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Finovate Blog
Tracking fintech, banking & financial services innovations since 1994
FinovateFall 2022 in New York next month is on pace to be the biggest Finovate conference to date.
The Finovate team got the word early Tuesday morning: 1600+ registered attendees for FinovateFall. And counting …
“That’s huge!!” said Finovate VP, podcast host, and conference Master of Ceremonies Greg Palmer. “Biggest show in a long time!”
And with less than two weeks to go before the curtain goes up on our fall fintech conference, there’s every chance that the biggest Finovate in a long time is going to get even bigger.
Early-bird discounts end this week, so today is a great time to swing by our FinovateFall registration page and save your spot as Finovate’s return to live events continues. From September 12 though September 14, FinovateFall 2022 will feature three days of live fintech demoes, insightful main stage keynotes on critical fintech topics, as well as fan favorites like our Analyst All Stars Panel, Fintech Fight Club, all-day networking opportunities, and more.
Darlington Building Society has partnered with LexisNexis Risk Solutions to enhance its financial crime prevention strategy.
The U.K.-based financial institution will deploy LexisNexis Risk Solutions’ RiskNarrative platform which features integrations with more than 50 third party data sources.
Darlington Building Society was named Building Society of the Year in 2021 for its work with Finovate alum ieDigital.
U.K.-based Darlington Building Society has partnered with LexisNexis Risk Solutions to upgrade its financial crime prevention capabilities. The Society, founded more than 160 years ago, will deploy the company’s RiskNarrative platform, which will also enhance the Society’s online member portal and customer onboarding experiences.
Using a single API and integrations with more than 50 third party data sources, RiskNarrative gives companies the ability to better identify risk and detect fraudulent activity. The platform will enable Darlington Building Society to orchestrate document verification, PEP and sanctions monitoring, identity and address verification, and risk ratings of applications, as well as creating and managing internal watch lists.
“The partnership with LexisNexis Risk Solutions demonstrates the Society’s commitment to improving application processes for our members,” Darlington Building Society Chief Operating Officer Chris Hunter said. “The rollout of Digital ID&V, as part of the RiskNarrative implementation, is a step forward in simplifying customer account opening and reducing paper usage.”
Darlington Building Society will use technology from LexisNexis to digitize and streamline its onboarding journeys for both mortgage and savings applicants, Darling Building Society Chief Risk Officer David Bews added. Bews said the platform will also enable the Society to “future-proof” its financial crime prevention strategy, by helping the Society adjust its criteria to mitigate future risk as well as react to current threats.
Founded in 1856, Darlington Building Society supports nine branches across the North East, County Durham, and North Yorkshire. The Society offers savings accounts and mortgages, as well as service via its online banking resource, Darlingtononline. As a membership-owned and run mutual financial institution, Darlington Building Society turns its profits into lower mortgage rates, higher savings rates, and support for local charities. The company was namedBuilding Society of the Year in 2021 for its work with U.K.-based digital experience platform provider – and Finovate alum – ieDigital.
LexisNexis Risk Solutions is an international data and analytics company dedicated primarily yo predictive insights and fraud prevention. Founded in 1997 and headquartered in Alpharetta, Georgia, the company serves customers in a wide range of industries including financial services and insurance, healthcare, government, and public safety.
LexisNexis Risk Solutions includes multiple Finovate alums among its recent acquisitions. The company purchased BehavioSec earlier this year, TruNarrative in 2021, Emailage in 2020 and ThreatMetrix in 2018.
These nine fintechs wowed our FinovateFall audiences last year with their innovations in embedded finance, payments, wealth management, and more. To whet your appetite for FinovateFall next month, September 12 through 14, here’s a look at what our FinovateFall 2021 Best of Show companies have been up to since taking home Finovate’s top prize last fall.
Launched docuseries, Behind the Robo. Named a major player in the robo-advisory market by The Business Research Company. Worked with Standard Chartered Bank Kenya to help them launch their new money market fund offering.
Dreams
Won Best of Show for its engagement banking platform that offers a unique way to engage customers and responsibly expand revenues. Awarded Best of Show at FinovateSpring 2021. Founded in 2014. Headquartered in Stockholm, Sweden.
Partnered with fellow Finovate alum ebankIT to support financial institutions undergoing digital transformation. Powered the new digital learning platform launched by Pacific Western Bank. Awarded Best of Show at FinovateSpring 2022.
Infocorp
Won Best of Show for its Mobile Native app that brings hyper-personalized experiences for every user in one single bank app. Founded in 1994. Headquartered in Montevideo, Uruguay.
Partnered with TESOBE to help banks in Latin America leverage open banking to build better, more customer-centric apps and services.
Long Game
Won Best of Show for its gamified finance app that helps banks acquire new customers and increase engagement with their Millennial and Gen Z customers. Headquartered in San Francisco, California. Founded in 2015.
Won Best of Show for its intelligent automation technology that transforms documents into data analytics, helping lenders make timely, high quality credit decisions. Founded in 2014. Headquartered in New York City.
Raised $80 million at a valuation of $500 million. Partnered with fellow Finovate alum Blend to bring automation to the mortgage process.
PwC
Won Best of Show for its Customer Link solution that turns customer data into smarter action and provides a 360 degree view of your customers. Founded in 1845. Headquartered in New York City.
Who will take home the trophies this year at FinovateFall 2022? Join us in New York next month as we showcase upwards of 60 innovative fintech companies – all vying for the title of Best of Show.
A look at the companies demoing at FinovateFall in New York on September 12 and 13. Register today and save your spot.
TreviPay is the global B2B payments and invoicing network empowering trade networks for enterprises to SMBs in 32 countries in 19 currencies.
Features
Deepen customer relationships and loyalty
Drive revenue for SMB Banking with a sound and customizable risk structure
Simple go-to-market, no software integration required
Why it’s great
Grow small business banking, drive revenue and customer loyalty with the first payments network built for banks and their small business customers.
Presenter
Rissi Lovern, SVP, Head of Small Business Markets Rissi Lovern delivers innovative payment solutions by leading global credit and lending risk. Her experience includes launching new lending products and risk management techniques. LinkedIn
A look at the companies demoing at FinovateFall in New York on September 12 and 13. Register today and save your spot.
Quilo empowers financial institutions to provide digitally, instant installment loans that can be syndicated at the time of underwriting.
Features
Banks and credit unions can provide digitally, instant installment loans
System can syndicate any individual personal loan if needed
Syndication automatically occurs at time of underwriting
Why it’s great
Automatically syndicating an individual personal loan at the time of underwriting is revolutionizing. Quilo is proven to help more lenders provide more loans to more people than ever before.
Presenters
Don Shafer, Co-Founder & Chief Evangelist Shafer has previously co-founded three other fintechs: Kasasa, BancLeasing and Banking Solutions and received E&Y Entrepreneur of the Year Award in 2011. LinkedIn
Boris Fuzayloff, Co-Founder & CEO Boris Fuzayloff is the Co-Founder & CEO of Quilo. Experienced hands-on senior technologist with a track record in leading technology teams that successfully deliver emerging technology solutions for the key transformational initiatives in leading financial services firms. LinkedIn
A look at the companies demoing at FinovateFall in New York on September 12 and 13. Register today and save your spot.
Privacy Lockoffers one solution to global privacy compliance – without ever collecting or processing PII.
Features
Proprietary Data Mapping
Consumer Request Automation
Report and Auditing Automation
Global Jurisdiction Coverage
Why it’s great
Privacy Lock is the first product to offer privacy compliance automation without collecting, storing, or processing any PII.
Presenter
David Ritter, CEO David Ritter has 10+ years experience in private equity and emerging technologies and six years in regtech. He served as Project Director of Donghu Group Investments, where he managed a portfolio with $1B (AUM). LinkedIn
A look at the companies demoing at FinovateFall in New York on September 12 and 13. Register today and save your spot.
FinGoal’s insights platform sits atop digital banking and personal financial data. Their new Aggregator Switch Kit allows fintech developers to switch data aggregators in minutes.
Features
Coverage: The best, most enriched and open data in the industry.
Access: Data is shared easily across a company’s ecosystem.
Cost: Better cost structures for aggregation, enrichment and account verification.
Why it’s great
Fintech developers should not be hostage to their aggregation provider.
Presenters
Ariam Sium, VP of Product Sium leads Product at FinGoal and uses the tenets of focus and value to govern each product decision made in the rapidly adapting world of fintech. LinkedIn
Jenn Underwood, Product Analyst Underwood brings an expertise in personal finance to FinGoal’s product development. Her passion for equitable financial services and value-based savings greatly enriches the UX. LinkedIn
A look at the companies demoing at FinovateFall in New York on September 12 and 13. Register today and save your spot.
Finalytics.ai uses the power of big data and machine learning to help clients go beyond personalization and provide customers and members with a market of one digital experience.
Features
Create a dynamic, visitor-centric, digital platform ideal for online conversions
Create a positive digital experience & user journey
Implement an AI-enhanced CX in eight weeks
Why it’s great
The Finalytics.ai platform was designed specifically to leverage the relational aspect of the credit union model, transforming the digital experience from “one size fits all” to a “segment-of-one.”
Presenters
Craig McLaughlin, Co-Founder & CEO Craig McLaughlin is the Founder & CEO of Silicon Valley-based Finalytics.ai, the first digital platform to apply real-time big data and machine learning to address individuals’ financial needs. LinkedIn
Thomas Novak, VP & Chief Digital Officer Thomas P. Novak is VP & Chief Digital Officer at Visions Federal Credit Union where he oversees digital banking strategy and payments strategy supporting seamless end-to-end experiences. LinkedIn
A look at the companies demoing at FinovateFall in New York on September 12 and 13. Register today and save your spot.
Deposits offers banks, brands, and communities an easy, low-code solution for financial experiences like payments, mobile apps, and lending — whether they can program or not.
Features
Use Deposits’ bank office to set up a program easily
Manage program and set up controls in one place
Easily KYC customers
Why it’s great
Deposits wants to demonstrate the future of finance and plug-n-play finance, plus reach lenders with no-coding experience and who have a community to serve.
Presenters
Joseph Akintolayo, CEO & Founder Joseph Akintolayo is actively shaping the future of technology by creating ethical products that solve complex problems in fintech, government and social enterprise. LinkedIn
Samuel Ailemen, Director of Mobile and Identity As a software engineer who loves research, Samuel Aileman solves real-world problems using new technologies. LinkedIn
A look at the companies demoing at FinovateFall in New York on September 12 and 13. Register today and save your spot.
Able collects information and processes it. Commercial lenders use Able to quickly collect details from borrowers, streamline the loan process, and book loans faster.
Features
Fewer resources per loan
Faster processing times
Better experience for everyone
Why it’s great
Able uses AI to streamline commercial loan processing.
Presenter
Diego Represas, Founder Diego Represas is the Co-Founder and Head of Able. Before founding Able, Represas led the development of AI products at Digit, a popular mobile app used by millions of consumers to automate saving. LinkedIn
Truist Wealth unveiled a pair of new investment solutions this week: a roboadvisor Truist Invest and a hybrid investment platform Truist Invest Pro.
Truist Invest provides a personalized investment portfolio based on the user’s goals, risk tolerance, and current investments. Truist Invest Pro adds access to a team of financial advisors.
Truist Wealth is a division of Truist Financial Corporation, a top ten U.S. with $545 billion in total assets.
Truist Wealth, a division of Truist Financial Corporation, announced the launch of two new investment solutions this week: roboadvisor Truist Invest and hybrid investment platform Truist Invest Pro, which blends automated investing with access to human financial advisors.
Both solutions were developed by a cross-functional team of designers, engineers, innovators, and product managers who co-created the new offerings in client journey rooms at the Truist Innovation and Technology Center. A combination of agile work strategies, direct client feedback, and iterative product design enabled the team to optimize both solutions ahead of their launch this year.
“Investors want digital solutions that are secure, intuitive to use, and able to help meet their needs whether they are a new or experienced investor,” Truist Wealth SVP of Digital Investing Kacy Howard said. “Truist Invest and Truist Invest Pro can help give clients control and confidence in their portfolio whether they choose a fully digital or hybrid solution to invest in their future.”
Truist Invest gives customers a tailored portfolio recommendation based on their goals, risk tolerance, and current investments. Truist Invest provides a daily portfolio analysis and supports both automated rebalancing and tax loss harvesting. A hybrid investment solution, Truist Invest Pro provides both the digital capabilities of Truist Invest as well as access to a team of financial advisors who can help customers build a personalized investment portfolio and provide ongoing investment advice. Accounts for both offerings can be opened with as little as $5,000. Truist Invest charges an annual fee of 0.50%, with Truist Invest Pro costing users 0.85%. Both fees are based on the assets under management, with a $90 per account annual minimum,
Truist Chief Wealth Officer Joseph M. Thompson put the new offerings in a broader context of the company’s goal of providing its customers with personalized service that maximizes the opportunity of digital technology in the investing space. “Digital investing solutions are an example of Truist’s T3 strategy which combines the client’s preferred level of personalized touch and innovative technology to create trust,” Thompson said. “Truist Invest and Truist Invest Pro provide simple and secure access to a portfolio that is purpose-built to help an investor achieve their goals and is backed by our investment expertise that can help individuals and families build better lives.”
A division of Truist Financial Corporation, Truist Wealth serves affluent, high, and ultra-high net worth individuals, families, and business owners in the U.S. and around the world. The firm’s services range from investing and retirement, trust and estate planning, and lending, to banking and risk management. Parent company Truist is a top 10 U.S. commercial bank with $545 billion in total assets, and 15 million clients across the U.S.. The bank recently announced the acquisition of Zaloni’s Arena platform, which will help Truist enhance its data governance, metadata management, advanced analytics, and AI/ML programs.
We spoke with Truist Financial’s Chief Retail & Small Business Banking Officer Dontá Wilson earlier this year at FinovateSpring about the pace of digital transformation in financial services and the importance of building a culture of innovation.
It’s been nearly five years since Hong Kong-based Chekk made its Finovate debut at FinovateAsia. The company, co-founded by CEO Pascal Nizri, is a B2B2C digital identity ecosystem that shifts ownership of personal data from businesses to individuals as part of its strategy to provide better, more seamless identity verification services.
“We all know how reluctant Internet users have become to share personal data online,” Chekk co-founder and Chief Operating Officer Benjamin Petit said from the Finovate stage during his company’s demo. “On the other side regulators are forcing banks and financial service providers to collect an increasing amount of data for compliance reasons. And this done during lengthy and painful KYCs that are costly for banks.”
Via a mobile app, Chekk empowers individuals to own their own personal data and control how much of their data they share. At the same time, businesses get access to a secure online or API-based platform that enables them to make data requests and conduct other customer interactions – from onboarding due diligence and ID verification to secure messaging for chats and statements – seamlessly.
Chekk’s SaaS solutions help the company’s retail, private, and corporate customers manage a range of digital identity and data portability challenges and operations. These include multi-language AML checks, including Arabic, Russian, and Chinese, as well as identity verification for more than 200 countries, biometric digital signatures, tools to create and maintain digital forms, a secure encrypted data wallet, and global connectivity to more than 400 million business data sources.
Bain Capital is the latest financial institution to choose Chekk as its partner when it comes to digital identity verification. With $155 billion in assets, the Boston-based alternative investment firm announced in July that it will leverage Chekk’s technology to provide KYB verification for businesses, merchants, and third parties, as well as KYC for individual customers.
The Bain partnership news comes in the wake of Chekk’s announcement of a significant investment (described as “multi-million dollar”) in a round led by HSBC Alternatives, a wing of HSBC Asset Management. The funding builds on previous funding from investors such as SOSV and LeFonds, a pair of venture capital firms, as well as individual investor David Gurle, founder of Symphony Communications Services.
“Thanks to its founders’ hands-on experience, Chekk is building a suite of services that extends well beyond compliance-driven KYC/KYB and puts commercial relationships at the core of its value proposition,” HSBC Asset Management Head of Venture and Growth Investments Remi Bourrette said. “This resonates with our fintech fund’s themes of improving access to financial services while managing the risks arising from criminal activities.
Have we arrived at a reckoning for Hong Kong-based fintech? While the clamp down on Big Tech in China has gotten most of the attention from international technology analysts and observers, the impact on fintech developments in Hong Kong have been relatively overlooked. A recent survey conducted by Google and financial consultancy Quinlan & Associates suggests that the fintech industry in Hong Kong could be in for challenging times.
Specifically, the survey revealed that 60% of the 120+ C-suite executives from early- and late-stage private fintechs contacted felt that Hong Kong was “relatively uncompetitive compared to other fintech hubs.” Among the reasons cited were the city’s regulatory environment, which was viewed as “costly, complex, and time-consuming,” as well as a “talent gap” that had been made worse by the COVID-19 pandemic. This talent gap extends beyond technical and product innovation roles to include sales and marketing talent, as well.
Hong Kong has been responsive to these challenges, according to a report from South China Morning Post. The city’s central bank, the Hong Kong Monetary Authority, unveiled a four-year plan in June – the Greater Bay Fintech Talent Initiative – that included a pledge to “groom all-round fintech talent” and to provide greater funding assistance for fintech projects. The initiative will feature the support of 20 financial institutions including HSBC, Goldman Sachs, Bank of America, JPMorgan Chase, Citigroup, and Hong Kong’s stock exchange. Tech giant Ant Group will also participate in the initiative — the only tech-based company to take part.
“While nurturing local fintech talent has been one of Ant Group’s key missions for years,” Ant Group EVP for strategy development and government affairs Jennifer Tan said, “it’s the group’s honor to join partners from various aspects in cultivating tech talent through the Greater Bay Fintech Talent Initiative.”
Here is our look at fintech innovation around the world.
Sub-Saharan Africa
QED Investors invests more than $50 million in Nigerian fintech TeamApt that specializes in business payments and banking platforms.
