New York Community Bancorp to Boost its Lending Services with Fiserv’s DNA

New York Community Bancorp to Boost its Lending Services with Fiserv’s DNA

New York Community Bancorp will move to Fiserv’s DNA core platform to improve its retail banking and commercial lending services, reports Antony Peyton of Fintech Futures (Finovate’s sister publication).

The bank, which has $51.2 billion in assets, will use an integrated suite of digital banking and payment solutions. It will also move from in-house processing to an application service provider (ASP) model hosted by Fiserv.

It is understood the new tech will replace the legacy Miser solution from Fiserv’s rival FIS.

Barbara Tosi-Renna, assistant chief operating officer, New York Community Bancorp, said: “We chose Fiserv because its solutions, integration and expertise put us in the strongest position to succeed in our fast-changing marketplace.”

The bank will add solutions from Fiserv including Commercial Center for commercial cash management and business banking, and the open, real-time Dovetail Payments Platform (paytech provider Dovetail was acquired by Fiserv in 2017).

It also will move existing in-house solutions including the Corillian Online and Mobiliti digital banking solutions from Fiserv to the bank’s new outsourced environment.

New York Community Bank is the “leading producer of multi-family loans” in New York City and the largest regional bank headquartered in New York by assets.

The bank has customers in New York, New Jersey, Florida, Ohio, and Arizona through a network of more than 250 branches.

Meanwhile, Fiserv has been busy. As usual.

Just last month, Banco CTT, one of Portugal’s newest banks, selected Fiserv to enable anti-money laundering (AML) capabilities.

In addition, and a much bigger deal, Fiserv revealed it will acquire First Data in an all-stock transaction of $22 billion.

DSwiss, Digital Safes, and the Principles of Privacy By Design

DSwiss, Digital Safes, and the Principles of Privacy By Design

Ahead of FinovateEurope in London next week, we talked with Tobias Christen, CEO of Zurich, Switzerland-based DSwiss, about his company and its flagship digital safe technology that supports the long-term secure, safe-keeping of personal files and passwords.

DSwiss was founded in 2008 and most recently demonstrated its technology at FinovateEurope 2018.

Finovate: Banks offer an adapted version of your digital safe directly from their online banking portals. But why would people want to save passwords and files with their bank?

Tobias Christen: A recent PwC-survey concluded that banks are amongst the most trusted organizations when it comes to privacy and cybersecurity, outranking healthcare providers, nonprofits, and online retailers. This only confirms our own experience: Increasingly, people are looking for a trusted partner that can help them keep important data safe. Banks are really well-positioned to act as that partner because of their long history as custodians of wealth.

The study also revealed that only 10% of consumers feel they have complete control over their personal information. In my opinion, that’s because they started out making the mistake of saving everything with companies whose business model was to sell data. There’s nothing wrong with using social media, iCloud or Google Docs but we’re seeing a growing understanding that not all data is made equal. Some documents are worthy of a superior protection – copies of ID papers, financial documents and passwords for example – and people are really looking for a safe alternative to store such data.

This is where a digital version of the bank safe seems like a very logical place to go. People feel safer storing essential data here because the business model of banks is not based on selling customer data but rather on their ability to keep such assets safe.

Finovate: How do you keep up with consumer demands and ensure that the digital safe stays relevant to them?

Christen: We’ve had a two string approach to that. On the one hand, we develop and market our own B2C solution called SecureSafe, which has more than 1 million users. Being behind our own B2C solution gives us direct access to highly valuable user feedback. Due to the popularity of such services as Dropbox, SecureSafe users started asking for more advanced file sharing and sync capabilities. We responded with secure sharing and encrypted sync functionality.

On the other hand, we’ve established a highly collaborative approach to the digital safe. Since our first private and cantonal bank clients joined us in 2009, DSwiss experts have joined forces with banks to develop strategic features that fit their particular needs. In 2011, we started to work on a patented single sign-on technology to allow for smooth integration of digital safes in online bank portals. eDelivery for the safe transfer of bank documents directly to clients’ safes followed soon after. After entering our first collaboration with a major bank in 2015, we’ve been able to speed up the collaborative product innovation.

Our latest innovation combines original meta-data that is passed along with documents (or requests) and data that is extracted with rule-based and machine-learning-based algorithms. This might sound very technical, but at Finovate London 2019 we’ll show you how it makes onboarding for a mortgage a lot faster and easier for bank clients. Ultimately, this feature makes any interaction between bank advisor and end-client user-centric. This fosters customer loyalty and helps a bank stand out to prospect clients.

Finovate: How do you keep up with security demands from your bank clients?

Christen: Banks have always been focused on a particularly high level of security and are understandably cautious when it comes to collaborating with fintechs. However, DSwiss was built on the principles of privacy by design from the get-go. We’ve employed zero knowledge architecture, double encryption and triple data redundancy since the very beginning. In particular, our zero knowledge architecture takes the confidentiality protection, which banks generally implement, to the next level. Throughout the years, we’ve been so fortunate as to work with banks of all sizes, both private and retail. That has enabled us to build up a lot of experience with the specific regulations that concern banks, such as GDPR.

Finovate: According to you, what are the biggest challenges to online security and privacy protection today?

Christen: In the old days, cyber criminals were quite often isolated individuals with limited financial resources. They were principally motivated by curiosity, pride or revenge. Today, the offenders are mostly motivated by economical perspectives and they are often engaged by governments. This means that we increasingly see well-organized and well-founded groups at work.


Watch DSwiss and dozens of other innovative fintech companies demonstrate their latest technologies live at FinovateEurope 2019, 12-14 February at the Tobacco Dock in London, U.K. For more information, including how to buy your ticket and save your spot, visit our registration page today.

Finovate Alumni News

Around the web

  • U.K. based financial services company Smith & Williamson to deploy Avaloq’s SaaS technology.
  • Quadient announces partnership with South Africa’s Beehive Online Solutions.
  • Sberbank and its subsidiary Sberbank Technology unveil open source-based communications platform for developers, engineers, and architects.
  • Roostify adds financial services consultant Marshall Lux to its advisory board.
  • Morocco-based CFG Bank chooses Kony to help drive its digital transformation.

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.

Defuse the Ticking Time Bomb of Data

Defuse the Ticking Time Bomb of Data

Data is a valuable asset to your business – driving competitive advantage and transforming the customer experience. However, most organizations are unable to leverage it.

Join us on Thursday, March 14th for a case study on Using Smart Technologies to Modernize and Transform the Customer Experience in Banking. Norman Wren, former Director of Technology and Operations at Santander, and Dave Jones, Vice President of Product & Industry Marketing at Nuxeo, will show how to defuse data issues by using smart technologies like AI, micro-services, and modern content services.

In our latest Finovate webinar, Wren and Jones will discuss real world examples of practical business applications and solutions that can help you:

• Leverage existing data systems
• Drive value from unstructured data
• Have flexible, yet secure, and auditable data
• Remove obsolescence, reduce costs, and maintain compliance

Register today to learn how to modernize the customer experience in banking with smart technology and turn your data into a valuable asset.

Featuring:

 

Norman Wren, Financial Services Consultant; Former Director of Technology and Operations, Santander

Wren is a senior financial services executive with over 20 years’ experience operating at the board level, in complex and challenging regulated organizations. He has a wealth of experience in leading transformational change and delivering digital transformation projects for global companies including Santander, AXA, and Barclays and consulting with Anderson Consulting.

 

Dave Jones, Vice President of Product & Industry Marketing, Nuxeo

Jones is VP of Product Marketing for Content Services at Nuxeo. He is responsible for developing the global go-to-market strategy and execution plan for Nuxeo’s modern enterprise Content Services Platform.

 

Register now >>

Beyond AI: Brain Augmentation and the Future of Interfaces

Beyond AI: Brain Augmentation and the Future of Interfaces

The keynote addresses at Finovate conferences are more than just an opportunity to catch up on the coolest conversations in fintech.

From author Tim Urban, who delivered a thrilling presentation on AI and the prospects for superintelligence, to futurist Rohit Talwar who discussed the relationship between AI and the future of work, our keynotes help put fintech in the larger context of some of the most impactful technological trends of our time.

This year at FinovateEurope will be no exception. For our opening keynote, we will feature Tan Le, founder and CEO of EMOTIV, for a conversation on artificial intelligence, brain augmentation, and more that you won’t want to miss.

Check out this excerpt from her TedGlobal presentation from 2010.

Communication between people, on the other hand, is far more complex and a lot more interesting because we take into account so much more than what is explicitly expressed. We observe facial expressions, body language, and we can intuit feelings and emotions from our dialogue with one another. This actually forms a large part of our decision-making process.

Our vision is to introduce this whole new realm of human interaction into human-computer interaction so that computers can understand not only what you direct it to do, but it can also respond to your facial expressions and emotional experiences. And what better way to do this than by interpreting the signals naturally produced by our brain, our center for control and experience.

EMOTIV is a bio-informatics and technology firm, founded in 2011 in Australia and currently headquartered in San Francisco, California. The company develops and manufacturers wearable electroencephalogy (EEG) products designed for a variety of use cases: from enhancing performance and well-being to supporting brain controlled technologies to helping businesses conduct consumer research.

In her presentation at FinovateEurope next weekThe NeuroGeneration – How the New Era in Brain Augmentation is Revolutionizing the Way You Think, Work, Lead, and Live, Le will explain how automation and AI can serve as allies en route to a new, extended, augmented human organism.

To catch Le’s presentation – and several more insightful takes on the role of technology in our lives – be sure to join us at FinovateEurope 2019 next week at London’s Tobacco Dock. For more information, including how to pick up your ticket and reserve your spot, visit our registration page today.

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Tink Raises $63 Million, Goes Live in Five New European Markets

Tink Raises $63 Million, Goes Live in Five New European Markets

Less than a week away from its return to the Finovate stage, open banking platform Tink has raised $63 million (€56 million) in new funding. The investment, the largest for the Stockholm, Sweden-based fintech, was led by Insight Venture Partners and will help power the company’s growth plans.

Also participating in the Series C were current investors Sunstone, SEB, Nordea Ventures, and ABN AMRO Digital Impact Fund. New investors Christian Clausen, former Chair of the European Banking Federation, and Nikolay Storonsky, founder of fellow Finovate alum, Revolut, were involved in the round, as well.

“This funding round allows us to accelerate our European roll-out but also invest further in our data services,” Tink co-founder and CEO Daniel Kjellén said. “As Europe gradually embraces open banking, our platform has proved to be its rails and brains – delivering the technology that makes it possible.”

Kjellén also credited the company’s success to being “the first platform provider to combine Account Aggregation and Payment Initiation, the scale of our connectivity and our smart data products that make it all understandable.”

In addition to the funding news, Tink also announced that it is live in five new markets in Europe, making it possible for developers in the Nordics, the U.K., Austria, Germany, Belgium, and Spain to get access to financial data via Tink’s account aggregation API. The company said it plans to add four more offices this year to accommodate growth, doubling its European workforce to “around 300,” and hopes to have a presence in 20 markets by the end of 2019.

Calling Tink a “category leader” in the field of financial services API providers, Insight Venture Partners Managing Director Teddie Wardi praised the company’s “impressive list of current customers in both fintech and traditional banking” and said Tink was “well positioned” for continued expansion in Europe. “We are excited to welcome Tink into our portfolio and look forward to helping the company drive continued growth,” Wardi said.

Tink demonstrated its platform, which combines aggregation, account information, and payment initiation services to create a virtual banking experience in line with PSD2 regulations, at FinovateEurope 2017, winning Best of Show. Founded in 2012, the company launched its developer platform last spring to make it easier for developers to take advantage of its Account Aggregation and Categorization solutions. Tink also announced a partnership with BNP Paribas Fortis in the first half of 2018, integrating its aggregation, PFM, and payment initiation technology into the bank’s mobile app.


Join Tink as it demonstrates its latest technology live on the Finovate stage next week at FinovateEurope. For more information, including how to get your ticket and save your spot, visit our registration page today.

DataSine Scores $5 Million Investment in Round Led by BBVA

DataSine Scores $5 Million Investment in Round Led by BBVA

In a conscious move, BBVA’s Propel Venture Partners has invested into psychology and machine learning (ML) tie-up business DataSine, reports Antony Peyton of Fintech Futures (Finovate’s sister publication).

The bank says it has co-led the latest funding round of $5.2 million (£4 million). BBVA and DataSine do not reveal the other names and have been contacted for more details.

The funding will be used to help DataSine launch a new content personalization platform called Pomegranate.

This is described as a collaborative artificial intelligence (AI) powered campaign platform that “tailors content to personality specific to the customer”.

DataSine founder and CEO Igor Volzhanin said: “I launched DataSine after moving to London to do a PhD in Psychology because I believed that personality can help companies understand their customers as a whole, which empowers them to truly connect with customers through every interaction, and move beyond traditional focus of click optimization.”

The platform works by applying ML to behavioral data that companies already collect to build customer profiles, and provides an AI-powered content editing platform to guide marketers in tailoring a range of content elements, including words and images.

DataSine is entering the SME market through the launch of Pomegranate in March. Pomegranate already integrates with HubSpot and MailChimp, and the company is looking to launch further integrations throughout the year.

DataSine launched in 2015 and has worked with various companies from across Europe, including BNP Paribas and Tinkoff Bank.

For BBVA, it likes to invest in a wide range of firms. Call it hedging your bets or diversification – the choice is yours.

Just last month, it was one of the big names in India-based investment app Groww’s $6.2 million funding round.

Headquartered in London, DataSine demonstrated its Pomegranate personality profile platform at FinovateEurope 2018.

Finovate Alumni News

On Finovate.com

  • Tink Raises $63 Million, Goes Live in Five New European Markets.
  • DataSine Scores $5 Million Investment in Round Led by BBVA.

Around the web

  • iProov announces meeting the NIST standards for genuine presence assurance by the National Physical Laboratory (NPL).
  • BBVA Compass hires new chief information security officer, Brian Fricke.
  • Ping Identity announces updates to its PingFederate, PingAccess, and PingDirectory.

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.

Insurtech Innovator CoverHound Fetches $58 Million in New Funding

Insurtech Innovator CoverHound Fetches $58 Million in New Funding

Insurtech pioneer CoverHound announced today that it has closed a $58 million Series D round. The funding was led by global insurance firm, Hiscox, and featured participation from a variety of major insurance providers including Chubb, Aflac Ventures, and Japan’s MS&AD. The company’s total capital now stands at more than $112 million.

“The future of digital insurance will continually shift to more non-traditional insurance brands,” CoverHound CEO Keith Moore said. “CoverHound has built the leading P&C platform to enable any brand’s customers to easily quote, compare, and buy personal, business, and cyber insurance.”

In a statement, CoverHound said the new capital would help fuel continued development of its CyberPolicy subsidiary, as well as support expansion of its offices beyond Northern California to Charlotte, North Carolina. The funding will also support the firm’s international growth plans, including expansion into Japan.

Since inception, CoverHound has sold more than 200,000 policies, providing insurance consumers with the ability to shop for and select insurance solutions online. CoverHound’s curated list of best insurance options for both personal and business insurance needs brings choice and transparency to the insurance market.

Additionally, the company’s licensed advisors help make sure that insurance buyers receive any and all eligible discounts that may apply to their policies. Using CoverHound is free – the company is paid by the carriers on the platform – helping keep insurance costs low for consumers.

Giving the company high marks for sharing its “passion for making material strides in the changing SMB landscape,” Hiscox USA EVP of Small Business Insurance Kevin Kerridge praised the company for “leading the charge in providing a best-in-class digital cyber solution for businesses.” Kerridge highlighted CoverHound’s CyberPolicy subsidiary, which helps SMEs deal with the potential costs of cyberattacks by providing first party coverage for immediate responses costs associated with a data breach, as well as third party coverage to claims brought by customers and clients.

Launched in 2016, CyberPolicy became the first marketplace for SMEs to shop and purchase cyber insurance online in minutes. The subsidiary’s offerings have since expanded to include 98% of small business types with as much as $250 million in revenue.

“Cyber insurance is one of the fastest growing insurance products for small businesses,” said GM of Small Business Insurance at Progressive Insurance, Bill Kampf, whose firm partnered with CoverHound’s CyberPolicy last year. “Progressive wants to make finding insurance easier for the small business owner, and by working with CyberPolicy, we can offer consumers an efficient platform to shop for cyber insurance and easily find coverages to help protect their business.”

Founded in 2010, and based in San Francisco, California, CoverHound demonstrated its platform at FinovateFall 2013. The company partnered with Clearsurance, an online insurance consumer data publisher, last September. CoverHound’s Head of Engineering and Product, Kjersten Elias, was featured in an interview with Women in Business back in November.

Bill.com Partners with Amex to Offer New AP Solution, Vendor Pay

Bill.com Partners with Amex to Offer New AP Solution, Vendor Pay

A strategic partnership between Bill.com and American Express will enable businesses to automate the AP process to make it easier to pay vendors using their American Express Business or Corporate Cards.

The two companies have announced a new solution, Vendor Pay, that streamlines vendor payments, improves working capital and cash conversion cycles, and gives SMEs better data for payment reconciliation. And by relying on single-use virtual account numbers within their current Business or Corporate cards, Vendor Pay also relieves businesses of the burden of having to establish additional card accounts.

“The Bill.com and American Express partnership is a powerful combination of two innovators and leaders in business payments,” Bill.com CEO and founder Rene Lacerte said. “American Express Business and Corporate Card members will now have a central platform for managing digital business payments via Bill.com, with the added benefits of earning the rewards of their card and automating their manual and time-consuming back office processes.”

The partnership will also enable Amex Business and Corporate Card members to make payments via Bill.com’s easy-to-access ACH and check services, which include real-time status updates. Vendor Pay offers both a basic plan with core functionality and no monthly fee for the first user, as well as advanced plans with monthly fees that include features such as bill approval workflows and synchronization with major accounting software platforms.

Bill.com closed out 2018 with news that it had achieved NACHA certification as an ACH third-party sender. The company also partnered with First National Bank of Omaha (FNBO) to provide enhanced digital business payment solutions for its SME customers. Last fall, Bill.com announced the general availability of the automated international business payments solution that it had begun piloting over the summer.

Founded in 2006 and based in Palo Alto, California, Bill.com has raised more than $259 million in funding. The company demonstrated the CashView feature of its AP/AR management platform at FinovateSpring 2012.

A veteran of our developers conference, American Express participated in FinDEVr Silicon Valley in 2015. At the event, Andres Ricaurte, VP of API and Partnerships, and Sathish Muthukrishnan, VP of Engineering, presented The role of B2B payments in the evolving commerce ecosystem, a look at American Express’ role in commercial payments, as well as rise of the API.

American Express reported net income of $2.7 billion in 2017 and revenues of $33.4 billion. The New York City-based global financial services company trades on the New York Stock Exchange under the ticker “AXP,” and has a market capitalization of $89 billion.

Finovate Alumni News

On Finovate.com

  • Insurtech Innovator CoverHound Fetches $58 Million in New Funding.
  • Bill.com Partners with American Express to Offer New AP Solution, Vendor Pay.

Around the web

  • Revolut and WeWork team up to provide three months of “hot desk space” to Revolut for Business customers.
  • PXP Financial, borne of the merger of PXP and Kalixa, announces its public launch.
  • U.K.-based cloud accounting firm FreeAgent to offer direct data feeds to banks via the Open Banking framework.
  • bpm’online forges partnership with Meritus Business Solutions.
  • Optimove unveils iGaming Pulse, a benchmark solution to enable gaming operators to test the performance of their platforms against industry performance metrics.
  • Onfido appoints former Head of Computer Vision for Robotics at Amazon, Mohan Mahadevan as its new VP of Research.
  • Switch reports that its CardSavr service boosts credit card usage immediately at activation.
  • Enveil announces technology partnership and integration with advanced data security solution and services provider Thales.
  • CuneXus partners with outdoor recreational vehicle buying network, Rollick, to streamline the financing process for RV shoppers.

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.

Finovate Forecasts: Our Experts Talk Fintech in 2019

Finovate Forecasts: Our Experts Talk Fintech in 2019

Mirror, mirror, on the wall. What fintech future does 2019 have in store for us all?

We posed the question to a handful of fintech experts who will be driving the conversation at FinovateEurope in London, U.K., on February 12-14.

Here’s what they had to say about the themes and trends that will dominate fintech this year.

And remember there’s still time to save your spot and join us for what promises to be our most exciting FinovateEurope to date!

Aurélie L’Hostis, Senior Analyst, Forrester

AI is set to disrupt business models, change operating models, and reimagine customer experiences in financial services. But like all other new technologies like big data and cloud computing, AI still requires hard work. Financial services executives must prepare their organizations for change and take a strategic approach to AI.

Join Aurélie as she provides key insights into digital business strategy as part of our Analyst All-Stars Session on February 14 at FinovateEurope.

Giulio Montemagno, General Manager, Amazon Pay, Europe

Since the emergence of digital, commerce has been in a state of transformation, first with e-commerce and then with the rise of mobile came m-commerce.  We’ve gone from typing and touching to swiping and now to talking, each mode of interaction has gotten progressively easier for the consumer. What could be more simple or intuitive? More personal than a conversation?

With the rapid adoption of voice across multiple use cases and devices, commerce may well be the next frontier. It can make the complex simple—it’s the most natural and convenient user interface. Today, we are in the very early stages of the third era–voice commerce–a powerful medium that will transform our day-to-day lives and how we purchase. Central to emergence of voice is building connected experiences for customers so they can interact and transact where, when and how they want–their choice, and at their convenience.

Join Giulio as he discusses The evolution of the third era of commerce on February 14 at FinovateEurope.

Benoit Legrand, Chief Innovation Officer, ING

Our 2019 prediction would be that 2019 will be the year of hyper personalization where financial ecosystems parties (BigTechs, FinTechs, incumbents) will combine advanced AI techniques with the (new) access to personal banking data provided by PSD2 APIs and beyond.

2019 will also be the year where DLT initiatives will move from pilot to scaling in the more mature use cases (i.e trade finance).

Join Benoit as he presents our afternoon keynote Digital transformation – culture, collaboration, and competition on February 14 at FinovateEurope.

Juliette Souliman, Early Stage VC Investor, Octopus Ventures

I think payment control will be at the heart of 2019 fintech innovations. With non-cash transactions increasing at the highest growth rate in the last decade, it is crucial to ensure a strong level of control over those new cashless and seamless payment experiences.

Hence, Octopus Ventures will be closely monitoring the newest players in the cyber security and anti-fraud prevention sectors – from robotic process automation, advanced ML, to biometrics solutions.

Join Juliette as she discusses the finance and fintech trends that getting investment during our Lunchtime VC Panel on February 14 at FinovateEurope.

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