Fintech’s Innovation Opportunity: From AI to UX

Fintech’s Innovation Opportunity: From AI to UX
By David Penn Posted on
Categories: FinovateSpring 2019

After two days of live fintech demonstrations, FinovateSpring turns to the experts. Our Content Day on Friday, May 10, will give attendees the opportunity to hear industry professionals share their insights into how the technologies of today are building the fintech of tomorrow.

To whet your appetite, here’s a quick survey of the presentations we’ll feature on the main stage on the final day of the show. Be sure to check out the afternoon sessions in our Digital Banking, Digital Payments, Community Banking, and Digital Lending content streams, as well.

For tickets, visit our FinovateSpring registration page.

  • The Rise of the Machines – The Artificial Intelligence Revolution and the Road to Superintelligence. What Will AI Mean for the Future of Financial Services – And the Future of Work? – read more
  • Which Artificial Intelligence Technologies Will Really Change Financial Services? – read more
  • Turning the Tide on Credit Visibility through Data and Innovation – read more
  • How Can Financial Institutions Capture the Fintech Opportunity and Collaborate with New Players to Transform Customer Experience –read more
  • Simplifying and Securing Digital Commerce through Tokenization – read more
  • How Are Regulators Approaching Cryptocurrencies – read more
  • The Evolving Role of Cybersecurity – Are Banking Treating Technology Risk as Extensions of their Businesses? – read more
  • Investors Debate: Where is the Smart VC Money Investing in Fintech? – read more
  • Finovate Finale! The Accelerators Showcase – read more

Here’s a look at our four content streams – Digital Banking, Digital Payments, Community Banking, and Digital Lending – which will run concurrently from 1:25pm through 2:40pm on Friday afternoon.

Digital Banking

  • Next Generation Banking – What Is the Next Phase of the Digital Banking Revolution – read more
  • Open Banking is Coming! How Will it Change Banking Forever? – read more
  • How New Players, New Platforms, and New Technologies Will Transform Digital Banking. Is There a Role for the Branch in the Digital World? – read more

Digital Payments

  • What Are the Digital Giants Going to do to Payments? Who Will Disrupt the Disruptors? – read more
  • Payments Innovation – Why Experience is the New Reward – read more
  • How New Technologies and New Competitors Will Solve Payments Pain Points Both Online and at Point of Sale – read more

Community Banking

  • How Can Community Banks Collaborate to Find a Path to Change to Compete in a Digital World? – read more
  • Community Bank + Core Vendor + Fintech – What It Takes to Make the Partnership Work – read more
  • How Community Banks Can Take a Strategic Approach to Fintech. What Bumps in the Road Did We Encounter? – read more

Digital Lending

  • How Digital Players Can Transform Small & Medium Sized Enterprise Lending – read more
  • Alt Credit Scores – Enhancing Underwriting Using Big Data & AI – read more
  • How New Players are Harnessing New Technologies to Disrupt the Retail, Small Business, & Commercial Digital Lending Landscape – read more

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Finovate Alumni News

By David Penn Posted on
Categories: CUneXus, Dwolla, Envestnet, Fintonic, FreeAgent, Revolut, RightCapital, Signifyd, Taulia

On Finovate.com

  • Fintonic’s $21.4 Million Funding Boosts Valuation to $180 Million.
  • Sezzle Raises $5.6 Million in New Funding.
  • Fintech’s Innovation Opportunity: From AI to UX.

Around the web

  • Dwolla wins Best B2B Payments Product in the FinTech Breakthrough Awards.
  • G2 Crowd names Signifyd the leader in customer satisfaction in the fraud protection market.
  • FreeAgent launches new option that lets you create estimates that exclude the VAT amount from totals.
  • RightCapital selected to join LPL Financial’s Vendor Affinity Program.
  • American Banker: Envestnet to add lending option to its wealth services.
  • Taulia taps Google Cloud to launch AI-powered invoicing solution.
  • LendIt recognizes CuneXus as Top Emerging Tech Company, marking the company’s 3rd major industry recognition of 2019.

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.

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Finicity Partners with Pulte Mortgage to Accelerate Asset Verification

Finicity Partners with Pulte Mortgage to Accelerate Asset Verification
By David Penn Posted on
Categories: Finicity

Real-time financial data access and insights provider Finicity has a new partner in the mortgage space. The company announced today that it is teaming up with Pulte Mortgage to help the firm improve the home financing process for borrowers.

“Today’s consumers have come to expect simple and rapid experiences enabled by digitization,” Finicity CEO Steve Smith said. “Pulte is an innovator that is embracing digital solutions to further deliver a superior borrower experience by giving their loan consultants more time to engage with their buyers.”

Pulte Mortgage will leverage Finicity’s technology to accelerate asset verification, reducing the time-consuming, manual, and paper-intensive process “from weeks to minutes” the company said in a statement. Finicity’s platform will enable lenders to access up to 24 months of bank, brokerage, and 401k information to quickly confirm assets without requiring paper verification.

“The average loan file used to be about 300 pages, but today’s regulatory and compliance demands have pushed this figure to more than 800 pages,” President and CEO of Pulte Mortgage Debra Still explained. “The need for ever-increasing volumes of supporting data puts an incredible burden on the borrower, which is why we strategically invest in integrated technology solutions, like Finicity, to reduce the time and complexity associated with securing a mortgage.”

A subsidiary of Pulte Group, Pulte Mortgage was founded in 1972, and finances new home construction for customers of Pulte Homes, Centex, Del Webb, DiVosta, and John Wieland Homes. Pulte Group has financed 700,000+ homes in the U.S., offering home buyers more than 200 different home loan solutions. The company is headquartered in Atlanta, Georgia.

Finicity demonstrated its credit decisioning technology – including its Verification of Income (VoI) and Verification of Assets (VoA) solutions – at FinovateFall 2017. Via API, Finicity’s data aggregation and insights platform provides clients with consumer-permissioned data in real-time to support financial management, payments, and credit assessment services and solutions.

Featured earlier this year in PaymentsSource’s roster of the Best Fintechs to Work For, Finicity partnered with Princeton Mortgage in December, integrating its Verification of Assets solution into Princeton Mortgage’s SnapApp digital mortgage platform. Last fall, the company teamed up with Experian and FICO to introduce a new solution, the UltraFICO credit score, to help bring financing to borrowers with credit scores between 550 and 650.

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TIBCO Appoints New CEO

TIBCO Appoints New CEO
By Julie Muhn (@julieschicktanz) Posted on
Categories: TIBCO Software

Integration and analytics software company TIBCO is fortifying its ranks with the appointment of a new CEO. The California-based company announced this week it has selected Dan Streetman to lead TIBCO as chief executive officer.

Streetman begins work at TIBCO next Monday and is taking the seat of Murray Rode, who held the title of CEO for five years. Rode will be transitioning to vice chairman of TIBCO. Offering accolades for Rode, John Stalder, principal at Vista Equity Partners, said, “Over the past five years as CEO, Murray has sharply focused TIBCO’s product portfolio and streamlined the organization to create an industry-leading cloud and hybrid platform for digital business to position the company for accelerated growth.” Vista Equity Partners, a private equity firm based in Texas, acquired TIBCO in 2014 for $4.3 billion.

Dan Streetman

Streetman comes to the TIBCO team from BMC Software, where he served as executive vice president of sales and marketing. He has held roles at software companies including Salesforce, C3, Amdocs, and Siebel Systems. Before his entry into the tech sector, Streetman served in the military as an Airborne Ranger infantry officer in the U.S. Army after attending West Point. During his service, Streetman earned a Bronze Star and the General Douglas MacArthur Leadership Award.

“Dan brings a high level of energy and commitment to TIBCO that will ensure we continue to expand the reach and scale of TIBCO’s Connected Intelligence Cloud to deliver game-changing innovation to the market,” said Rode.

“We’re excited about the opportunities in front of TIBCO and are confident that Dan’s experience and expertise will ensure an even greater impact on its customers around the globe,” Stalder added.

This news comes just over a year after TIBCO appointed a new CTO and COO.

TIBCO demoed at FinovateAsia 2013, showcasing how banks can leverage their clients’ transactional data to gain insight into customer behavior. The company has completed a total of 25 acquisitions since it was founded in 1997; most recently buying up SnappyData for its high-performance in-memory data platform.

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The ID Co. Unveils its Income Verification Solution

The ID Co. Unveils its Income Verification Solution
By David Penn Posted on
Categories: Uncategorized

The identity verification specialist formerly known as miiCard has launched its new income verification solution. The ID Co.has leveraged bank data, its own unique algorithms, and a comprehensive data-set to build a solution that enables lenders to get a better accounting of a loan applicant’s income.

“Once again, the capabilities of bank data have allowed us to build a new tool that is unrivaled and unparalleled anywhere in the market,” The ID Co. CEO James Varga said. “We know the challenges that banks and lenders have in accurately establishing applicant income, and now, using our experience in bank data, we have a solution that will present this information in mere seconds.”

To use the new tool, participating banks run application data through The ID Co.’s Income Verification API. The solution provides a calculated salary amount, with the option to factor in benefits, and a confidence score. The technology is especially helpful for lenders working with thin file customers and other borrowers without a significant credit history. The ID Co.’s Income Verification solution also provides information such as material supplemental income and changes to an applicant’s salary or wages over time.

“We’ve known for some time that this would be of value to banks and lenders and have worked tirelessly to ensure that this product fits their requirements,” The ID Co. Product Owner Helen Stewart said. “The solution has already been highly commended by banks and lenders that have trialled using it.”

The ID Co. (as miicard) demonstrated its Identity-as-a-Service technology at FinovateFall 2013. More recently, the company unveiled its DirectID Decisioning Platform and DirectID Insights, an online decisioning solution for underwriters, fraud analysts, and credit risk officers. The tool requires no integration, and provides prepackaged reports for lenders and underwriters to help them make better lending decisions faster while reducing operational costs.

Last fall, The ID Co. launched its consumer app, NoMo. The mobile app leverages Open Banking to enable users to conduct basic financial cashflow tracking. This includes cash-flow averaging, spending recommendations, personalized updates, as well as a financial performance overview.

Headquartered in Edinburgh, Scotland, The ID Co. has raised $9.1 million in funding. The company includes New Wave Ventures, Par Equity, and angel investor Rob Dobson among its investors.

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Starling Bank Selects FreeAgent

Starling Bank Selects FreeAgent
By Julie Muhn (@julieschicktanz) Posted on
Categories: FreeAgent

Cloud accounting platform FreeAgent teamed up with Starling Bank this week. The partnership aims to make business banking easier for Starling’s business and freelancer clients.

As Roan Lavery, FreeAgent co-founder and CPO said in the announcement, “This integration allows Starling customers to link their bank account with FreeAgent, pulling in transactions on a daily basis. From there, these transactions can be reconciled as normal.”

Starling said the impetous of the partnership was the increased demand for business banking services the bank experienced after a successful integration with FreeAgent competitor Xero in November of last year. Starling said it hopes the new integration will reduce stress levels for small businesses, which can sync their Starling business bank accounts with FreeAgent as of this week.

Here’s how it works– once businesses give FreeAgent consent, data associated with the business’ Starling account, including transaction time, spending category, and transaction name, is pulled over to the FreeAgent platform. By syncing both historic and current transaction data automatically, businesses can spend less time on manual data entry and benefit from more accurate reports.

Founded in 2007, FreeAgent offers cloud accounting services to help small businesses and freelancers manage their accounts. The U.K.-based company provides an API for easy integration, and works with existing startups such as Basecamp, Stripe, PayPal, and Xpenditure. The company also has an offering for accountants, a sales tax reporting tool, a fully-integrated payroll system, and freelancer tools such as time tracking and a project profitability estimator.

FreeAgent CEO Ed Molyneux debuted FreeAgent’s Financial Health Insights at FinovateEurope 2013 in London. In 2016, the company went public and, last year, was acquired by RBS in an offer valued at $75 million (£53 million).

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Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: 3rd-eyes, aixigo, ArthaYantra, BaseVenture, Capitalise, cbanc Network, Entersekt, eToro, Finantix, Fincite, Finhorizon, ForwardLane, Hydrogen, Nordigen, Scalable Capital, Sentifi, TradeIt, Trizic, Wealth Wizards, WealthForge, Xero, Xignite

On Finovate.com

  • The ID Co. Unveils its Income Verification Solution.
  • Finicity Partners with Pulte Mortgage to Accelerate Asset Verification.

Around the web

  • CBANC hires Mike Snavely as Chief Commercial Officer.
  • Congrats to 3rd Eyes, ArthaYantra, aixigo, BaseVenture, Capitalise, Entersekt, eToro, Finantix, Fincite, Finhorizon, ForwardLane, Hydrogen, Scalable Capital, Sentifi, Tradeit, Trizic, WealthWizards, WealthForge, and Xignite on being recognized in the Wealthtech 100.
    • Xero’s new invoicing experience available for all Xero customers and partners over the next two weeks
    • Nordigen opens new office in Spain to expand operations.
    • Yseop’s AI solution for Société Générale wins award for most innovative initiative of the year at this year’s Digital Finance Awards. Come see Yseop at FinovateSpring next month.
    • Contovista and NDGIT expand partnership, enabling Contovista to be implemented via the German NDGIT API marketplace.

    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.

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    How Flywire Uses Machine Learning

    How Flywire Uses Machine Learning
    By Julie Muhn (@julieschicktanz) Posted on
    Categories: Flywire

    With all of the talk about the benefits of enabling technology such as AI and machine learning, it’s not a surprise to see global payments platform Flywire getting in on the action. The Massachusetts-based company recently announced that it is leveraging machine learning to improve its payments and receivables solution.

    Flywire’s recent machine learning updates allow the company to improve payment-to-settlement time, increase security, and automate payment reconciliation. The updates replace a legacy, rules-based system that was used to perform invoice reconciliation. Using machine learning reduces manual effort, supports changing business requirements, and minimizes human error.

    Additionally, the machine learning algorithms can easily learn and support new payment methods, confirm payment sources, and optimize foreign exchange conversion. They also help reduce fraud by detecting anomalous payments and flagging them for Flywire’s compliance team.

    “Accepting payments across borders is a highly complex process that increases the cost of collecting monies, opens up FX and fraud risks, and requires enormous operational investment,” said Jason Moens, VP of Product at Flywire. “As more and more businesses and institutions leverage our platform to address these challenges, we continue to look for new ways to enhance its capabilities. The addition of advanced machine learning further streamlines our clients’ payment and receivable operations and removes more of the potential risks that can negatively impact fundamental parts of their business.”

    Flywire originally launched as peerTransfer in 2011, when the company debuted its college tuition payment platform at FinovateSpring 2011. While this flagship market makes up 80% of Flywire’s revenue, the company has since rebranded and expanded to tackle international payments for healthcare, travel, and businesses. Flywire’s platform processes billions of dollars in payments every year in over 120 different local currencies, connecting more than 1,400 businesses and universities with their customers.

    Last summer, Flywire raised $100 million to promote global expansion and fuel its bourgeoning healthcare and business segments. The investment boosted the company’s total funding to $143 million. Mike Massaro, who EY named a finalist for Entrepreneur of the Year, is Flywire CEO.

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    Avaloq to Boost Back Office Ops for Wealth Manager Brewin Dolphin

    Avaloq to Boost Back Office Ops for Wealth Manager Brewin Dolphin
    By David Penn Posted on
    Categories: Avaloq

    Brewin Dolphin, one of the UK’s largest wealth managers, has selected Avaloq to transform its back-office infrastructure through Avaloq’s Software as a Service (SaaS) solution, reports Henry Vilar of Fintech Futures (Finovate’s sister publication).

    The project aims to enhance Brewin Dolphin’s digital capabilities to address the rising competition, says the wealth manager, which claims to have £34.9 billion ($45.5 billion) in discretionary funds under management.

    Avaloq was awarded the contract after “an extensive selection process” by Brewin Dolphin. The appointment follows a collaboration with UK wealth manager Smith and Williamson which chose Avaloq’s SaaS solution, and complements other UK clients such as Coutts and Canaccord Genuity Wealth Management.

    “We have created a high-calibre team who have built a detailed implementation plan to deliver this programme,” said Grant Parkinson, COO of Brewin Dolphin. “It gives us significant opportunity to increase straight-through-processing, improve the efficiency of handling client accounts and reduce operational risk.”

    The tech supplier says it experienced strong results for 2018 driven by the demand for the firm’s SaaS, BPaaS and on-premise solutions from new and existing clients and accelerated growth in markets such as the UK and the wider EMEA region.

    Overall, the firm generated full-year revenues of CHF579 million ($579 million), a year-on-year rise of 6% on an underlying basis.

    New wealth management clients and projects either won or completed in 2018 included Pictet Group, Intesa Sanpaolo Private Bank Suisse, Deutsche Bank Luxembourg, Edmond de Rothschild and Smith & Williamson.

    Avaloq demonstrated its technology at FinovateAsia 2018, winning Best of Show honors for its double marketplace that enables fintechs and FIs to take an “app store” approach to discovering and integrating new solutions. Headquartered in Zurich, Switzerland, the company was founded in 1985.

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    FinovateSpring Sneak Peek: Cinchy

    FinovateSpring Sneak Peek: Cinchy
    By David Penn Posted on
    Categories: Cinchy, FinovateSpring 2019, FinovateSpring 2019 Sneak Peek

    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.

    Cinchy is a real-time data collaboration platform for solving complex data integration, data access, data governance, and solutions-delivery challenges in the enterprise, saving companies millions.

    Features

    • Enterprise-wide data access (with unlimited users)
    • Automated data governance and metadata
    • Super-agile solutions-building (“post-app” development)

    Why it’s great
    Cinchy brings data collaboration to the enterprise, eliminating the need to buy, build, and integrate thousands of separate business applications.

    Presenter

    Dan Demers, CEO and Co-founder
    Demers is the co-founder and CEO of Cinchy, the enterprise data collaboration company. Previously, Dan spent 10 years as an IT executive with leading global FI companies including Citi and RBC.
    LinkedIn

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    FinovateSpring Sneak Peek: Status Money

    FinovateSpring Sneak Peek: Status Money
    By David Penn Posted on
    Categories: FinovateSpring 2019, FinovateSpring 2019 Sneak Peek, Status Money

    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.

    Status Money is a marketing platform that enables advertisers to deliver hyper-targeted offers and rewards via its budgeting app, email, and Chrome extension.

    Features

    • Hyper-targeted offers produce profitable leads
    • Rewards motivate consumers to engage
    • Chrome extension delivers contextual offers

    Why it’s great
    The Status Money platform enables advertisers to reach the right person, with the right offer, at the right time.

    Presenters

    Majd Maksad, CEO and Co-founder
    Maksad is the co-founder and CEO of Status Money. He was previously the Head of Analytics for the Citi Global Digital Payments group.
    LinkedIn

     

    Korash Hernandez, COO and Co-founder
    Hernandez is the co-founder and COO of Status Money. He was previously a VP at Marcus by Goldman Sachs.
    LinkedIn

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    FinovateSpring Sneak Peek: Trulioo

    FinovateSpring Sneak Peek: Trulioo
    By David Penn Posted on
    Categories: FinovateSpring 2019, FinovateSpring 2019 Sneak Peek, Trulioo

    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.

    Trulioo presents EmbedID, a fast and simple way for startups and developers to verify customers across multiple markets while supporting AML/KYC compliance requirements.

    Features

    EmbedID will allow companies to:

    • Integrate and test Trulioo’s identity verification API in minutes
    • Fully customize onboarding fields and forms
    • Verify customers in real-time

    Why it’s great
    With only a few lines of code embedded into any website, Trulioo’s EmbedID enables organizations to verify over five billion identities worldwide.

    Presenter

    Anatoly Kvitnitsky, Vice President of Growth
    Kvitnitsky has a wealth of experience working in fintech and identity markets, and is committed to helping solve identity challenges that organizations face in scaling their products for global use.
    LinkedIn

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