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Finovate Blog
Tracking fintech, banking & financial services innovations since 1994
A look at the companies demoing live at FinovateSpring on May 8 through 10, 2019 in San Francisco, California. Register today and save your spot.
Enigma delivers trusted, linked SMB intelligence from over 100 data sources, enabling you to create products and optimize workflows that capture the small commercial market.
Why it’s great Enigma’s API injects trusted SMB data into key workflows, and lets you unlock the 30+ million U.S. SMBs that need your products, services, and financing.
Presenters
Craig Danton, VP, Data and Strategy Danton oversees data and strategy at Enigma. A former BuroHappold engineer, he holds a Harvard Business School MBA and a BS from Columbia University. LinkedIn
Chris Abiaad, Product Lead, Commercial Intelligence Abiaad runs Enigma’s commercial intelligence product. He received an MBA from Cornell Tech, ran a startup, and worked in financial services technology strategy at Accenture. LinkedIn
A look at the companies demoing live at FinovateSpring on May 8 through 10, 2019 in San Francisco, California. Register today and save your spot.
doxo, the all-in-one web and mobile bill payment service, is partnering with Plaid to help prevent bank overdrafts when paying bills to over 45,000 billers.
Features
Consumers pay over $30 billion each year in overdraft fees
Seeing bank balance when paying bills results in fewer overdrafts
When information is transparent, consumers win
Why it’s great Overdraft protection is another doxo feature reducing bill pay hassles for millions of users, and bringing these new benefits to the billers they pay.
Presenters
Steve Shivers, Co-founder and CEO Shivers is co-founder and CEO of doxo, the all-in-one billpay service. Prior to founding doxo, Shivers held senior roles with OpenMarket, QPass, and Infospace. LinkedIn
Jim Kreyenhagen, VP of Marketing and Consumer Services Kreyenhagen is the VP of Marketing and Consumer Services at doxo, the all-in-one billpay service. He previously managed and grew web properties at Allrecipes, BookRags, and InfoSpace (HowStuffWorks). LinkedIn
This is a guest post written by Dave Jones, VP of Product Marketing at Nuxeo, a Silver Sponsor of FinovateSpring.Jones is a strategic marketing leader and information management expert with 20+ years of experience in the technology space.
Today, consumers embrace a willingness to
experiment with new ways of doing things. This, in turn, is driving the need
for financial services companies to accelerate their digital transformation
initiatives in order to compete and remain relevant to customers.
But digital transformation should not mean
customers never talk to a human being. A digital business should look to
exploit technology to create new sources of value for customers above and
beyond their products and services. They should also look to increase
operational agility in the service of those customers—and that service does not
always have to be digital. It can, and often should, be a human interaction.
Many describe this human element within an
organization as the culture – but what is culture?
It’s a shared set of values and beliefs that
drive behavior. It’s not what you say, it’s what you do. It’s how people behave
when no one is looking and when no one is telling them what to do that will
pave the way for great innovation.
At Nuxeo, we believe that a digital culture is
critical to the success of a digital transformation project. Below are four
ways that culture can play a pivotal role in digital transformation projects:
To drive digital experiences, strive for a culture that fosters customer empathy and that values a deep understanding of customers’ needs and ecosystems.
To drive digital operations, focus on things that customers value, and reward digital experimentation and collaboration. Nurture a culture that embeds metrics (customer metrics) into the scorecard of every employee. And foster customer empathy and customer-led decision making.
To leverage digital ecosystems for broadening platforms and partnerships, nurture a culture that promotes internal and external collaboration.
To place digital innovation at the intersection of experiences and operations, support a culture that encourages speed instead of perfection. Develop a healthy tolerance for risk, and a willingness to fail fast and learn from failures.
In order to become a digital business and move
up the digital maturity curve, no financial institute can ignore culture
because it impacts everything. The traits found in strong digital and
customer-focused cultures include:
• Customer Obsession
• Empathy
• Speed & Agility
• Collaboration
• Experimentation
These are the traits that successful digital businesses have in common, and they’re the traits that allow organizations to drive their digital transformation to the highest level. However, these traits are missing from many digital transformation programs, despite assertions by many who say “Yeah, we’re doing that.” This is a problem.
Most organizations are still addressing
digital transformation as a tactical, short-term savings focused exercise. Some
are getting some cost savings and functional agility, but very few are creating
end-to-end digital businesses with a sustainable and long-term competitive
advantage. What we have are organizations that think they are done with digital
transformation who were never truly on the journey, and never addressed the
human and cultural piece of the puzzle.
To those organizations, we implore you to
rethink your strategy and to factor culture into your digital transformation
journey. But to those organizations who are using empathy, collaboration, and
the natural human instinct to help others as a way to deliver a stronger and
more sustainable offering to their customers – bravo. You are in the enviable
position of having all the right pieces in place for your digital
transformation journey – all that remains is for you to push ahead, build on
the strength of your new human-digital culture and enjoy the trip.
With a new venue in a new city, new visionary keynote speakers, new cutting-edge innovations and a new consolidated event format, you’ll get all the insights you need no matter what your focus!
Join 1,100+ senior financial and banking executives, venture capitalists, press, industry analysts, bloggers, regulators and entrepreneurs from the Bay Area and beyond in San Francisco.
Book your ticket by Friday, April 26 and save up to $400.
Top 6 Reasons to Attend
1. Highly efficient format
Our short-form demo-based format allows you to see a huge number of demos over two days. Each presenter has just seven minutes – with no slides or video allowed. You see live technology with no filler. Learn more about who will be on stage.
2. Stay ahead of the curve
Fintech innovation continues at a blistering pace. Finovate is the best way to find the next big advantage before your competitors. Don’t get left behind. View the 2019 agenda.
3. Only the best
Our competitive application process means you only see the very best demos. We handpick each company on stage, and they all give you a live demo – so you only see technology that works today. Learn more about the industry problems the demoing companies will be solving.
4. One-on-one connections
Speak to the founders, innovators, directors innovators and more. This isn’t your typical trade show. It’s your chance to engage directly with the people behind the world’s most exciting technology. And Finovate’s new networking app suggests the most relevant contacts for you based on your needs. Learn more about who’s attending.
5. Learn from visionaries
Hear from industry leaders and find out what’s coming next. The demos show you the best technology available now, and the speakers provide a unique insight into the future of the industry. Learn more about the speaker lineup.
6. Something for everyone
Whether you’re looking for a specific solution or just curious to see what’s out there, you’ll leave Finovate with new ideas and a fresh outlook. Broad vision or deep insight – we’ve got it all. Now is your chance to save up to $400.
Ixarisadds new Chief Legal and Compliance Officer Georg von Breven and Commercial Director Sean Ashton.
FICOunveils the latest version of its Decision Management Platform, FICO DMP.
Visalaunches a suite of beta APIs and tools to help developers design and test payment solutions.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.
Today is Earth Day, and what better way to celebrate than to take a look at fintechs helping out the environment by promoting eco-friendly habits. Here we feature companies with technology that saves trees by reducing the amount of paper used in the industry.
We’ve rounded up a handful of environmentally friendly fintechs in three categories: digital invoicing, paper-free mortgages, digital receipt printing, and paperless onboarding.
Digital invoicing
By taking the invoicing process digital, small businesses not only save paper, they can also save time and potentially receive payment faster, freeing up working capital they can put back into their operations.
Paper.id provides SMEs with invoicing tools and payment integration. The company offers tools to help businesses issue their invoices digitally and receive payment via electronic payment methods. Paper.id demoed at FinovateFall 2018
Charlie-India’sInvoicing Hub is a white label e-invoicing platform for banks and service providers. The tools allow SME bank clients to send, view, process, and pay their invoices within the bank’s online interface. Charlie-India demoed at FinovateEurope 2018.
Tradeshift offers an e-invoicing service that connects companies with suppliers, customers and partners. Among the applications available on the platform are e-invoicing, electronic purchase orders, and automated document validation. Tradeshift demoed at FinovateEurope 2012.
Paper-free mortgages
Mortgage technology is one of the last frontiers in fintech. Regulation and oversight have made the home-buying process somewhat resistant to disruption. In the past few years, however, we’ve seen a handful of startups working to digitize the mortgage process, removing the need for hundreds of sheets of paper required to close a home loan.
Namaste Credit is an India-based startup that serves as an online marketplace for mortgage loans. The service connects borrowers with relevant lenders to help them find the loan that best suits their circumstance. Namaste Credit demoed at FinovateFall 2018.
Tavant Technologies offers VELOX, a suite of digital products ranging from searching for a home to closing on the loan. VELOX completely automates the process, making compliance more efficient and reducing the need for paper. Tavant Technologies demoed at FinovateSpring 2017.
Roostify seeks to give consumers a better way to find and purchase a home. The company’s digital platform offers everything from digital customer onboarding to transparent, digital fulfillment to help lenders offer their clients a more efficient mortgage borrowing experience. Roostify demoed at FinovateSpring 2018.h
Digital receipt printing
Many retailers ask customers if they want to keep their receipt, but even if the answer is “no” the cashier still prints the receipt and throws it in the trash behind the counter. Digital receipt printing eliminates both the paper– and the awkward line of questioning– all together by sending the customer an email receipt.
Dream Payments’ cloud-based platform offers a mobile POS device that not only accepts debit and credit cards, but also provides analytics, reports, and gives customers digital receipts. Dream Payments demoed at FinovateSpring 2015.
CardFlight offers an API that allows merchants to accept online and offline payments within their own app. The company’s encrypted mobile magstripe reader, combined with its API, offer flexibility while keeping payments– and receipts– digital. CardFlight demoed at FinovateSpring 2013.
ShopKeep’s POS technology takes a merchant’s cash register to an iPad. The register accepts a range of payments, from magstripe, to EMV, to Apple Pay; plus provides inventory management tools and purchase reporting analytics. The company’s mobile checkout flow also offers a paper-free, email receipt option. ShopKeep demoed at FinovateFall 2012.
Paperless onboarding
Considered a must for millennials, paperless onboarding not only speeds up the application process, it also reduces errors, eases compliance, and eliminates the need for in-person bank visits.
Five Degrees specializes in core banking technology. The company’s Matrix offering helps banks provide SMEs a fully automated, paperless loan onboarding experience. The paperless process lowers cost for both parties while expediting funds. Five Degrees demoed at FinovateAsia 2017.
Quadient, formerly GMC Software, helps organizations create a better customer experience. The company’s Mobile Advantage solution is an omni-channel tool that offers digital statements and billing, paperless onboarding, and client e-signature. In addition to improving the customer experience, this combination speeds up workflows and reduces error. Quadient demoed at FinovateFall 2017.
Mitek combines digital onboarding with identity verification tools. The company helps banks authenticate an applicant’s ID document and combines this with additional identifying paperwork. The supplemental documents not only verify the customer’s identity, but also provide additional information that can be used in loan underwriting to create a more complete picture of the applicant’s financial state. Mitek demoed at FinovateFall 2017.
On the heels of being named one of the most valuable tech companies in Europe by Silicon Republic, low-code development platform OutSystems has announced that it is partnering with the Manufacturing Technology Centre (MTC). The two companies will work together to bring the benefits of low-code app development to some of the largest manufacturers in the U.K.
Pointing to “pent up demand” among manufacturers looking to leverage new technologies and channels, OutSystems VP for the U.K. and Ireland Nick Pike blamed “slow processes and legacy systems” for holding the sector back.
“As a result, development teams are seeking ways to innovate faster, and drive digital transformation projects forward quickly, without being encumbered by traditional environments and ways of working,” Pike explained.
Working with OutSystems, he said, would enable these developers to build enterprise-grade solutions for the web, mobile, and Internet of Things (IoT), as well as for manufacturing execution systems (MES) and even to accelerate legacy modernization.
“Bringing OutSystems’ low-code platform to organizations within the MTC provides this sector with a great opportunity to develop applications in a faster and more cost-effective way,” Pike said.
Founded in 2010, the Manufacturing Technology Centre is an independent research and technology organization (RTO) with more than 700 employees. The innovation hub provides integrated manufacturing system solutions to enterprises throughout the industry, ranging from automotive and aerospace firms to electronics and defense.
As part of the Centre, OutSystems will be able to commission its own fully-funded projects. The company will also innovate as part of the MTC’s Core Research Program, an annual collaborative research effort worth more than £2m+. Membership in the MTC will also position OutSystems to pursue major R&D opportunities in the U.K. manufacturing sector and beyond.
“It’s fantastic to have OutSystems join the MTC,” the organization’s Chief Digital Engineer Craig Stevens said. “As a global leader in low-code rapid application development, its knowledge and experience will only benefit out wider partner network. We look forward to further strengthening this relationship in the future.”
OutSystems demonstrated its low-code development platform at our developers conference, FinDEVr New York, in 2017. At the event, Nuno Silveira and Joao Miranda of European retail bank BPI showed how they leveraged OutSystems’ technology to complete a digital transformation that included overhauls of the bank’s mobile, internet, and contact center solutions.
Earlier this year, OutSystems was recognized by TrustRadius for its achievements as a low-code development platform, the third year in a row the company has been so honored. OutSystems was featured by Gartner Peer Insights late last year, earning Customers’ Choice recognition in both Mobile Application Development and Enterprise High-Productivity Application Platform as a Service categories.
Financial market data cloud company Xignite has partnered with financial charting and technical analysis platform, StockCharts.com. The collaboration will enable the popular online destination for traders and investors to significantly increase its market reach around the world, as well as boost StockCharts.com’s ability to offer more data – including data on international markets.
“StockCharts’ innovative charting solutions are now powered by Xignite REST APIs,” Stephane Dubois, CEO and founder of Xignite said. “(These APISs) harmoniously integrate multiple types of stock price data into their app.” Dubois also highlighted the fact that the company will benefit from having its market data hosted in the Amazon Web Services (AWS) cloud. “Xignite has freed StockCharts from the constraints of hardware and software, allowing them to deliver spectacular financial charts to millions of users each month,” he said.
Founded in 1999 by Chip Anderson, an early Microsoft developer, StockCharts.com has since grown into one of the more widely used technical analysis platforms for retail traders and investors. With more than 1.5 million active monthly users globally, StockCharts.com celebrated its 20th anniversary earlier this month. The company is headquartered in Redmond, Washington.
Xignite has more than 1,000 clients in financial services and serves more than 250 billion client API calls each month. The company offers 45 web services and more than 1,000 APIs to innovative fintechs like Betterment, Motif Investing, Robinhood, and Yodlee, as well as FIs like Charles Schwab and TIAA.
Named “one of the ten coolest brands in banking,” Xignite has been featured twice in the Forbes FinTech 50. Last year, the company was highlighted by Inc. Magazine in its look at 6 Fintechs Disrupting the Industry, along with fellow Finovate alums, Dwolla, Plaid, and Fidor Bank.
Xignite demonstrated its CloudAdd-in at FinovateAsia 2017. The solution enables the world’s more than 1.2 billion Excel users to access Xignite’s wealth of financial market data – including streaming data – via API and incorporate it directly into their spreadsheets. The San Mateo, California-based company was founded in 2006.
Citiintroduces biometric authentication for institutional customers in the APAC region.
With its IndiVideo solution, BlueRush and Chilean partner, Kunder, winBest Financial Services Online Video at the 2019 Internet Advertising Competition awards.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.
Small business financial services tools provider Waveannounced this week it partnered with Visa to help small business owners iron out their cash flow.
The two have teamed up to launch Instant Payouts, a tool that allows businesses to access the money they’ve earned as soon as they’ve earned it. Without having to wait for typical payment processing times, small businesses can use their funds immediately to grow their businesses or pay invoices.
“Small businesses depend on cash flow to survive,” said Les Whiting, Chief Financial Services Officer at Wave. “Often they have to wait two banking days or more for their payments to process through traditional banking methods.”
Instant Payouts integrates Wave’s invoicing and accounting tools with Visa Direct to give small business clients access to funds when they need them– even in the evening, on weekends, and on holidays. With Instant Payouts, customers with Visa and Mastercard debit cards will have access to their funds within 30 minutes.
Wave’s Instant Payouts interface
Businesses that choose to take advantage of Instant Payouts can redeem any amount of pending funds over $25. Wave charges a 1% fee for the service in addition to its standard processing fee of 2.9% + $0.30.
Instant Payouts was launched in beta to a select group of small business owners at the start of 2019. Wave will roll it out to more clients in the U.S. and Canada later this year.
Founded in 2010 and headquartered in Canada, Wave demonstrated its financial management software for small businesses in conjunction with Royal Bank of Canada at FinovateFall 2017.
Core banking platform provider Ohpenannounced this week that NPM Capital has acquired a 35% stake in the company.
This news comes after Ohpen’s first investor, Amerborgh, sold its stake in the company to NPM Capital in order to free up capital to finance future projects.
Rutger Ruigrok, Managing Director at NPM Capital, described Ohpen as “one of the most promising technology companies that we have seen in the past few years.” He continued, “We are impressed with their achievements over the past ten years: a cloud native core banking engine, an impressive customer base, and a wonderful foundation for further growth. We are very enthusiastic about now being part of their future.”
Having a new shareholder on board, Ohpen CEO Matthijs Aler explained, broadens the company’s options to finance future growth. “With Amerborgh and now also with NPM, we have a well-balanced long-term shareholder structure that enables Ohpen to realize all of its future growth ambitions. I am really looking forward to working with the NPM team,” he said.
Founded in 2009, Ohpen offers a cloud-based core banking API that gives banks a different option from legacy systems. At FinovateFall 2012, the company explained its multilingual cloud banking platform. In December of last year, Ohpen launched its new API portal.
With 120 employees across the Netherlands and Spain, Ohpen has raised $45 million. Matthijs Aler joined the company earlier this year as CEO.
defi SOLUTIONSdelivers loan origination system to First Investors Financial Services.
Trusha Patel joinsCrediVia as Chief Business Development Officer.
Onfidowelcomes Kevin Goldsmith as Chief Technology Officer and Thomas Ammirati as Chief Revenue Officer .
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.
