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Alumni News: Week of May 2 and May 9

By Julie Muhn (@julieschicktanz) Posted on May 16, 2011
Categories: Backbase, Bill.com, BrightScope, CashEdge, Check Point, Cortera, DebtGoal, eToro, Expensify, Fiserv, ID Analytics, IP Commerce, Lending Club, Mint.com, MoneyAisle, PayNearMe, Plastyc, Prosper, Yodlee

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Backbase

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

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

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

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

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

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

By Jim Bruene Posted on May 11, 2011
Categories: Finovate, FinovateSpring 2011

FinovateSpring 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.

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

By Julie Muhn (@julieschicktanz) Posted on May 11, 2011
Categories: Best of Show, FinovateSpring 2011

FinovateSpring 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.

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.

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FinovateSpring 2011 Kicks Off Tuesday

By Jim Bruene Posted on May 9, 2011
Categories: FinovateSpring 2011

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!

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FinovateSpring 2011 Kicks off Tuesday

By Jim Bruene Posted on May 9, 2011
Categories: Finovate, FinovateSpring 2011

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

Looking forward to seeing everyone tomorrow!

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BrightScope’s New Tool Shines on Financial Advisors

By Julie Muhn (@julieschicktanz) Posted on May 6, 2011
Categories: BrightScope

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

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:

Decide: Choose to search for an individual advisor or firm
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).
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.

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.

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

By Jim Bruene Posted on May 6, 2011
Categories: Email Marketing, Email Samples, Google, Small Business

On 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)

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

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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)

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

By finovate Posted on May 3, 2011
Categories: FinovateSpring 2011

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 Windows, PYMNTS.com, Mercator Advisory Group, Mobile-Financial.com and TheStartup.eu

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

By finovate Posted on May 3, 2011
Categories: Finovate, FinovateSpring 2011

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.

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

By Jim Bruene Posted on May 3, 2011
Categories: Bank of America, iPad, Mobile Banking

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)

2. Transaction details popup

3. New account app

4. Time-out warning still shows account balances

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.

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

By Jim Bruene Posted on May 2, 2011
Categories: ING Direct, Mobile Banking, Mobile Payments

I’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)

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

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Alumni News — Week of April 25, 2011

By finovate Posted on May 2, 2011
Categories: Alumni News, Bill.com, BrightScope, Capital Access Network, CashEdge, Credit Karma, FinovateSpring 2011, Geezeo, Xero, Yodlee

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

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Finovate Blog

Alumni News: Week of May 2 and May 9

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

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

FinovateSpring 2011 Kicks Off Tuesday

FinovateSpring 2011 Kicks off Tuesday

BrightScope’s New Tool Shines on Financial Advisors

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

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

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

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

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

Alumni News — Week of April 25, 2011

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