Finovate Alumni News– February 1, 2012

  • Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgPlastyc’s UPside Visa named winner in sixth annual Paybefore Awards.
  • TechCrunch reports IBM buys WorkLight for $70 million.
  • StockTwits partners with Q4 Web Systems.
  • Actiance announces Socialite Engage to help advisors strengthen client relationships and drive new business. See its live demo at FinovateEurope next week.
  • Luup wins the Financial-i Leaders in Innovation Award for Most Innovative New Mobile Corporate Banking. See its live demo at FinovateEurope next week.
  • eToro releases Chinese version of OpenBook.
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.

Out of the Inbox: Bon Voyage Email from Capital One

image Yesterday, I mentioned Capital One’s self-service travel notification process. Another aspect of the service is a follow-up email before you head out of town (see below).

I like the email for a couple reasons:

  • The well wishes make you feel good about the bank
  • The message provides helpful contact info in case of trouble
  • It’s an an additional fraud check to ensure that it’s really you traveling to Yakutsk next week

The bank even tells you to call collect. Nice.

Capital One could jazz up the message with more color and snappier copy (note 2), but it gets the job done.
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Capital One email to customers who’ve told them they are traveling internationally (31 Jan 2012)
Note: Sent the day before scheduled departure

Capital One bon voyage email

Notes:
1. Picture credit: Greeting card at Zazzle.
2. I’m surprised Capital One doesn’t use this opportunity to reinforce its travel rewards, mobile app, and zero FX fees. 
3. We’ve tackled remote banking customer service and messaging a number of times in previous issues of our Online Banking Report. The last one was Live Help earlier this year.

Last Chance to Register for FinovateEurope 2012 — Get Your Ticket Now Before It Is Too Late!

europe-blog.gif

FinovateEurope 2012 is less than a week away and we are very excited to return to London to showcase the best new innovations in financial technology from across the globe.

On next Tuesday, dozens of cutting-edge startups and leading established companies (check out the list of presenters) will take the stage to debut their latest and greatest ideas via Finovate’s signature fast-paced, demo-only format

We blew past last year’s attendance total of 450 last week and tickets have continued to sell strongly (there are still a few left if you want to register).

In case you’re curious about who is attending this year, here is a small sample of the organizations that have already registered:

  • ABN Amro
  • Accel Partners
  • AEGON Bank
  • American Express
  • Balderton Capital
  • Bank Julius Baer
  • Barclaycard
  • Barclays Bank
  • BBVA
  • Best Buy
  • BN Bank
  • BNP Paribas
  • Budapest Bank
  • Caixabank
  • Capgemini
  • Capital One
  • Celent
  • CIBC
  • Citibank
  • Commerzbank
  • Cortal Consors
  • DAB Bank
  • Deutsche Bank
  • EFMA
  • Fiserv
  • Gartner
  • Greylock
  • Handelsbanken
  • HP
  • HSBC
  • IBM
  • Index Ventures
  • ING Bank
  • Intuit
  • Jack Henry
  • KPMG
  • La Poste
  • Lloyd’s
  • Marketwatch
  • Metro Bank
  • Microsoft
  • MorningStar
  • OneSavings Bank
  • Ovum
  • PayPal
  • PostFinance
  • Rabobank
  • RBS
  • Silicon Valley Bank
  • Skandiabanken
  • Societe Generale
  • SpareBank
  • Standard Chartered
  • Standard Life
  • The Bancorp Bank
  • The Economist
  • TowerGroup
  • Volksbank
  • Yahoo! Finance
  • Yodlee

If you want add your organization’s name to this list and join our top-notch audience to watch the future of European finance and banking technology debut live next Tuesday, please register soon before it is too late. We’ll see you in London!

FinovateEurope 2012 is sponsored by: Bluerock Consulting & The Bancorp Bank

FinovateEurope 2012 is partners with: BankerStuff, BankInnovation, Celent, Deutsch Startups, Finance on Windows, The Financial Services Club, The Financial Services Innovation Centre, Juniper Research, and PYMNTS.com.

Last Chance to Register for FinovateEurope 2012 — Get Your Ticket Now Before It Is Too Late!

europe-blog.gif

FinovateEurope 2012 is less than a week away and we are very excited to return to London to showcase the best new innovations in financial technology from across the globe.

On next Tuesday, dozens of cutting-edge startups and leading established companies (check out the list of presenters) will take the stage to debut their latest and greatest ideas via Finovate’s signature fast-paced, demo-only format

We blew past last year’s attendance total of 450 last week and tickets have continued to sell strongly (there are still a few left if you want to register).

In case you’re curious about who is attending this year, here is a small sample of the organizations that have already registered:

  • ABN Amro
  • Accel Partners
  • AEGON Bank
  • American Express
  • Balderton Capital
  • Bank Julius Baer
  • Barclaycard
  • Barclays Bank
  • BBVA
  • Best Buy
  • BN Bank
  • BNP Paribas
  • Budapest Bank
  • Caixabank
  • Capgemini
  • Capital One
  • Celent
  • CIBC
  • Citibank
  • Commerzbank
  • Cortal Consors
  • DAB Bank
  • Deutsche Bank
  • EFMA
  • Fiserv
  • Gartner
  • Greylock
  • Handelsbanken
  • HP
  • HSBC
  • IBM
  • Index Ventures
  • ING Bank
  • Intuit
  • Jack Henry
  • KPMG
  • La Poste
  • Lloyd’s
  • Marketwatch
  • Metro Bank
  • Microsoft
  • MorningStar
  • OneSavings Bank
  • Ovum
  • PayPal
  • PostFinance
  • Rabobank
  • RBS
  • Silicon Valley Bank
  • Skandiabanken
  • Societe Generale
  • SpareBank
  • Standard Chartered
  • Standard Life
  • The Bancorp Bank
  • The Economist
  • TowerGroup
  • Volksbank
  • Yahoo! Finance
  • Yodlee

If you want add your organization’s name to this list and join our top-notch audience to watch the future of European finance and banking technology debut live next Tuesday, please register soon before it is too late. We’ll see you in London!

FinovateEurope 2012 is sponsored by: Bluerock Consulting & The Bancorp Bank

FinovateEurope 2012 is partners with: BankerStuff, BankInnovation, Celent, Deutsch Startups, Finance on Windows, The Financial Services Club, The Financial Services Innovation Centre, Juniper Research, and PYMNTS.com.

Backbase Partners with Sandstone to Market Bank 2.0 and Forms Technology

Thumbnail image for BackbaseLogo.jpg

Portal software startup Backbase announced today that it partnered with Australia-based Sandstone:

“Backbase provides powerful WebThumbnail image for SandstoneLogo.jpg2.0 e-business technology that will underpin Sandstone’s next generation online banking solutions…. Backbase Forms will enable Sandstone BankFast customers to easily create and edit forms for customer-facing business applications.”

Sandstone will market the Backbase Bank 2.0 and Forms technology throughout Australia and New Zealand.

To learn more about Backbase and Sandstone, come to FinovateEurope February 7 in London or watch Backbase’s FinovateFall 2011 demo.

Finovate Alumni News– January 31, 2012

  • Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgStockTwits now powered by Revere Data.
  • PC World includes HelloWallet in its list of software that does it all.
  • Investment News looks at SigFig’s free service.
  • American Banker examines Dwolla’s role in digital disintermediation in the banking industry.
  • Technorati explains how Kabbage can help small businesses. Come to FinovateEurope to see its live demo.
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.

Service: The Value of a Search Box within Online Banking for the DIY Crowd

image I’ve always disliked toll-free (telephone) customer service. You have to find the number, identify yourself repeatedly, choose from confusing categories, then wait on hold until you finally get the honor of pleading your sorry case to someone who has all the power. I usually end up feeling like an idiot or a third grader asking for a bathroom pass.

Before the Internet, call center service was a necessary evil. Going forward, let’s get rid of it. Self-service, whether completely automated or “guided” by real humans, saves money, and done right, can be a more satisfying customer experience.

Back to my sample of one. When I have a question, I always look for the webform, email address, or even the live chat button; anything that keeps me from dialing 1-800-IMAFOOL.

But when you want to do something at your bank that’s relatively complicated, such as investigate a suspicious charge, change your credit limit, etc., it can be difficult to figure out how to do that on your own. That’s why I like Capital One’s “Ask a question…” box in the middle-right of all its credit card management pages (see first screenshot).

Today, I wanted to tell the bank I might be using its card internationally. I was already logged in to pay my bill, so I simply typed “travel” in the right-hand box (see first screenshot) and a link to the correct online form was delivered in the “answers” section (see second screenshot). It worked just like I expected.

So kudos to Capital One for making it easy to navigate to the right page, and more importantly, handling the entire travel notification process online. Of course, I’d prefer the bank just tracked me automatically via GPS (note 2), but we’ll get back to that another time.  

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Capital One aids do-it-yourselfers with a prominent search box on every page (28 Jan 2012)

Capital One main account page with "site search" box

Search results for “travel”

Capital One site search results for "Travel"

Notes:
1. Western Electric ad from 1959 (from eBay)
2. At FinovateEurope next week, one of the presenting companies, Finsphere, offers just such a technology. Capital One, you should give them a call.

Lodo Software Partners with Arvest Bank

LodoSoftwareLogo.jpg

Last week, Lodo Software announced that it partnered with Arvest Bank to update its online banking service:

“Lodo’s solution will help Arvest deliver an improved and personalized online experience that allows bank customers to monitor and manage their finances with greater convenience and control.”

Arvest Bank will also join Lodo’s advisory board to guide the future direction of Lodo products.

To learn more about Lodo Software, watch its FinovateEurope 2011 demo.

Finovate Alumni News– January 30, 2012

  • Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgCrowdsourcing.org features Rebirth Financial.
  • FS Tech examines a few companies presenting at FinovateEurope next week in London.
  • SecondMarket prepares for Facebook IPO by setting its sights on China.
  • Monitise recognized as the winner of the ‘Deal of the Year’ The Grant Thornton Quoted Company Awards 2012.
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– January 27, 2012

  • Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgHelloWallet receives $12 million in funding.
  • MercuryNews reviews Jemstep’s online investment advisor.
  • CBS Money Watch hosts Jeff Mullen, CEO of Dynamics, to discuss the increased security of Card 2.0.
  • Know Your Mobile focuses on eToro’s mobile trading app for Android. Come see eToro at FinovateEurope Feb 7.
  • Finextra reports Bank of Georgia implements ProfitStars social media compliance tool.
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.

Suspicious Activity Messaging: When You Urgently Need to Contact Business Clients

image I get that multi-channel messaging is a mess. I understand that new regulation is creating huge backlogs in project queues. But 17 years into the Web-banking era, I should be able to service my bank account entirely online, if that is my choice. And more importantly, if I’ve signed on for alert services, there shouldn’t be any surprises when I go to log in to my account. 

Yesterday, <largebank> failed me on both accounts (see note 1).

With Finovate Europe less than two weeks away, we are wiring large sums to London to pay for it. My bank got a bit concerned about all this outbound activity, which is good. I’m glad they are paying attention.

But how they went about notifying me about their concerns was simply outdated. Here’s how it went down:

  1. The bank called me from a toll-free number and left a voicemail asking me to call them back. Despite the fact that I get every alert under the sun, the bank did not send an email or text message. I don’t know about you, but listening to voice messages from random 800 numbers is very low on my priority list. By mistake I did happen to hear it a couple hours after the fact. 
  2. As soon as I listened to the message, I first went to my email to see if I’d also received a message from the bank to verify the authenticity of the phone call. Seeing nothing there, I attempted to log in to online banking to verify the call and assure myself that my account had not been drained. But guess what? The bank had disabled my account access and gave me a vague error message with instructions to call a toll-free number. The number matched the one on the voice mail so at least I could confirm it wasn’t a vishing attack. There had been no mention in the voice mail of my account access being disabled.

Now, when you are 11 days out from an event and the cash in the bank is needed to pay for it, it’s beyond disconcerting to be locked out of your account for no known reason.

Luckily, we were able to quickly assure the bank that yes, we really did need to wire that much money. So we are back up and running and our patient vendor simply had to wait one more day. (Update: I wrote this post yesterday. Today, the same thing happened again with another wire. While it wasn’t a surprise this time, it’s annoying.)

________________________________________________________________________________

A Better Process
________________________________________________________________________________

Let’s repeat this scenario using an approach that preserves your customer’s sanity while making it more convenient for those that favor digital channels:

  1. Bank sees something odd so it freezes outgoing wire-transfer capability and sends me a text message, an email message, and also leaves a voice mail.
  2. Instead of shutting down my account access, they let me into my account so I can verify that the balances are still there. And for extra credit, the suspicious activity is highlighted.
  3. After confirming the transaction through an extra authentication step, the bank re-opens my outgoing wire capability.
  4. For extra credit, let me simply authenticate the suspicious items by replying back to the messages (at least on smaller dollar items).

Now that I can breathe again, I can lay out three rules to guide your “suspicious activity” messaging:

  1. Contact the customer via the channel of their choice (but also use others for backup in urgent situations).
  2. Allow the customer to authenticate transactions without moving out of that channel.
  3. Never completely disable online access (unless absolutely necessary). Yes, shut off transfer-out functions, but continue to allow “read only access.” And post a red warning graphic within the account to draw attention to the suspicious activity. 

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Notes:
1. I’m not identifying the bank because my “data point of one” may not be indicative of what other customers experience. But I will disclose the name “off the record” if you email me jim@netbanker.com.
2. For more on messaging, small business, security and much more, see our Online Banking Report (subscription required).

HelloWallet Receives $12 Million in Funding

HelloWallet.jpg

Washington, D.C.-based HelloWallet, a subscription PFM service, recently announced it received $12 million in Series B funding from Morningstar and TD Fund.

The Washington Business Journal reports:

“The largest chunk of the new capital came from Chicago-based Morningstar Inc., which invested $6.75 million. District-based TD Fund put in $4 million, with some other existing and new investors filling out the Series B round.”

The startup plans to use the capital to expand its customer base and help its clients build savings.

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