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Finovate Blog
Tracking fintech, banking & financial services innovations since 1994
RBS’s challenger bank Bo has reportedly selectedMambu as core banking technology provider. Mambu’s flagship solution will be delivered on a hosted basis, reports Henry Vilar of Fintech Futures (Finovate’s sister publication).
Bo is RBS/NatWest’s digital alternative to the likes of Monzo and Starling, with former operations chief Mark Bailie leading the project.
Reportedly, around 100 staff have been briefed on the new project.
Bo is expected to launch to retail customers in 2019, with the aim of migrating one million Natwest customers to the new mobile platform. It will offer savings and deposits products to consumers.
Fintech Futures has reached out to Mambu and Bo; both firms have declined the request for comment.
For payments, Bo will be using Starling’s Payments-as-a-Service offering.
Mambu already has a couple of users in the U.K., namely OakNorth (which runs the system on the AWS cloud) and N26 (which uses Mambu’s tech in its home market in Germany and across international locations).
Founded in 2011, Mambu participated in our developers conference, FinDEVr New York, in 2016. The company’s CEO, Eugene Banilkis, presented Smart Consumer Lending: Platform and Scoring Architecture and discussed how Mambu developed its social, data-driven consumer credit scoring engine.
Mambu is also a veteran of Finovate’s demo-only event, having demonstrated its technology live at at FinovateAsia in Singapore in 2013.
The Customer Experience Summit, taking place on Tuesday, May 7th – the day before FinovateSpring officially begins – will feature deep dives into the challenge of customer engagement.
This special summit day will be filled with analyses, debates, and case studies on how companies are taking advantage of new technologies like AI and advanced machine learning to reach new customers and better serve their current clients.
As Steven Ramirez, founder and CEO of Beyond the Arc, and Chair of our Customer Experience Summit explained:
Customer experience as a discipline keeps advancing. That means organizations have gotten more sophisticated about monitoring the experience, understanding customer needs, and designing ways to delight. In other words, what was innovative two years ago is now table stakes.
For the leaders, there is an opportunity to leverage fintech to break new ground. They can find new paths toward the goal of a seamless financial services experience. But even for the followers, fintech offers huge opportunity. They can cherry-pick the best solutions to meet their customers’ needs. Fintech can help them to close the customer experience gap.
Steven Ramirez, founder and CEO, Beyond the Arc
Focusing on the different advantages and challenges for both fintechs and financial institutions, Trulioo VP for Growth Anatoly Kvitnisky sees opportunity in collaboration.
“Fintechs are driven by growth and their natural strength is optimizing their platform for conversion. When it comes to CX, fintechs prioritize customer acquisition, convenience, and scalability. Financial institutions, on the other hand, are driven by risk-aversion, which create barriers that make their CX cumbersome, often unnecessarily, to keep potential risk as low as possible.
But in this equation, financial institutions have the most experience meeting both legal and regulatory requirements. Combining the strengths and approaches of fintechs and financial institutions often lead to an ideal outcome: a frictionless CX that lets the highest number of customers through while meeting the legal requirements during the process.”
Anatoly Kvitnitsky, VP of Growth, Trulioo
Here’s a look at what we’ve got in store for you at our Customer Experience Summit this year at FinovateSpring. Tickets are available now and we look forward to seeing you next month in San Francisco!
The Evolution of Innovation: Build, Buy, or Partner. A keynote address from Rilla Delorier – EVP and Chief Strategy Officer, Umpqua Bank.
Return on CX – 80% of the Potential ROI is Typically Left Untapped. An analyst insight with Paul Berg – Senior Managing Consultant, Gallup.
How Can Financial Institutions Transform Customer Experience through Deep Customer Insights? Why Powerful Data Analytics will be Critical for Success. A strategy roundtable featuring:
Carl Fudge – Portfolio Director, IDEO
Emil Mataskh – former Chief Analytics Officer, Commonwealth Bank of Australia
Kim Prado – Global Head of Client Insight, Banking and Digital Channels Technology, RBC Capital Markets
Rachel Kobetz – Head of Experience Design, Bank of America
Larry Lubin – Chairman & President, BlueRush
Talie Baker – Senior Analyst, Retail Banking and Payments Practice, Aite Group
How to Innovate on Behalf of the Customer and Build around their Needs to Drive Loyalty and Sustained Growth. A fireside chat with Robyn Burkinshaw, CEO and founder of BlytzPay, and Philippa Ushio, Senior Vice President, Prosek Partners.
Bridging the Gap between the Customer Experience Promise and the Customer Experience Reality to Deliver Outstanding CX at Scale. A keynote address from Naveen Agarwal – Senior Vice President and Chief Customer Officer, Prudential Financial, Inc.
How to Align Your Whole Organization to a Common Customer Purpose and to Harness Future Tech to Redraw the Customer Experience Landscape. A leaders debate featuring:
Vivek Bedi – Vice President of Digital Product, Northwestern Mutual
Terri Kallsen – Executive Vice President, Investor Services, Charles Schwab
Andrew Stevens – Global Banking Specialist, Quadient
Oliver Guilaumond – Global Head of Fintechs, ING
Steven Ramirez – CEO, Beyond the Arc
Creating a Seamless Digital Customer Experience. A fireside chat featuring Michael Lewis, Chief Technology Officer, Global Consumer Technology, Citi; and Sam Kilmer, Senior Director, Cornerstone Advisors
How We are Creating a Seamless Customer Experience. A panel discussion featuring:
Jason Osterhage – Senior Vice President, Lending, Alliant Credit Union
Jeff Berezny – Head of Global Product and Marketing, Trov
Danny Morrow – Co-founder and Chief Technology Officer, Extend
Tim Hong – Chief Product Officer, MoneyLion
Mary Hooper – Director of Digital and Innovation Strategies, Synovus
Steven Ramirez – CEO, Beyond the Arc
Harnessing Disruptive Technologies to Maximize Customer Experience and Loyalty. A case study with Hossein Rahnama – Founder and CEO of Flybits, Inc.
Delivering Outstanding Customer Experience by Harnessing Open APIs. A case study with Jeremy Berger – COO and Co-founder of Arival Bank.
Analyst Insight: Transforming the B2B Customer Experience
Fintechs and Financial Institutions on the Journey towards a Productive Partnership in CX. A closing debate featuring:
Sam Kilmer – Senior Director, Cornerstone Advisors
Susan French – Head of Product, BBVA Open Platform
Mike Sigal – Partner, 500 Startups
Lara Druyan – Managing Director, Head of Innovation, RBC
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.
Strands and Mastercard’sSME Cash Flow Manager is a tailor-made digitalization tool for SME banking using cutting-edge business financial management solutions.
Features
Deliver actionable insights and help business owners save time and money
Monitor Quickbooks data within digital banking experience
Place Mastercard solutions within customer’s digital user journey
Why it’s great Strands and Mastercard’s joint cash flow solution allows a financial institution to deliver a suite of SME digital finance tools that empower the bank to become the business owner’s trusted advisor.
Presenters
Jay Singer, SVP, Global Small Business Segment, Mastercard Singer has 20+ years of leadership experience in the payments industry across marketing, portfolio management, and product development. He currently leads Mastercard’s Global Small Businesses Segment. LinkedIn
Cesar Richardson, General Manager, Strands Americas Richardson helps banks re-build digital experiences that increase customer engagement, boost online conversion, and unlock the value of consumers’ behavioral data. 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.
Agora helps banks ramp up their digital experience without replacing their core banking system. Agora provides and co-creates tech tools for banks so that they can accelerate their digital journey.
Features
No core integration
Turnkey, plug-and-play, built-in solution
Fully white label
Why it’s great With Agora’s platform, banks can now build their own digital journey without replacing their core banking technology.
Presenter
Arcady Lapiro, CEO and Co-founder A fintech geek for over two decades, Lapiro has built a digital bank with over $20b in assets. He is a mentor of fintechs and a proud father of three. 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.
Payclub is building the first bank to help Gen Z manage, save, and spend money using collaborative group accounts.
Features
Create a group for any reason
Split by total, each, or custom amounts
Manage from anywhere with shared insights
Why it’s great Payclub helps groups manage money together using collaborative group accounts.
Presenter
Jason Rieger, CEO Rieger has an intimate knowledge of the college market and was the first employee at JusCollege (largest college travel company – acquired for $25m in March of 2018). 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.
Our Libra is a data-driven automated financial advisor and consumer lender focused on helping middle-class Americans manage their savings, investments, and debt.
Features
Automated financial advisor for managing savings and debt
Innovative, data-driven consumer lending platform
Why it’s great Our Libra provides an insightful and economical way to serve a market that desperately needs quality financial advice: the American middle class.
Presenter
George Matthew, Founder and CEO Matthew is developer of the Our Libra site and related algorithms. He is a former investment banker (over $20b of M&A and IPOs) and startup founder. 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.
CN-Protect from CryptoNumerics is enterprise software that enables privacy protection of consumer data to comply with CCPA, GDPR, and HIPAA.
Features
Consistent privacy protection using Differential Privacy and AI
Privacy risk balanced with analytical value
Quantifiable metrics and auditing reports for compliance
Why it’s great CN-Protect enables the protection of both identifiers and quasi-identifiers while retaining analytical value.
Presenters
Monika Holboke, Co-founder and CEO/CSO Co-founder and CEO of CryptoNumerics, Holboke leverages her background in numerical methods and mathematical modeling to help organizations gain insights while protecting people’s privacy. LinkedIn.
Hassan Bhatti, Co-founder| Commercial Bhatti is a technology entrepreneur with broad technical and business knowledge along with a proven ability to take incredibly hard technical ideas and commercialize them. 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.
CalcXML’sFIST Score is a new index used to evaluate all aspects of a person’s financial health, access vulnerabilities in debt, liquidity, retirement and insurance, and make product recommendations.
Features
Personalized dashboard with national/group comparables
Customizable content with administrative and marketing reports
Single sign-on; scalable and secure database; API integration
Why it’s great FIST Score unites the sophistication of computational AI technology with a simple user experience, creating a cradle-to-grave tool that enhances consumer loyalty and product placement.
Presenters
Chris Brockbank, Founder and President Brockbank is a pioneer of online financial calculators and online tools as well as the author of the mathematical algorithms featured in the FIST Score. LinkedIn
Rebecca Foster, VP Sales and Marketing As VP of Sales, Foster works closely with financial institutions to integrate FIST Score and financial calculators with their existing portals and websites. LinkedIn
Ron Shevlin looks at the effects PayActiv’s technology has on the paycheck industry.
Thrive Global interviews Lynne Laube, COO and co-founder of Cardlytics.
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.
Expense tracking software company Expensify has integrated with Southeast Asia-based ridesharing startup Grab to automate expense tracking and rideshare reimbursement for Grab users.
When they connect their Expensify account to their Grab business profiles, Expensify customers who live in or travel to Singapore, Malaysia, Indonesia, Philippines, Vietnam, Thailand, Myanmar, and Cambodia can automatically create and submit expense reports for their Grab rides. Upon booking rides in Grab’s mobile app, the receipt for the trip is automatically sent to Expensify.
Expensify opted to integrate with Grab because receipt volume for the ridesharing platform grew 200% in 2018. “Business travel has become one of Grab’s priority segments, with more users discovering and using Grab Business Profiles every day,” says Shawn Heng, Regional Head of Business Development and Grab for Business. “Partnering with Expensify, a great app for anyone who needs to keep track of receipts and expenses, is an exciting next step to make business travel even smoother for all of Grab’s customers.”
Grab is not the first ridesharing company Expensify has integrated into its platform. The California-based company integrated with Uber in 2016 and with Lyft in 2017. Today’s deal does, however, mark the company’s first partnership in the Southeast Asia region. Expensify also has partners in the U.S., the U.K., and Australia.
Founded in 2008, Expensify most recently demoed at FinovateSpring 2013, where the company’s CEO David Barrett showed off invoicing technology. The company teamed up with rapper 2 Chainz and actor Adam Scott earlier this year to create a SuperBowl ad. You can check it out below:
Point of sale lending company Financeitteamed up with ServiceTitan this week to help Canadian home service contractors offer their homeowner clients immediate, integrated financing options.
“Alleviating home renovation debt and accelerating the home improvement business is an important focus for Financeit,” said the company’s Founder and CEO Michael Garrity. “Through this partnership, we’re providing ServiceTitan’s Canadian customers an integrated and efficient way to finance any project quickly and hassle free, beneficial to both homeowners and contractors.”
ServiceTitan is an all-in-one software solution for home services businesses such as residential HVAC, plumbing, and electrical. The company’s tools range from client scheduling and service dispatching to accounting, payroll, marketing, and more.
The Financeit integration, which taps Financeit’s payment plans, will help ServiceTitan’s contractor clients close larger deals more easily, as well as sell upgrades and higher-end products.
Financeit made its U.S. debut at FinovateFall 2013 in a joint demo with fellow Finovate alum FIS. In 2017, the company closed an investment round with Goldman Sachs that gave the financier a majority stake in the Toronto-based fintech.
Founded in 2011, Financeit has amassed more than 7,000 merchant partners and processed more than $3 billion (C$3.6 billion) in loan applications. The company has raised $38.4 million.
Omnio Group is the latest fintech to partner with turnkey open banking platform provider, Token.io. The firm, whose digital banking platform, bank.VISION, powers banking and payments for more than 300 companies around the world, will leverage its new relationship with Token.io to provide open banking and PSD2 compliance to its FI partners.
“Token has enabled us to provide our clients with a PSD2 Open Banking Hub, which delivers secure connectivity between third parties and financial institutions,” Omnio Group Director of Implementation and Delivery, Rob Liddell explained. “Our next step is to work with Token to create innovative banking and payment experiences that meet the evolving needs of our digital customers.”
The first customer to take advantage of Omnio Group’s new partnership with Token.io is Irish postal, retail and financial service provider, An Post. The integration of both bank.Vision and TokenOS will give An Post access to crypto-based security, Token’s programmable money technology, as well as operational support, monitoring, and reporting.
“Our commercial strategy relies on our ability to successfully deliver in the digital world,” An Post Financial Services Director John Rice said. “Leveraging Token’s API puts us ahead of the game, enabling us to build a better proposition for our customers.”
Token.io demonstrated its PSD2-compliant open banking solution at FinovateEurope 2017. The company’s platform provides both banks and third parties with better compliance, quicker data aggregation, and direct bank payments with its single API and smart token technology.
Banks benefit from the ability to deliver more services to their customers and generate new revenue. By integrating TokenOS via simple, secure SDKs, banks can leverage crypto-based security and programmable money to build and develop new open banking apps. Payment service providers and merchants both win with better, more secure connections to banks, as well as faster access and lower costs.
Omnio Group is the latest company to sign on to Token.io’s open banking solution. Earlier this month, Token.io announced a partnership with Khaleeji Commercial Bank of Bahrain. Back in March, the company reported that it was working with U.K.-based challenger bank Tandem to ensure PSD2 compliance and support open banking. Late last year, Token and thinkmoney agreed to work together to expand open banking opportunities for the U.K.-based FI. More than 4,000 banks are currently connected via Token.io’s technology.
In addition to partnering with financial institutions around the world, Token.io also teamed up with open banking third party provider and identity and regulatory specialist Konsentus earlier this year. Together, the two will offer FIs in Europe a “fast and powerful combined solution for PSD2 compliance.” Token.io began 2019 by hiring a new Chief Technology Officer, Gaurav Kohli. Before joining Token, Kohli was VP of Product Development, Architecture, and Platform Engineering at Visa.
