Weemba Plays Matchmaker For Borrowers

Thumbnail image for weemba.jpgAfter yesterday’s CNNMoney article portrayed Lendio as a matchmaker, Bank Technology News published an article entitled, “Matchmaker Matchmaker, Make Me a … Loan?” that shows Weemba in the same light.

This article, however, highlights Weemba’s role as a friend to borrowers by treating them more as a partner than a product. Here are Weemba’s borrower-friendly features:
    • Potential lenders are screened for predators 
    • The borrower decides when to open up communication
    • The borrower controls which personal pieces of information the lenders see
    • Borrowers do not pay fees, lenders do

It also gave some stats on the startup:

    • Loan requests are between $1,000 and $5 million
    • 2,000 members
    • 32 lenders
    • Competitors includes Kiva, Prosper, and Lending Club

City National Bank of Miami has been working with Weemba since launch. 

To learn more about Weemba, watch its FinovateFall 2011 demo.

11/11/11 Promotion at Notre Dame Federal Credit Union

image

Today is a big day for number nerds (note 1), as 11/11/11 makes its once-per-century appearance. So last night, I started looking for banks or credit unions using the date for a price promotion (note 2). With U.S. interest rates hovering around the 1% mark, I figured it would be pretty easy to find financial institutions offering CD specials at 1.11% APY, hopefully the 11-month variety.

But after googling for at least an hour, I came up empty. I found a few 1.11% APYs for longer-term CDs, but no one that was promoting it as a Nov 11 special. I was about to give up, but tried “1.11% discount” and up popped Notre Dame Federal Credit Union going all in on the 11/11/11 theme. 

The home page (below) features a huge ad for its 1.11% APR holiday loan of exactly $1,111. And can you guess the term of the loan? Yep, 111 days! Thank you NDFCU marketing dept, you rock.

image Fine print: There is one small catch. To get the loan, members must apply for and be approved for the credit union’s Visa Platinum card (presumably you can still get the holiday loan if you already have the CU’s card). So it’s really a credit card promotion in disguise, but that seems fair. It’s a good price, and allows for a little expansion of the holiday budget, but with the discipline of a loan that must be repaid before April tax time (note 3).   

The offer is good through the end of November. And the loan application can be made online.

————————————–

Notre Dame FCU hits all 1’s on its homepage (11 Nov 2011)

Notre Dame FCU hits all 1's on its homepage (11 Nov 2011)

1.11% loan landing page (link)

1.11% loan landing page NDFCU

Notes:
1. I’ve been one for a long time. When I got my first calculator, I pressed “+1” on it 111,111 times just to fill the screen with 1s, the hard way.  
image2. Most U.S. financial institutions are closed today for Veterans Day, making it less likely to have a special one-day promotion. 
3.  Members also have the options of rolling the balance onto their NDFCU credit card at the end of the term.
4. Digital clock image from UK’s Daily Telegraph which had a 9-hour head start on the day.
5. Other 11/11/11 news:
NY Times looks at 11/11/11 promotions
– DealerTrack marked the day with a press release about hitting the 1,111 lender milestone.
– The only promotional email I received using the day was from Starwood hotels (see inset)

Finovate Alumni News– November 11, 2011

Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpg

  • Social Times hosts BillGuard as it shares its elevator pitch. Asks: Is it the next big thing? 
  • Business Insider interviews Ben Milne from Dwolla & shares how its frustrating credit card companies.
  • Lighter Capital reacts to fraud, implements fraud prevention.
  • Bloomberg reports SecondMarket gets lobbying win in gridlocked congress.
  • Prosper gives military families their second loan payment free when they get a loan via Prosper.
  • Vinod Khosla, founder of Sun Microsystems and Khosla Ventures, places BillGuard on his “Cool Dozen” list.
  • Weemba plays matchmaker For borrowers.
  • Personal Capital launches daily news service.
  • Planwise launches financial planning tool beta.
  • Tech Cocktail interviews HelloWallet CEO Matt Fellowes.
  • Pilot of the new Zecco Trading Center has begun.
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.

Wells Fargo Pitching Wachovia’s Way2Save Account at Login

imageWells Fargo generally does a good job with its login product pitches. I like how the bank provides a "Remind me later" and "No thanks" option next to "Apply Now."

However, in today’s pitch for the rebranded Wachovia Way2Save account (see old logo, inset), the bank seems to have forgotten an important part of consumer decision process: explaining what the account is. There is no Learn More button to be found on the ad or landing page.

I had to leave the app and search the Wells Fargo website to determine the rate and unique features of Way2Save (see note 1). The main benefit: users receive a 3% APY on the first $500 in the account for one year, provided they use one or these automated savings features:

  • $25+ per month or $1+ per day transferred from Wells Fargo checking (outside accounts not an option, except for initial account funding)
  • Automatic $1 transfer from WF checking to savings with every debit card purchase or pre-authorized debit  

After one-year interest drops to the prevailing rate, currently just 5 basis points, 1/60th the premium rate. 

Online application process: Choosing Apply Now on the interstitial drops users directly into the bank’s generic online app where’s it’s difficult to even confirm what you are applying for (see upper right corner of second screenshot). 

Since I only have a Wells Fargo credit card, the bank offers me a $5/mo checking account, which is free if I have direct deposit or $1500 on deposit. But the checking account is not required. You can setup a standalone savings account, though it won’t qualify for the interest rate bonus or be able to use the automation tools.

On the final page users can fund the account with a transfer from a Wells or non-Wells deposit account or they can deposit up to $500 via credit or debit card. 

Bottom line: Automatic savings are a win-win. And offering a $15 interest bonus is a good way to improve signups. But Wells needs to explain the offer better so that customers customers are motivated to complete the application.    

————————–

Wells Fargo interstitial login ad for Way2Save (10 Nov 2011)

Wells Fargo interstitial login ad for Way2Save

 

 

 

 

 

 

 

 

 

 

 

 

Landing page, which is the first page of the online application (link)

Landing page, which is the first page of the online application

Wells Fargo online application (page 2)
Note: The bank is still disclosing at $3 debit card usage fee

image

—————————-

Notes:
image1. Way2Save was inherited from Wachovia (previous posts). Here’s the cached 6 Nov page from Google. The page now redirects to Wells Fargo savings.
2. Wells Fargo acquired Wachovia in 2008.
2. For info on online account opening, deposit gathering and much more, see our subscription newsletter, Online Banking Report.

CNNMoney Highlights Lendio and On Deck Capital

on deck capital.jpgLendioLogo11.11.jpgLendio was featured in CNNMoney this morning, where it was referred to as a, “small biz loan matchmaker.” 

The article goes on to describe the headache that an Alabama small business had when trying to secure funding. After being turned down by a bank, the business turned to Lendio and was able to secure funding within a week through On Deck Capital.

The article also shares some stats on Lendio:

    • Loans range from $5,000 to $1 million
    • 2010 revenue was $8.6 
    • Since March it has received 3,000 loan requests
    • Loan approval rate is 50-70%

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

DoughMain Launches Financial Education Game Sand Dollar City

DoughMainLogo11.11.jpgFinancial education company DoughMain announced the beta of Sand Dollar City, a multi-player virtual world where pre-teens (age 8 to 12) can learn about finance through game play:

“Players learn fundamentals of earning, saving, budgeting, spending, smart shopping, credit, and more as they attempt to upgrade their business and balance their purchases between the luxury clothing and furniture they want and the equipment they need to succeed.”

SandDollarCity.jpg

To learn more about what DoughMain has to offer, watch its FinovateFall 2011 demo.

Bill.com’s Paperless Bill Management Wins Silver Award

Thumbnail image for bill.comlogo.jpgYesterday, bill payment startup Bill.com announced that its paperless bill management innovation was named by the Best in Biz Awards as a silver award winner in the Small or Medium Business Product of the Year category:

“Simple to use, but extremely powerful, Bill.com’s product offering was selected as a Best in Biz frontrunner due to its keen ability to help SMBs 

Bill.comMobileIMG.jpg

streamline their tedious bill pay and receivables processes”

The award winners are selected by industry analysts and members of the press to recognize leading products from small and medium-sized businesses from companies of all industries. To learn more about the awards, click here.
To learn more about Bill.com, watch its FinovateSpring 2011 demo.

Finovate Alumni News– November 10, 2011

Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpg

  • FeeFighters shares its web traffic spikes from being in TechCrunch articles.
  • Monitise launches mobile checkout service.
  • Fox Business News mentions how Tyfone is helping to retrofit cellphones with NFC capability.
  • Reuters reports how Lending Club uses consumer sentiment towards banks as an opportunity.
  • Striata selected by Securitas, a growing security company in South Africa, to provide eBilling & ePayment to customers.
  • ThreatMetrix deploys multi-layered data encryption architecture in new release of Cloud-Based Fraud Prevention Platform.
  • Iowa-based UNI CU and W.Va-based WV United FCU sign on for Dwolla’s FiSync.
  • MyBankTracker compares Offermatic to Groupon and Womply.
  • Linkable Networks (formerly Clovr Media) partners with 24/7 Real Media to tap into card linked offers.
  • Wade Arnold, T8 Webware CEO, is selected for The Courier’s Class of 2011 20 Under 40 award.
  • Bill.com’s paperless bill management wins silver award.
  • Simple explains its new “Simple” name.
  • DoughMain launches financial education game Sand Dollar City.
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.

Capital One Driving Mobile Use with Sweepstakes

imageBoosting mobile engagement has a promising ROI. Among other benefits, the potential $6+ saved per displaced call center inquiry can have a meaningful impact on the bottom line (note 1).

And while volumes are growing, Capital One says mobile usage is up 5-fold compared to last year, it’s still a lightly used channel compared to phone (voice) and online.

Yet, for a card issuer, mobile is THE most important channel for the NFC/Square/GoogleWallet future.

So it makes a ton of sense to pull out the stops now to get customers using the bank’s mobile app. Capital One in particular, as one of the last majors to get into the app store, likely has an awareness problem with mobile cardholders. Even if the CapOne native app was downloaded, it’s buried so deep on the iPhone’s screens, that users forget about it. In my case, it’s on screen number eight and I rarely see it even though I use my card almost every day.

To attract more mobile uptake, the card giant launched a usage sweeps today. Between now and Jan 6, each cardholder will get one sweepstakes entry every day they log in to the mobile app or mobile web (SMS activity does not appear to count). One person will win a 16GB Wifi iPad2 each day. And a grand prize of a Chevy Volt will be awarded at the end (full rules). The total prize package is $80,000, less than the cost of one 30-second spot on an about-to-be-cancelled sitcom. 

The sweeps is being promoted with a small homepage link and a prominent mention on the main mobile banking page (see second screenshot below).

——————————————

Capital One mobile sweeps landing page (link, 9 Nov 2011)
Note: The call to action, text “power” to 80101, was not working in my test. 
Update 10 Nov: Fixed 

 

image

Main mobile banking page (link)

Main mobile banking page Capital One

Notes:
1. Of course, you also have to put in place a mobile channel strategy that actually does displace call-center inquiries. That’s easier said than done. Also, financial institutions paying mobile vendors for each active user, may not want to boost mobile usage in this way. 
2. Despite the name of our subscription newsletter, Online Banking Report, we cover mobile issues almost every month. 

Expensify Creates Four Pricing Plans

Thumbnail image for Expensify.jpgExpensify, the expense reporting system that “doesn’t suck,” now supports 650,000 users across 90,000 organizations. 

To accomodate their different needs, the company is now offering four service tiers: 

  • Personal: For individuals who want to test out the app. Up to 10 free scans per month.
  • Professional: Intended for power users and contractors. Includes Freshbooks syncing capability and the ability to exceed 10 scans per month by purchasing them for 20 cents each.
  • Team: Provides the abilities to create and share expense policies and sync expenses with Quickbooks. This subscription costs $5 per submitter per month and 20 cents for extra scans.
  • Corporate: Adds a level of administrative control over employee accounts, enhances expense policies with customizable rules, and provides the ability to reimburse employees via direct deposit. This subscription costs $10 per submitter per month and 20 cents for extra scans.
Receipt scanning will be free until the end of the year.
To learn more about Expensify, watch its FinovateSpring 2011 demo.

Billeo Launches ShopSmart To Bring Consumers Relevant Discounts

Thumbnail image for BilleoLogo29.9.11.jpgBilleo, the registration and checkout assistant with 1.5 million users, launched a new app earlier today. This free app, called ShopSmart, brings consumers relevant discounts from over 1500 merchants and instantly alerts users of deals available from their loyalty or rewards programs. 

For financial institutions:

Thumbnail image for ShopSmartIMG.jpg
“The app gives Billeo’s network of financial institution and program provider partners the ability reach, engage and incentivize iPad users during the holiday shopping season.”

In addition to alerting users of their rewards, it also serves as a platform to help them organize their daily deals and share them on Facebook.

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

Finovate Alumni News– November 9, 2011

Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpg

  • Read Write Web argues the mobile payments capital of the US is Des Moines, IA thanks to Dwolla.
  • Fox Business News reports GoalMine seeks to level the investing field.
  • PayPal updates its Android app with support for NFC payments.
  • eWise hires Alexandre Gonthier, former Boku CTO, as new CEO.
  • Lendio makes its business loan matching service free.
  • Finextra reports Intuit partners with AT&T to take on Square in the emerging mobile card processing market.
  • Xero updates its app: increases speed and improves UI.
  • Business Insider lists Dwolla and Simple as 2 of 20 most innovative startups in tech.
  • Billeo launches ShopSmart to bring consumers relevant discounts.
  • Zecco hosts $500 sweepstakes.
  • miiCard gives first 10,000 users free accounts for life.
  • Netbanker: Top 10 Reasons Why BankSimple Dropped the Bank.
  • Expensify creates four pricing plans.
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.