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 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.

——————————

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 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.

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.

——————————

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.

FinovateSpring 2011 Kicks Off Tuesday

We just finished the dress rehearsals for the latest Finovate conference. We’ve worked out the glitches, seen some amazing new products, and look forward to putting 64 cool fintech innovations through their paces Tuesday and Wednesday.

It will be the biggest Finovate yet, with more than 800 packing San Francisco’s Design Concourse Exhibition Center. You can track the audience reaction in real-time with the Twitter hashtag #finovate. And I’ll be live tweeting from Netbanker during the next two days.

The 64 demoing companies are show below (here is a list with links). 

We are looking forward to seeing everyone tomorrow! 

Finovate Spring 2011 demoing companies

FinovateSpring 2011 Kicks off Tuesday

image We just finished the dress rehearsals for the latest Finovate conference. We’ve worked out the glitches, seen some amazing new products, and look forward to putting 64 cool fintech innovations through their paces Tuesday and Wednesday.

It will be the biggest Finovate yet, with more than 800 packing San Francisco’s Design Concourse Exhibition Center. You can track the audience reaction in real-time with the Twitter hashtag #finovate. And I’ll be live Tweeting from netbanker during the next two days.

The 64 demoing companies are show below (see here for a list with links).

Looking forward to seeing everyone tomorrow!

Finovate Spring 2011 demoing companies

BrightScope’s New Tool Shines on Financial Advisors

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

BrightScope9.jpg

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.  
BrightScope8.jpg
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.

Calgary_phone_book.jpg

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)

BrightScope10.jpg

Out of the Inbox: Chase Invites Business Clients to a Free Webinar with Google

imageOn the one hand, it’s easy for a bank to get the attention of business clients and prospects. Just announce a streamlined commercial loan-app process. But since that’s unlikely to happen in the wake of the Financial Meltdown, a Webinar with Google is a pretty solid Plan B.

Chase has a winning effort here. The topic, 7 ways to sell online, is so compelling that Google is tossing in a $100 AdWords credit for attendees (see note). And it never hurts to associate with a powerful and well-regarded Internet brand.  

The email design is good with an interesting subject line, an email to ask questions, and a big green button for the call-to- action. The copy is a bit predictable, but it’s short and to-the-point and doesn’t distract. There are small quibbles regarding design-layout; perhaps, a Gmail issue; and they forgot to capitalize the W in AdWords, but those are minor glitches.    

Grade: A-

Chase email to existing business clients (6 May, 10:33 AM, Pacific)

Chase Email to Existing Business Clients announcing webinar with google

Landing page hosted by Google and co-branded with Chase (link)

Registration page hosted by Google and co-branded with Chase 

——————————-

Notes:
1. Google usually offers the $100 only to new clients, but I don’t seen any fine print limiting the bonus. I hope they don’t add a restriction after the fact, which could negate the positive energy Chase generates from the Webinar offer.
2. For more info on the space, see Online Banking Report: Micro- and Small Business Online Banking (published Oct. 2009)

FinovateSpring is Next Week — Don’t Miss Out on 64 Fintech Innovations & an Amazing Audience!

FinovateSpring_Logo_Date.jpg

FinovateSpring 2011 is only a one week away! But don’t worry, there is still (a little) time to get one of the remaining tickets to watch 64 new fintech innovations debut in the fast-paced, demo-only, no-slides-allowed format that Finovate audiences love.

Speaking of the audience…we’re expecting the largest turnout ever for a Finovate event with more than 800 senior financial executives, venture capitalists, industry analysts, press, bloggers, and fintech entrepreneurs packing the auditorium in San Francisco.

Here’s just a (very) small sample of the institutions that are attending:

  • Aite Group
  • Alliant CU
  • Ally Financial
  • American Express
  • AOL Huffington Post
  • Bain Ventures
  • Banco Popular
  • Bank of America
  • Bank of Internet
  • Bank Tech News
  • Battery Ventures
  • BBVA
  • BECU
  • Bloomberg VC
  • BMO
  • Capital One
  • Celent
  • Charles Schwab
  • Chase
  • CIBC
  • Citigroup
  • CNNMoney.com
  • comScore
  • Danske Bank
  • Discover
  • Equifax
  • ETRADE
  • Experian
  • FICO
  • Fidelity
  • First Round Capital
  • First Tech CU
  • FIS Global
  • Fiserv
  • Flybridge VC
  • Forbes
  • Foundation Capital
  • Frost Bank
  • GE Money
  • Google
  • Greylock
  • GRP Partners
  • Harland
  • Harvard
  • Highland Capital
  • ING Direct
  • Intuit
  • Jack Henry
  • Javelin Strategy
  • Morgan Stanley Smith Barney
  • Mountain America CU
  • Navigant CU
  • Novarica
  • Omidyar Network
  • PaymentsNews
  • PayPal
  • PC World
  • Pitney Bowes
  • PwC
  • Reuters
  • Scotiabank
  • Slate Magazine
  • Star One CU
  • State Farm Insurance
  • SunTrust
  • TD Ameritrade
  • TD Bank
  • The Motley Fool
  • TIAA-CREF
  • TowerGroup
  • TSYS
  • U.S. Bank
  • Umpqua Bank
  • US Department of Treasury
  • USAA
  • VentureBeat
  • Visa
  • Wells Fargo
  • Yodlee

Please register as soon as possible to lock in your spot and join this amazing audience. We’ll see you in San Francisco next week!

FinovateSpring 2011 is sponsored by: The Bancorp, Tier One Partners, and the law firm of CB&S.

FinovateSpring 2011 is partners with: BankInnovation.net, BankerStuff, CardWeb, Filene Research Institute, Finance on WindowsPYMNTS.com, Mercator Advisory Group, Mobile-Financial.com and TheStartup.eu

FinovateSpring is Next Week — Don’t Miss Out on 64 New Fintech Innovations and an Amazing Audience!

FinovateSpring_Logo_Date.jpg

FinovateSpring 2011 is only one week away! But don’t worry, there is still (a little) time to get one of the remaining tickets to watch 64 new fintech innovations debut in the fast-paced, demo-only, no-slides-allowed format that Finovate audiences love.

Speaking of the audience…we’re expecting the largest turnout ever for a Finovate event with over 800 senior financial executives, venture capitalists, industry analysts, press, bloggers, and fintech entrepreneurs packing the auditorium in San Francisco.

Here’s just a (very) small sample of the institutions that are attending:

  • Aite Group
  • Alliant CU
  • Ally Financial
  • American Express
  • AOL Huffington Post
  • Bain Ventures
  • Banco Popular
  • Bank of America
  • Bank of Internet
  • Bank Tech News
  • Battery Ventures
  • BBVA
  • BECU
  • Bloomberg VC
  • BMO
  • Capital One
  • Celent
  • Charles Schwab
  • Chase
  • CIBC
  • Citigroup
  • CNNMoney.com
  • comScore
  • Danske Bank
  • Discover
  • Equifax
  • ETRADE
  • Experian
  • FICO
  • Fidelity
  • First Round Capital
  • First Tech CU
  • FIS Global
  • Fiserv
  • Flybridge VC
  • Forbes
  • Foundation Capital
  • Frost Bank
  • GE Money
  • Google
  • Greylock
  • GRP Partners
  • Harland
  • Harvard
  • Highland Capital
  • ING Direct
  • Intuit
  • Jack Henry
  • Javelin Strategy
  • Morgan Stanley Smith Barney
  • Mountain America CU
  • Navigant CU
  • Novarica
  • Omidyar Network
  • PaymentsNews
  • PayPal
  • PC World
  • Pitney Bowes
  • PwC
  • Reuters
  • Scotiabank
  • Slate Magazine
  • Star One CU
  • State Farm Insurance
  • SunTrust
  • TD Ameritrade
  • TD Bank
  • The Motley Fool
  • TIAA-CREF
  • TowerGroup
  • TSYS
  • U.S. Bank
  • Umpqua Bank
  • US Department of Treasury
  • USAA
  • VentureBeat
  • Visa
  • Wells Fargo
  • Yodlee

Please register as soon as possible to lock in your spot and join this amazing audience. We’ll see you in San Francisco next week!

FinovateSpring 2011 is sponsored by: The Bancorp, Tier One Partners, and the law firm of CB&S.

FinovateSpring 2011 is partners with: BankInnovation.net, BankerStuff, CardWeb, Filene Research Institute, Finance on WindowsPYMNTS.com, Mercator Advisory Group, Mobile-Financial.com and TheStartup.eu

First Look: Bank of America’s Just-Launched iPad App

image A little more than a year after the iPad launched, Bank of America finally made it their own with a native app. It appeared in the iTunes store around midnight last night and has already climbed to #42 on the list of most popular free apps across all categories (5 PM Pacific; see update below and notes 1, 2).

I took it for a spin a few minutes ago and it’s about what you’d expect for the first version. The most important functions are all there: view recent transactions, transfer funds, pay bills, find ATM/branch locations, and contact customer service. It also includes the ability to apply for a new account within the app, something that is still relatively rare (and not included in the bank’s iPhone app).

Analysis: Overall, it’s a solid, if somewhat tardy, initial effort and will be adequate for most users. However, BofA has a reputation for being an online leader, and there is nothing in the app so far that supports that brand positioning. But, then again, simply having an iPad app puts it ahead of most competitors (see list of top banking apps as of last week).

A few other notable features:

  • Users have the option to store their username, so subsequent logins can be accomplished by simply entering a password (screenshot 1)
  • Pressing anywhere on a line item in the statement brings up a small popup with additional transaction detail (screenshot 2)
  • While it won’t win any design awards, the app gets a passing grade with an overall look and feel that is consistent with other iPad apps with relatively intuitive navigation. At least it’s not simply an expanded version of its iPhone app (like the Chase iPad app)

It also disappoints in a few areas:

  • I tried to pay my credit card bill, but the iPad app doesn’t support payment via external checking account (regular online banking does)
  • It times out after 10 minutes (good), but leaves your account balances visible until you dismiss the popup (screenshot 4)
  • I was not able to access business credit card statement data (system unavailable) but was able to get personal card data
  • The squares didn’t quite fit the screen right in portrait mode (screenshot 4)

Update: At 11 PM Pacific, the BofA app has reached #22 among all free iPad apps.
——————————————-

1. Initial iPad app sign in (3 May 2011)

 Bank of America iPad app login screen

2. Transaction details popup

  Bank of America iPad app transaction details

3. New account app

Bank of America iPad app: New account app

4. Time-out warning still shows account balances

image 

Notes:
1. The app still shows up as #32 in the finance category. So clearly, the top list among all apps is refreshed more often than the individual category lists.  
2. There is no mention of the app on the bank’s website as of 5 PM.
3. For more info on mobile banking, see our previous Online Banking Reports.

ING Direct Adds Phone-to-Phone Mobile Payments Powered by Bump Technologies

imageI’ve always admired ING Direct’s focus on deposit accounts primarily sold and serviced through the Internet. While the bank has diversified into checking accounts, mortgages, and investments during the ten years since it launched, the core website look and feel is virtually unchanged (see 2001 version here). 

So I was more than a bit surprised to learn this weekend that ING Direct became the second U.S. financial institution to add Bump-powered phone-to-phone payments to its iPhone app. PayPal was first, adding the feature more than a year ago.

Bottom line: Evidently, with “high-yield savings” stuck at 1%, the giant direct bank needs to be a little more creative on the feature side to attract new business. While bump-to-pay will eventually be replaced with direct communications via NFC or other technologies, it’s a nice addition that positions ING Direct as a mobile leader.

Bump is now one of two choice on the P2P menu on ING Direct’s iPhone app (2 May 2011)

Bump is now one of two choice on the P2P menu on ING Direct's iPhone app (2 May 2011)      Bump is now one of two choice on the P2P menu on ING Direct's iPhone app (2 May 2011) 

Bump is now one of two choice on the P2P menu on ING Direct's iPhone app (2 May 2011) 

——-

Note: For more info on mobile banking, see our previous Online Banking Reports.

Alumni News — Week of April 25, 2011

On April 27, Prosper gave 200 new lenders $104 to get started. The company is celebrating the news that prosper lenders are averaging 10.4% returns. http://bit.ly/finovate426111

American Banker on Yodlee and Geezeo growth in the PFM market. Yodlee grows French market, and Geezeo signs more credit unions. http://bit.ly/finovate429111
Author Jean Chatzky opens her Debt Diet Challenge to 5 Credit.com readers who are in debt. http://bit.ly/lDmZ54
Bank Innovations highlights six companies as noteworthy to see at Finovate Spring on May 10th & 11th in San Francisco. http://bit.ly/kqBr39
Bill.com releases site upgrade. The upgrade, made over the Easter weekend, includes improved calendar, a revised mobile application, receivables managements and online payments and more. http://bit.ly/finovate427113
BrightScope featured on TechCrunch. The post highlights BrightScope’s launch of advisor pages. http://tcrn.ch/finovate426113
Capital Access Network awarded prestigious award. The company won the 2011 Monarch Innovation Award from Barlow Research Associates. http://bit.ly/finovate425113
CashEdge’s Small Business Survey finds that small businesses want electronic payment solutions. http://bit.ly/kmC1lM
Consumer Reports integrates BillShrink’s recommendations into reviews. BillShrink has similar affiliate relationships with Walmart.com and T-Mobile. http://tcrn.ch/finovate426112
Credit Karma releases Credit Score Climate Report stating credit scores fell two points in the Q1 2011. http://mwne.ws/lnXZn7
Currensee makes Lead411’s Hottest Boston Tech Companies list second year in a row. See them at Finovate Spring. http://bit.ly/lmrLNK
H&R Block names former eBay exec as new CEO. http://buswk.co/ipszZa
Mengia signs with Icelandic banks, Arion and Landsbanki. Mengia will provide PFM services to both banks, which will provide 90% of Icelandic banking customers with access to an integrated PFM platform. http://bit.ly/finovate427112
Monitise launches Hong Kong mobile service with JETCO, which will help it break into the Asia Pacific market. http://bit.ly/kEEcCP
Stock Twits names Francisc Costello chief operating officer.  http://bit.ly/finovate429114
Tile Financial releases the “Spend Grow Give” app. Now available free in the App Store. http://bit.ly/finovate425111
USA Today covers BrightScope’s new tool for choosing the right financial adviser & informs what attributes to look for. http://usat.ly/msrb7l
Wescom Resources Group offers Geezeo PFM to clients. Wescom will be rolling out Geezeo as a complement to the Credit Union’s existing online banking platform. http://bit.ly/finovate425112
Xero releases Xero Touch, its new app built on HTML5 that will run on iPhone, Android, Windows7 and Blackberry. http://bit.ly/eLPrdA
Yodlee holds a mobile banking webinar on May 3. Attendance is free. Details online at  http://bit.ly/finovate427111

Account Alerts: Discover Card Helps Users Visualize the Options

image We are approaching the 15-year anniversary of the first retail banking account alert. Britton & Koontz Bank was the first to offer them in the summer of 1996 (note 1). But alerts didn’t become widely available until a few years later. 

Back then, you’d be lucky if you had three or four different alerts to choose from. And of course, there was no such thing as a mobile alert.

Today, banks and card issuers offer a dozen or more alert types capable of going to multiple email addresses, multiple mobile devices, or even to your land-line via voice message. Consumers are better served overall, but the wide range of options can be confusing.   

One solution is to use default selections. Users can select their preferred profile, and the bank establishes a set of recommended alerts. This profile selection could be made during online banking registration. For example:

  • Normal alerts
  • More alerts
  • Less alerts

Another helpful practice is to show examples so users can visualize what they are signing up for. Discover Card uses this technique in its card-management area with popups that show both the email and text-message version of each alert type (see screenshot below).

Alerts are a vital part of online and mobile banking, so take time to educate users on the appropriate mix (note 2). It’s also a great topic to cover in your blog or Twitter feed. 

————————————–

Discover allows users to review samples of each alert type (28 April 2011)

Discover Card allows users to review samples of each alert type (28 April 2011)

Notes:
1. Signet Bank was the first major to offer email account alerts. We covered it in OBR 22 (Feb 1997).
2. For more information on alerts and messaging, refer to this Online Banking Report published in 2003.