available to advisors. 

And BrightScope has ambitions beyond investment advisors. It’s already working on a similar service for insurance agents that should be available later this year.
Search results allow for a quick view of advisor info (5 May 2011)

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