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Finovate Blog
Tracking fintech, banking & financial services innovations since 1994
Texas-based digital banking solutions provider Alkami Technology is bringing Push Provisioning to NASA Federal Credit Union (NASA FCU).
“I truly believe that our card management suite is one of the best,” NASA FCU digital banking manager Liam Petraska said. “Alkami has delivered one of the most cohesive card experiences we’ve seen in the industry. They continue to push the envelope with innovative features, allowing members to start using their cards digitally while the physical card is still in the mail. These cutting-edge features are setting a new standard for what card management can be in the digital banking space.”
The collaboration — Alkami’s latest — has enabled NASA FCU to modernize its digital banking experience for its 200,000+ members with features like push provisioning. Push provisioning enables payment card data to be securely sent or “pushed” from the card issuer or financial institution directly to a digital wallet. Push provisioning facilitates contactless payments and boosts convenience and security by removing the need for the user to manually enter payment card details. This, according to NASA FCU, has led to quantifiable gains in member satisfaction and digital engagement. Additionally, since going live with Alkami’s platform, NASA FCU also has reported faster and more efficient integrations courtesy of Alkami’s API framework.
Alkami’s partnership news comes a month after the fintech announced an enhancement to its Data & Marketing Solutions platform. The enhancement expanded Alkami’s behavioral data tag capabilities to provide financial institutions with deeper account holder intelligence that can be used to provide personalization across marketing and digital banking channels.
Targeted behavioral data tags empower financial institutions to efficiently analyze large datasets and establish accurate categories for accountholder actions and activities. Alkami’s latest behavioral data tags include SavvyMoney data tags to enable banks and credit unions to use data insights from the SavvyMoney offers engine, aggregated account data tags that provide a comprehensive view of account holders’ external accounts, anniversary data tags that track account holders’ anniversaries, and outbound transfer data tags to facilitate tracking of transfers made to other institutions.
“Behavioral data tags allow financial institutions of all sizes to find meaningful insights from large data sets and utilize that information to understand account holder behaviors, make informed business decisions and even find competitive advantages,” Alkami director of product management Mark Leher said. “These insights can be leveraged across digital, mobile, and in-person channels to support a more personalized banking experience.”
As iThryv, Alkami Technology made its Finovate debut in 2009. Today, the fintech reports that customers that have been on its platform for more than five years have outperformed their peers on major financial metrics, based on FI Navigator Data from 2024. This includes 25% higher loan growth, 11% higher core deposit growth, 19% higher revenue growth, and 13% higher average revenue per FTE.
Alkami went public in 2021. The company trades on the NASDAQ under the ticker ALKT and has a market capitalization of $3.5 billion. Alex Shootman is CEO.
Founded in 1949, NASA FCU is headquartered in Upper Marlboro, Maryland. The institution has more than $5 billion in assets.
J.P. Morgan Payments introduced two new branded payment terminals, Paypad and Pinpad.
The new payment hardware terminals offer touchless, biometric payment capabilities and help expand J.P. Morgan’s omnichannel commerce ecosystem.
Both Paypad and Pinpad will launch in the U.S. later this year and internationally after that.
JP Morgan Payments launched two new payment terminals this week, J.P. Morgan Paypad and J.P. Morgan Pinpad. The two new hardware terminals will complement J.P. Morgan’s existing omnichannel payments solutions that offer in-store, online, and embedded payments solutions for a wide variety of merchants.
While both products are expected to launch in the latter half of this year in the U.S. and internationally after that, they have different purposes. Paypad is an all-in-one tablet terminal that enables merchants to accept payments with a built-in biometric palm and facial technology that allow users to conduct touchless transactions. Available in an eight-inch touch screen, the portable terminal is set up to accept payments via chip, contactless, swipe, QR code, and biometric authentication via wi-fi or 5G connection.
Like Paypad, Pinpad also accepts chip, contactless, swipe, QR code, or biometric payments. And while the device is only the size of a traditional pinpad, it also offers touchless transactions via palm and facial recognition with a built-in infrared camera.
While J.P. Morgan already supported merchants with a suite of POS terminals, mobile payment solutions, and integrations for card-present transactions, the hardware was provided through Chase Payment Solutions, J.P. Morgan’s merchant services division. In contrast, this week’s launch provides in-house, branded hardware that complements J.P. Morgan payments’ existing commerce ecosystem.
How do the J.P. Morgan’s new Paypad and Pinpad stack up against the competition? Here’s a look at how some of the major POS hardware players in the space compare.
Square
While Square’s offerings provide similar portability, J.P. Morgan’s solutions likely provide better integration for larger enterprises.
Clover
Clover is known for flexibility and a rich app marketplace. It also caters more to small businesses. In contrast, while J.P. Morgan offers tools for small businesses, it tends to target more enterprise customers.
Stripe
Stripe’s POS terminals are known for their strong, developer-centric API integrations. By contrast, JPMorgan’s omnichannel payments solutions offer more support for non-tech-savvy businesses.
Overall, J.P. Morgan’s new Paypad and Pinpad offer enough differentiation from competition in the point of sale realm. What will truly help the firm exceed in its new launch, however, are both its solid reputation and its relationships with its existing customer base.
Texas-based Sage Capital Bank has partnered with digital banking solutions provider Apiture.
Courtesy of the partnership, Sage Capital Bank will deploy Apiture’s Consumer Banking, Business Banking, and Digital Account Opening solutions, as well as its Data Intelligence solution.
Headquartered in North Carolina, Apiture most recently demoed its technology at FinovateFall 2023.
Sage Capital Bank, an independent, Texas-based community financial institution, has chosen digital banking solutions provider Apiture to power its online and mobile banking services. The bank will deploy Apiture’s Consumer Banking, Business Banking, and Digital Account Opening solutions and enhance the online and mobile experience for its customers with a modern, intuitive user interface and comprehensive feature set.
The bank will also take advantage of Apiture’s Data Intelligence solution that will enable Sage Capital to offer highly personalized experiences to customers via digital channels to enhance customer satisfaction and engagement.
“At Sage Capital, we recognize that our consumer and business customers are on-the-go and expect banking services that let them bank anytime, anywhere,” Sage Capital EVP and CTO Gene Stroman said. “With Apiture as our partner, we will elevate their digital banking experience through capabilities like peer-to-peer payments, real-time fraud detection, robust business entitlements, and Positive Pay. We are thrilled to work with this forward-thinking solution provider.”
Chartered as American National Bank in 1984 by a team of business owners from Gonzales, Texas, Sage Capital Bank today has $700 million in assets. The bank has branches in eight cities in Texas including Lockhart — where the bank opened its first branch in 1995 — and Austin.
“Apiture and Sage Capital share a commitment to both partnership and innovation, and we are eager to support the bank’s digital evolution and growth objectives,” Apiture CEO Chris Babcock said. “By choosing our comprehensive platform, Sage Capital can deliver a banking experience tailored to its community’s unique needs while delivering the very latest in digital innovation.”
Apiture most recently demoed its technology at FinovateFall 2023. At the conference, Apiture showed how its Sensei solution leverages AI to produce a real-time assessment of a customer’s financial circumstances and provide proactive recommendations customers can follow in order to improve their financial standing. Sensei analyzes data — including transaction history, account balances, and engagement metrics — to help banks and credit unions build better, more personalized relationships with their customers and members.
Founded in 2017, Apiture is headquartered in Wilmington, North Carolina. The company’s partnership announcement with Sage Capital Bank comes one month after Apiture announced a strategic partnership with data-driven statement provider HC3. The partnership will empower Apiture’s community bank and credit union customers to provide account holders with secure, immediate access to digital statements, powered by HC3, directly from their online and mobile banking channels.
FinGoal and DeepTarget have teamed up to enable community banks and credit unions to convert transaction data into actionable insights.
FinGoal for DeepTarget will help financial institutions deliver personalization at scale, identify new sales opportunities, and deepen relationships with customers and members.
DeepTarget made its Finovate debut at FinovateWest 2020. FinGoal won Best of Show in its appearance at FinovateSpring 2022.
A newly announced partnership between FinGoal and DeepTarget will help community banks and credit unions convert transaction data into actionable insights and potential revenue opportunities. FinGoal’s advanced transaction analysis combined with DeepTarget’s AI-powered, personalized engagement platform will enable financial institutions to create highly personalized product recommendations and offers that are targeted to reach the right customers at the right time.
Called FinGoal for DeepTarget, the new offering turns raw transactions into revenue opportunities, delivers deep personalization at scale, automates the targeting and personalization process, and provides continuous tracking of performance metrics to improve targeting and refine campaign effectiveness.
“Banks and credit unions know they need to compete on personalization, but they’ve been missing the tools to do it effectively,” FinGoal CEO David Nohe said. “Our partnership with DeepTarget bridges that gap. We turn complex transaction data into clear growth opportunities with existing customers, and DeepTarget turns those insights into targeted campaigns that drive results. Together, we’re helping financial institutions deliver the kind of personalized experience that builds lasting customer relationships and sustainable growth.”
The partnership is designed to help community banks and credit unions take advantage of what DeepTarget CEO Preetha Pulusani referred to as a “goldmine of transaction data.” Traditionally, financial institutions have lacked the resources to analyze customer spending patterns and life events that can hold clues to emerging consumer needs and preferences. Moreover, these institutions often have struggled to act effectively and efficiently on the customer information and data they have been able to analyze. Solving this problem will enable community banks and credit unions to reach out to a customer who may need financial assistance for a home improvement, for example, or identify a small business owner whose cash flow indicates a potential for significant expansion.
“By combining FinGoal’s advanced transaction intelligence with our AI-driven engagement platform, we’re giving banks and credit unions the power to spot opportunities in everyday transactions and automatically turn those insights into personalized offers that drive real revenue growth,” Pulusani said. “This isn’t just about better marketing — it’s about fundamentally transforming how financial institutions understand and serve their customers.”
Headquartered in Madison, Alabama, DeepTarget made its Finovate debut at our all-digital fintech conference FinovateWest 2020. At the event, the company demonstrated its 3D StoryTeller feature, which brings a 3D user experience to its Digital Experience Platform. DeepTarget’s Digital Experience Platform readily integrates across all digital channels enabling financial institutions to intelligently reach their customers from thousands of customer touchpoints. Companies using DeepTarget’s technology have reported 40x increases over industry standard response rates, 25% revenue growth, and ROI of as much as 5x.
FinGoal won Best of Show at FinovateSpring 2022 for its Aggregator Switchkit that makes it easy for fintech developers to quickly transition from their current data aggregator to FinGoal’s insights platform. FinGoal’s platform sits on top of digital banking and finance data, turning transaction data into highly detailed user personas that help financial institutions make more relevant and engaging recommendations and calls to action for their customers and members.
FinGoal’s partnership with DeepTarget comes one month after the company announced that it was working with Lumin Digital. Courtesy of the agreement, Lumin Digital’s financial institution clients will be able to access data-driven insights from FinGoal to create personalized offers for their end users.
The youth banking market has seen growth over the past decade, but it still has a long way to go. Throughout the years, banks have focused much of their efforts on chasing the customers with the most money. Higher net worth customers can increase a bank’s deposits, be willing to take advantage of more of the bank’s product offerings, and often come with lower risk of default. Children and teens, however, are less appealing of a market, as they generally do not add a lot of assets and can come with additional headaches, such as special regulatory requirements.
That said, 2025 may be a breakout year for youth banking, which is set to experience significant growth as enabling technologies, evolving customer needs, and market opportunities create a perfect storm.
FinTok is making finance cool
Short form video platforms like TikTok, YouTube, and Instagram have evolved from places to post fun dance videos to become hubs for financial education and empowerment. This is especially true for Gen Z users, who spend a lot of time on these social platforms. The financial niche of TikTok, FinTok, has turned into a channel in which influencers simplify financial concepts, share savings and investing tips, and make financial education entertaining.
Banks and fintechs have yet to fully embrace this style of communication, largely because of the regulatory implications. Whether or not they are trying to reach out to clients on the social platforms, however, the fresh content is working to promote new interest in finance among younger generations. In 2025, banks that embrace the FinTok trend could stand out as financial partners for a new generation of financially curious consumers.
Financial education is on an upswing
The U.S. historically has been poor at integrating financial literacy in education systems, but that is rapidly changing. Schools, nonprofits, fintechs, and banks have increasingly prioritized financial education, integrating it into curricula and offering free resources to both parents and children. We’ve also seen a rise in apps that gamify learning about savings, budgeting, and investing. For banks, this means that now in 2025, young consumers not only have interest in the financial ecosystem, but they are also starting off with a strong foundation and a greater appetite for digital financial tools.
Youth-centric features are increasingly common
Gone are the days when “youth banking” meant a basic savings account with parental oversight. In 2025, you can expect to see these platforms include a wider range of features, including gamified savings goals, allowance management, safe spending controls, and even investment tools tailored to teenagers.
Banks and fintechs that prioritize these youth-centric tools with intuitive design elements will create stickier products. Many are doubling down on youth-friendly offerings via partnerships with companies such as Greenlight, which partners with a wide range of banks, including U.S. Bank, to empower families with financial tools.
Youth banking tools offer a means of differentiation
With the fintech landscape becoming increasingly crowded, youth banking tools provide an opportunity for differentiation. By offering new, unique features for traditionally underserved kids and teens, firms can stand out while capturing an untapped market segment.
Youth-focused offerings also serve as a way to engage the entire family, as parents will likely appreciate tools that not only educate their children about money, but also offer a starting point for them to establish their financial standing. As the banking landscape becomes more crowded in 2025, we can expect to see more youth tools that serve as a differentiator.
The great wealth transfer is already underway
The great wealth transfer, the impending movement of $84 trillion in wealth from Baby Boomers to Millennials and Gen Z is one of the most significant financial shifts of our time. In fact, the funds transfer is already underway as some Millennials and Gen Z have already started receiving inheritance. As organizations seek to capture this wealth, marketing to children and teens will allow firms to capture some of the wealth from those who are just starting their financial journeys.
Millennial parents are seeking to break the cycle
Millennials experienced financial hardship during the 2008 recession and some are still reeling from a combination of that downturn and burdensome student loans. The majority of Millennials are now parents, and because many feel like they were shortchanged in financial education and opportunities, they are are determined to equip their children with better financial habits.
Unlike previous generations, many Millennials are actively seeking to teach their kids about money management from a young age. Youth banking platforms, with features like savings goals and educational resources, align well with this parental mindset.
For banks and fintechs, 2025 is a great time to take advantage of dual opportunity. Not only can they capture the next generation of customers, but they can also strengthen relationships with their existing customer base of Millennial parents.
Clearwater Analytics is acquiring portfolio management and risk systems provider Enfusion for $1.5 billion.
The acquisition expands Clearwater’s market reach, leveraging Enfusion’s expertise in hedge funds, its strong international presence, and a $1.9 billion increase in its total addressable market, while also aiming to save $20 million through operational efficiencies.
Enfusion will benefit from Clearwater’s infrastructure and AI expertise.
Investment management solutions company Clearwater Analytics is acquiringEnfusion, a portfolio management and risk systems provider. The deal, advised by J.P. Morgan Securities, is expected to close for $1.5 billion.
“Today’s announcement is about creating a future where our clients benefit from the synergy of two highly complementary, innovative software leaders, paving the way for a unified, cloud-native, front-to-back platform that’s primed to serve institutional investors like never before,” said Clearwater Analytics CEO Sandeep Sahai.
Illinois-based Enfusion was founded in 1998 to help investment managers generate higher returns for their investors. The company’s cloud-based software, analytics, and middle/back-office managed services help institutional investment managers, hedge funds, and family offices build cultures of real-time, data-driven intelligence mixed with collaboration to make faster, more informed decisions while scaling their operations effectively.
“This transaction marks an exciting new chapter for all of Enfusion’s key stakeholders. Since our inception, we have proven that the versatility, scale, and depth of our solutions captures the hearts and minds of both traditional and alternative investment managers,” said Enfusion CEO Oleg Movchan. Together with Clearwater, our shared passion for building innovative technologies and enriching every aspect of the client journey will now accelerate and enhance our combined ability to support our clients’ evolving needs — whether they are expanding into new strategies, asset classes, or geographies.”
Clearwater Analytics automates the entire investment lifecycle with portfolio planning, performance reporting, data aggregation, reconciliation, accounting, compliance, risk, and order management. The Idaho-based company’s clients use its single instance, multi-tenant investment reporting software to aggregate, reconcile, and report on more than $7.3 trillion in assets across thousands of accounts every day.
Clearwater is acquiring Enfusion to advance its goal of creating a comprehensive, cloud-native platform that serves the entire investment management lifecycle. By integrating Enfusion’s front-office capabilities with its own middle and back-office solutions and client reporting tools, Clearwater aims to deliver a seamless end-to-end solution. The acquisition also expands Clearwater’s reach, leveraging Enfusion’s strong international presence as well as its expertise in the hedge fund market, which alone is expected to increase the total addressable market by $1.9 billion.
Enfusion stands to benefit significantly from the partnership, as well. Clearwater’s advanced execution infrastructure and expertise in generative AI are expected to enhance Enfusion’s operational efficiency and improve unit economics. Furthermore, Clearwater anticipates achieving $20 million in cost savings over the next two years, largely through streamlining general and administrative expenses.
“We expect to accelerate growth based on our increased right-to-win, higher back-to-base sales, greater presence across key geographies, and increased total addressable market. Coupled with our operating rigor and use of Generative AI, we have high confidence that we can drive meaningfully improved unit economics at Enfusion while also growing its emerging managed services business. Most importantly, this acquisition enables seamless data management from the front office to the back office, unlocking powerful network effects that amplify client value,” added Sahai.
Clearwater’s purchase price for Enfusion is $11.25 per share, which will be delivered in an equal mix of cash and stock. Clearwater has also agreed to pay $30 million to terminate Enfusion’s tax receivable agreement.
The week begins on the Fintech Rundown with news of product launches and new investments, as well as an acquisition in the digital banking space and a handful of partnerships in payments.
Be sure to check back all week long for the latest updates.
Transcard has partnered with Xodus Travel Services to enhance digital payment experiences with its SMART Suite platform.
The expansion into Canada comes a month after Transcard earned authorization from the U.K. Financial Conduct Authority (FCA) to serve as a payment institution in the U.K.
Tennessee-based Transcard is bringing its payment orchestration capabilities north of the border this week. The company recently went live with its first Canada-based customer, Xodus Travel Services. Xodus is leveraging Transcard’s SMART Suite to facilitate payment orchestration and enhance its digital payment experience.
“We’re excited to partner with Transcard as they expand their payment solutions in Canada,” said Xodus President and CEO David Rivelis. “By enabling their fast, secure, digital payment solutions, Xodus Travel Services will offer policyholders an improved claims experience with payment optionality and real time payment options.”
Transcard’s SMART Suite offers a range of tools to help banks, businesses, and fintechs make and receive digital payments and share payment data with their customers and suppliers. The embedded payment capabilities facilitate any payment type over any payment rail using any originating bank account. They work for both single and mass payments and can take place in real-time or be scheduled.
Transcard supports international payments across multiple currencies and languages, including Canadian French. Its solutions are designed to comply with global regulations, such as GDPR, RPAA, and PIPEDA, ensuring robust data protection standards.
“Launching in Canada marks a significant milestone in the company’s mission to enhance digital payment solutions worldwide,” said Transcard CEO Greg Bloh. “We’re excited to expand our capabilities, build more strategic partnerships and support customers in Canada.”
Transcard said that it plans to go live with more Canadian bank connections later this year. The company will also introduce real-time payment options including the Interac payment rail, virtual card capabilities, and push to debit.
Today’s news comes about a month after Transcard was granted authorization by the U.K. Financial Conduct Authority (FCA) to serve as a payment institution in the U.K.
Transcard was founded in 2012 and debuted a payments disbursement capability, Panuver, at FinovateSpring 2016. The company, which serves more than 500 companies with over 50 separate payment functions, offers solutions that combine multi-rail capabilities, embedded workflows, system of record integration, and reconciliation to support both B2B and B2C payments.
This week’s edition of Finovate Global looks at recent fintech headlines from Ireland.
NomuPay secures $37 million at a valuation of $200 million
Dublin, Ireland-based fintech NomuPay announced an investment of $37 million this week. The funding round, which began in September, gives the company a valuation of $200 million. The company will leverage the new capital to help accelerate the expansion of unified payment access in Asia.
“Over the past two years, we’ve grown our revenue by 100% annually and are on track to become profitable this year with an Annual Recurring Revenue (ARR) of $20 million,” NomuPay’s Faye Duncan wrote on the NomuPay website. “Our valuation has reached $200 million, and with this latest funding round, our total funding now stands at $90 million. We’re proud to support over 1,600 merchants — including Ikea — and look forward to expanding into markets like Indonesia, Japan, and Vietnam, while continuing our M&A efforts.”
Founded in 2021, NomuPay offers state-of-the-art, unified payment solutions to help businesses scale in high-growth regions in Europe, Asia, and the Middle East. The company’s uP Platform offers high-penetration alternative payment methods; real-time payout disbursements; and compliant, end-to-end marketplace funds management.
This week’s investment will help NomuPay assist international acquirers, merchants, Payment Service Providers (PSPs) and Independent Sales Organizations (ISOs) as they seek to expand in markets such as those in Asia, where differences between local regulations and a broad variety of payment methods add to both cost and complexity.
To this point, NomuPay CEO Peter Burridge noted that many organizations are stymied by the offerings of the dominant international gateway acquirers that, in some instances, provide limited access or fewer payment options. Burridge called for a more “sophisticated and less prescriptive approach.”
Experian acquires debt consolidation technology from Paylink
To help millions of consumers better manage their debts, international data and technology company Experian announced this week that it will acquire ReFi, the debt consolidation innovation from Paylink Solutions. ReFi, which specifically helps manage the “double counting” challenge in lending, will become a part of the Experian Consumer Services Marketplace.
“Our research shows that millions of consumers are stuck in a revolving debt trap, due to the systemic issue of ‘double counting’ when consumers apply for debt consolidation products,” Experian Consumer Services Managing Director Edu Castro explained. “ReFi’s innovative solutions will play a crucial role in addressing the debt challenges faced by many consumers, unlocking access to debt consolidation products that could help them save money on their debt and even pay it off sooner.”
Double counting can occur when an individual applies for a debt consolidation loan and a lender counts both the individual’s original debts and their new consolidation loan as part of the affordability assessment. Lenders “double count” because there is no guarantee that the funds from the new consolidation loan will be deployed to retire existing debt. This means that otherwise creditworthy individuals can be denied consolidation loans to help them more affordably pay off their debts.
ReFi provides this assurance for lenders, working with both parties to settle debts directly with existing creditors. This enables applicants for consolidation loans to be assessed solely on the basis of the consolidation loan amount. And as debt is paid off, old accounts are closed, providing convenience for customers and further bolstering confidence for lenders.
“The team who built ReFi feel tremendously privileged to already have helped thousands of people reduce their monthly outgoings and cut the amount of interest they have to pay overall,” Paylink CEO Jake Ranson said. “Becoming part of Experian will enable us to further innovate, accelerate, and grow the impact ReFi will have on delivering better outcomes for lender and borrower alike.”
Founded in 2017 and headquartered in Grantham, Lincolnshire, U.K., Paylink Solutions launched its ReFi solution in the fall of 2023. Piloted by financial wellness company Salary Finance, ReFi has saved Salary Finance customers more than £10 million in interest payments.
With its corporate headquarters in Dublin, Ireland, Experian helps businesses around the world enhance lending practices, fight fraud, and better engage their customers. A Finovate alum since 2011, Experian is a FTSE 100 Index company, publicly traded on the London Stock Exchange under the ticker EXPN.
Data privacy firm Dataships raises $7 million in Series A funding
Data privacy software company Datashipssecured $7 million in Series A funding. The round was led by Osage Venture Partners, and featured participation from Lavrock Ventures and the Urban Innovation Fund. In a statement, the company said that the funding will help “accelerate our mission to help merchants dramatically grow their marketing lists while maintaining ironclad data privacy compliance.”
Founded in 2019 and headquartered in Dublin, Dataships began as a compliance technology company and has since transitioned to compliance management. The company notes that it has helped its merchant customers realize a 10x increase in SMS opt-in rates, a 3x to 4x boost in email marketing contacts, and $112 million in additional revenue generated via 1.1 million repeat purchases. Dataships recently announced a pair of new innovations to its platform: SMS Easy Opt-in, which replaces “Reply Y” with in-checkout verification, and A/B Testing Engine that provides transparent measurement of baseline versus opt-in rates.
“We’re building Dataships to be the essential growth platform for modern e-commerce brands,” the company’s Matt Gottron noted in a blog post. “One that transforms compliance from a burden into a competitive advantage, helping merchants build larger, more engaged marketing lists that drive sustainable revenue growth.”
Here is our look at fintech innovation around the world.
Latin America and the Caribbean
Latin American payments service processor Kuady introduced its new physical prepaid Mastercard for users in Peru after launching a virtual version in September.
Onchain finance solutions provider Tokeny has teamed up with El Salvador-based Digital Asset Service Provider Ditobanx.
Visalaunched its 2025 Accelerator Program for African fintechs.
BusinessDay Nigeria examined the impact of cybercrime on Africa’s fintech and digital banking industries.
Central and Eastern Europe
Germany-based fintech unicorn N26 announced its first profitable quarter to close out 2024.
Lithuania and Romania earned praise for their growth potential in sustainable banking in a recent report from the International Sustainable Finance Centre (ISFC).
Financial Times featured German fintech Trade Republic as the firm announces it has no intention to go public at this time.
Automation has helped the financial services industry advance rapidly. It not only helps firms save costs and better serve users, but it has also influenced everything from customer service to regulatory compliance. However, as the industry continues to embrace automation, what should financial institutions consider to ensure innovation doesn’t overshadow empathy and trust?
In this Streamly video, Finovate Research Analyst David Penn and ShareFile Director of Sales for Financial Services Matt Geiger speak about the transformative effects of automation on the finance sector. They explore the opportunities, challenges, and the balance required to implement automation effectively while maintaining a human touch.
“In some ways, automation is awesome because we can take these workflows and have our people focus on more specialized activity… The place that we need to find when we’re talking about automation is to find the balance between [automation and manual activity]. What should I automate and what should I have as a personalized customer experience that’s not automated where humans can interact with each other? And we need to have a balance of both of those things.”
ShareFile provides secure document sharing and workflow automation solutions for companies in a range of industries. Founded in 2005, the North Carolina-based company helps its financial services clients document workflow automation, enhance and simplify their client collaboration, and it also aids them in regulatory compliance.
Matt Geiger has been with ShareFile for three years and currently serves as the company’s Director of North American Sales. With over 20 years in tech sales, Matt develops go-to-market strategies that deliver exceptional value. Before ShareFile, he spent 13 years in the partner community, building strategic alliances and driving success. Matt began his career as a teacher and coach, shaping his leadership style and commitment to team development.
FinovateEurope 2025 takes place in London on February 25 and 26. Register to attend and save up to £400.
Now that 2025 is well underway, we’re starting to get a better picture of what this year’s FinovateEurope event will look like. Taking place in London on 25 and 26 February, the two-day event will feature live demos from 30+ companies, as well as panel discussions on the hottest fintech topics and keynote presentations from major industry thought leaders.
The headliner keynote address, titled Artificial intelligence – are we overestimating the short term impact & underestimating the long term impact?, will be delivered by Professor Tracey Follows. AI was quick to establish itself as a long-term trend line. Will everything in this decade be defined by AI? And what does this mean for financial services?
Follows, who Forbes listed as one of the Top 50 Female Futurists in the World, will address these questions and offer her thoughts into what else the future has in store for banks.
Follows teaches strategic foresight at London Business School to Senior Executive Leadership and Corporate Management programs globally. She is also Visiting Professor in Digital Futures and Identity at Staffordshire University. She writes a regular AI/Innovation column in Forbes and speaks regularly at AI conferences; her expertise is highly regarded. She is also the CEO of futures consultancy Futuremade, working with the world’s biggest global brands and businesses. Recent clients include Coca-Cola, Tesco, PZ Cussons, Snapchat, Google, Diageo, Sky, Lego, Farfetch, Conde Nast, BT, Telefonica, the IAB, Women’s Business Council and Virgin.
In an interview with Thinking Differently, when asked what a futurist does on a day-to-day basis, Follows said that she is always on the lookout for signals of change. She said that she spends a lot of time at the frontiers of technologies, art, and science.
Follows describes herself as an “anxious optimist” because she is optimistic about the future, but she is anxious that situations might not always turn out to meet the optimistic expectations.
Industrial Bank of Korea (IBK) won “Best Mobile Financial App” category at the 2024 Finovate Awards. Emerging victorious from a field of six impressive finalists, Industrial Bank of Korea’s i-ONE Bank app won over our judges for its “great set of features” in the words of one evaluator, and its “smooth and clean UX/UI,” in the words of another.
“This mobile app appears to do it all,” yet another judge said, “It was especially good to see that it gives customers a variety of options for log-in and personalization of the user experience. They’ve clearly focused on security and made sure there are many different functions available, even currency exchange.”
We caught up with Kim Sung-tae, CEO of Industrial Bank of Korea, to learn more about the institution’s award-winning mobile banking app and what sets it apart from competitors in the Korean market. We also discuss the bank’s role in the Korea financial services ecosystem, the relationship between fintechs and incumbent financial institutions in Korea, how enabling technologies like AI are creating new opportunities for innovation, and what we can expect from IBK this year and beyond.
Founded in 1961, Industrial Bank of Korea is headquartered in the Jung-gu District of Seoul, South Korea. Kim Sung-tae was appointed Chief Executive Officer in 2023.
Industrial Bank of Korea (IBK) won the “Best Mobile Financial App” category at the 2024 Finovate Awards. What sets your app apart from competitors?
Kim Sung-tae: i-ONE Bank reflects our unwavering commitment to the customer. While all banking apps in Korea may appear similar, few demonstrate consistency and dedication to providing customer-centric services.
Yet, i-ONE Bank has always put the customer first since its inception, believing that “all the answers lie with the customer.” As a result, the app has consistently ranked first in the domestic financial app category on the two major app store platforms (iOS and Android) — a success that has culminated in winning the Best Financial Mobile App at the 2024 Finovate Awards.
Who does IBK primarily serve?
Kim Sung-tae: IBK serves both individual and corporate customers. As of now, approximately 17 million individuals and 2.2 million companies use IBK’s financial services.
What do you think is the most important banking service for customers today, and how has IBK responded to that need?
Kim Sung-tae: In the past, retail customers in Korea chose banks based on the proximity to their workplace or home. These days, however, we found a significant shift in their selection criteria: customers prioritize mobile banking convenience in selecting their primary bank. To respond to this changing need, we adopted “Easier, Faster, and More Secure Banking” as our slogan and positioned i-ONE Bank as the flagship service of our mobile channel.
i-ONE Bank delivers a full range of commercial banking products and services, including deposits, loans, investments, and pensions (Individual Retirement Pensions) through an open finance platform. It allows customers to view all of their financial transaction information dispersed at multiple institutions, such as banks, credit card issuers, and brokerages, on a single page. In addition, it offers much acclaimed personal finance management (PFM) services that automatically record spending history for easy control of customers’ personal finances.
Do you think emerging technologies such as AI play a significant role? Is this an area of innovation for the bank?
Kim Sung-tae: Absolutely. Upon taking office as CEO, I introduced “Value Finance” as my management philosophy, emphasizing that IBK must go beyond profit generation to enhance the value to all stakeholders in consideration of not just the customers, but also the entire community and even the environment.
AI is an innovative technology with the potential to elevate the value of IBK’s diverse stakeholders. We are currently running the IBK GPT Project which aims to leverage AI to improve operational productivity and promote digital transformation in customer services by, for instance, introducing conversational banking.
How would you describe the financial services environment in Korea? Is the relationship between fintechs and banks more collaborative or competitive?
Kim Sung-tae: The financial services environment in Korea is highly dynamic, characterized by both competition and collaboration between traditional banks and fintech companies. IBK strives to create synergies between the two by focusing on the areas where they can be complementary to each other, with a goal of fostering a sound ecosystem for greater financial innovation. For example, we operate IBK Changgong, an incubator program to support innovative tech startups, and IBK 1st Lab to help commercialization of the startups’ solutions.
What major initiatives does IBK have planned for 2025?
Kim Sung-tae: In 2025, IBK plans to transform i-ONE Bank into an open platform based on banking. By leveraging the two-side market nature of platforms, we aim to expand our end-user base for banking services while also increasing collaboration with partner companies to diversify non-financial content offerings. Through i-ONE Bank, we will create a virtuous circle that delivers tangible value to both customers and partner companies, and maximize network effects, which will ultimately propel i-ONE Bank to be a super app.
