FinovateFall Sneak Peek: Simpler Trading

FinovateFall Sneak Peek: Simpler Trading
By Julie Muhn (@julieschicktanz) Posted on
Categories: FinovateFall 2018, FinovateFall 2018 Sneak Peek, Simpler Trading

A look at the companies demoing live at FinovateFall on September 24 through 26, 2018 in New York. Register today and save your spot.

Simpler Trading’s Simpler Charts is an easy-to-navigate charting platform that equips traders with the tools they need while lowering the barrier to entry for trading education.

Features

  • One-click access to moderator’s charts in trading room
  • Push notifications for entry/exit triggers predetermined by the user
  • Customizable integrated trading journal

Why it’s great
Combining the tool’s easily-navigated interface and explanatory pop-ups with Simpler Trading’s educational content lets traders consistently and confidently put what they’ve learned into practice.

Presenters

John Carter, CEO, President
Carter, a life-long trader and the author of Mastering the Trade, has combined his passion for trading and helping others to create Simpler Trading.
LinkedIn

Fred Bryant, COO
Bryant has a diverse business background with experience advising top executives of small and newly-established businesses on how to create, grow and maintain their enterprises.
LinkedIn

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FinovateFall Sneak Peek: Digital Onboarding

FinovateFall Sneak Peek: Digital Onboarding
By Julie Muhn (@julieschicktanz) Posted on
Categories: Digital Onboarding, FinovateFall 2018, FinovateFall 2018 Sneak Peek

A look at the companies demoing live at FinovateFall on September 24 through 26, 2018 in New York. Register today and save your spot.

Digital Onboarding helps banks and credit unions turn account holders into engaged and profitable relationships by making it easy for customers and members to adopt account-related services.

Features
The platform’s E.W.E. machine learning capability helps marketers automatically test and discover the most effective message cadence, content, and incentive offers to drive optimum performance.

Why it’s great
While most marketers say that they are not using most marketing automation system features effectively, the Digital Onboarding platform is designed to to be simple and cost efficient.

Presenters

Ted Brown, CEO
Brown cofounded Digital Onboarding after leading sales at Andera, a company that first made it possible to open deposit accounts online. (Andera was acquired by Bottomline in 2014).
LinkedIn

Jonathan Crossman, CTO
Before cofounding Digital Onboarding, Crossman gained more than a decade of experience working in web and mobile development for companies like Digication and DePuy Synthes.
LinkedIn

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FinovateFall Sneak Peek: MuniRisk

FinovateFall Sneak Peek: MuniRisk
By Julie Muhn (@julieschicktanz) Posted on
Categories: FinovateFall 2018, FinovateFall 2018 Sneak Peek, MuniRisk

A look at the companies demoing live at FinovateFall on September 24 through 26, 2018 in New York. Register today and save your spot.

MuniRisk is an application available via the Bloomberg terminal designed to address the longstanding issue of information fragmentation in the municipal marketplace.

Features

  • Strategically aligned with Bloomberg L.P.
  • World’s largest municipal finance database
  • Designed by industry-recognized market practitioners

Why it’s great
MuniRisk is the only platform that provides investors with complete municipal market coverage, leveraging proprietary organization and delivery of data to cut research time from hours to minutes.

Presenters

James Frischling, Chief Executive Officer
Frischling is currently serving as the chief executive officer of MuniRisk. In addition to his role at MuniRisk, Frischling serves as president of NewOak Capital which he co-founded in 2008.
LinkedIn

Joshua Noble, Head of Product
Noble is currently serving as head of product for MuniRisk. Prior to joining MuniRisk full time he spent 2.5 years as an analyst in NewOak Capital’s Fundamental Credit Advisory Practice.
LinkedIn

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FinovateFall Sneak Peek: ieDigital

FinovateFall Sneak Peek: ieDigital
By Julie Muhn (@julieschicktanz) Posted on
Categories: FinovateFall 2018, FinovateFall 2018 Sneak Peek, ieDigital

A look at the companies demoing live at FinovateFall on September 24 through 26, 2018 in New York. Register today and save your spot.

ieDigital provides financial institutions with the ability to transform their digital customer experience through Interact, a powerful digital banking platform.

Features

  • Manage spending habits
  • Save money and contribute to your community
  • Build deeper customer relationships

Why it’s great
Money Fitness will help you save money and contribute directly to good causes in your own neighborhood.

Presenters

Simon Cadbury, Director of Strategy, Marketing and Product
Last time Cadbury came to New York, he was mistaken for Hugh Grant. We think he secretly hopes it will happen again.
LinkedIn

Tom Stinton, Head of Product and Design
Stinton says: “If Simon looks like Hugh Grant, then I’m surely a dead ringer for action hero Jason Statham.” Only your hairline is expendable, Stinton.
LinkedIn

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Finovate Alumni News

By David Penn Posted on
Categories: Anorak, BanQu, Digital Onboarding, Fiserv, ieDigital, Mortgage Cadence, MuniRisk, NCR Corporation, Neustar, NICE Systems, SaleMove, Simpler Trading, Thomson Reuters, Tinkoff Credit Systems, Token, WePay

On Finovate.com

  • Starling, Anorak Merge Insurtech with Mobile-Only Banking.

Around the web

  • Fiserv to power Philippine Veterans Bank’s digital transformation.
  • Token.io announced using public bank APIs to conduct end-to-end payments for U.K. banking group, CMA9, the first PISP to do so.
  • Housing Wire profiles Mortgage Cadence‘s LOS, Borrower Center.
  • Thomson Reuters launches new targeted reporting solution, RTS 27, for newly-registered MiFID II Systematic Internalisers.
  • NICE provides its Desktop Automation solution to Latin American CRM and BPO solution provider, Liq.
  • Tinkoff Bank enables movie ticket booking on the iOS version of its mobile app.
  • NCR releases managed services bundle for Community Financial Institutions (CFIs) to NCR channel partners.
  • WePay appoints Jennifer Parker as Chief Revenue Officer.
  • Neustar and Thunder join forces to deliver better customer experiences.
  • BanQu launches partnership with Anheuser-Busch InBev to revolutionize supply chain transparency in Zambia.

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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Australian Challenger Bank Tyro Partners with Alipay

Australian Challenger Bank Tyro Partners with Alipay
By David Penn Posted on
Categories: Tyro

Business-only challenger bank Tyro announced this week that it has teamed up with Alipay. The partnership makes Tyro the first Australian bank to integrate with the China-based mobile and online payment platform, making it easier for Tyro’s merchants to reach Chinese consumers visiting and transacting in Australia and New Zealand.

“This is an exciting initiative for businesses in Australia, especially for those in the retail and hospitality sectors,” Tyro CEO Robbie Cooke said. “It sees Tyro continue to challenge the status quo, being the first Australian bank to give its merchants the opportunity to seamlessly integrate with Alipay, enabling them to better serve Chinese tourists and giving customers more choice in how they want to pay.”

A division of Alibaba Group’s Ant Financial, Alipay has more than 870 million active users in China and overseas, and is recognized as the top payment method in China. In Australia and New Zealand, Alipay is already partnered with more than 10,000 businesses. This integration will provide Tyro merchants with an all-in-one, EFTPOS with integrated Alipay acceptance. Initial pilots are scheduled for the end of this year with selected merchants. Tyro expects to extend the service to the rest of its more than 20,000 business customers starting in the second quarter of 2019.

Calling banks “pivotal to Alipay’s expansion in Australia,” ANZ Country Manager for Alipay George Lawson said, “Australian businesses have been calling out for their banks to partner with Alipay to improve their exposure to the rapidly expanding Chinese visitor market so it’s pleasing to see Tyro take the lead on this and give their merchants access to new customers and incremental revenues.”

Founded in 2003 and headquartered in Sydney, Australia, Tyro demonstrated its Tyro Growth Funding lending solution at FinovateSpring 2017. Earlier this year, Tyro previewed its new API platform that helps integrate multiple apps and POS systems into a single solution. In March, the challenger bank launched its Tap & Save solution, which enables merchants to process debit tap-and-go payments via Tyro’s EFTPOS network.

Tyro has raised more than $103 million in funding. The company’s investors include TDM Asset Management and Tiger Global Management.

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What Happens When a Lending Platform Goes Under?

What Happens When a Lending Platform Goes Under?
By Julie Muhn (@julieschicktanz) Posted on
Categories: Wonga

You’ve heard by now that short-term lending platform Wonga has shut down after launching in 2007. All drama aside, the scenario offers a real-life look at what would happen if a large payday lender closed its doors.

Wonga has received an increase in complaints over the past few years that it did not sufficiently verify that borrowers were able to repay their loans. These complaints, which were generally regarding loans made before new rules were introduced in 2014, lead to a large rise in compensation payouts. According to Wonga’s website, more than 24,800 complaints have been opened, 22,000 have been closed, 31% of which have been upheld.

This unexpected expense lead to financial trouble that prompted an injection of $13 million in capital earlier this year. Despite the funds and efforts from investors, Wonga’s financial situation remains untenable. Notably, two other U.K. startups, Cash Genie and Cheque Centre, both closed due to similar pressure.

At this point, three appointees from Grant Thornton U.K., Chris Laverty, Daniel Smith, and Andrew Charters, have been appointed as joint administrators of Wonga. Here’s what will follow:

  • The platform is closed to new lending activity.
  • Borrowers must still repay loans.
  • Unless Wonga has already agreed to pay a claim, complaint claims are not likely to be paid out, since the recipient is seen as an unsecured creditor.
  • The administrators will wind down the business, sell the assets, and begin identifying all creditors in accordance with their obligations.

This may end up having a small negative effect on peer-to-peer lenders, such as U.K.-based Zopa and U.S. based Lending Club, as they rely on balancing investor funds with borrower demand. If too many investors fear a shutdown, they may be more hesitant to lend, making it more difficult for the platforms to meet borrower demand.

Founded by Errol Damelin, Jonty Hurwitz, Wonga demonstrated at FinovateFall 2010. The company had raised a total of $159 million. Sky News reported earlier this year that the company “once had ambitions of a New York listing that could have valued it at well over $1 billion (£769m).”

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Finovate Alumni News

By David Penn Posted on
Categories: AlphaPoint, Check Point, Coinbase, DarcMatter, Finastra, InvestGlass, Klarna, MasterCard, Personal Capital, Tyro

On Finovate.com

  • What Happens When a Lending Platform Goes Under?
  • Australian Challenger Bank Tyro Partners with Alipay.

Around the web

  • Coinbase leverages an electromagnetic signal blocking tent to secure assets from cybercriminals.
  • Klarna to provide pay later service for U.K. retailer, The Fragrance Shop.
  • Finastra to support fintech collaboration in the Middle East by joining Bahrain FinTech Bay.
  • AlphaPoint powers San Francisco-area, XRP-based cryptocurrency exchange, DCEX.
  • Check Point rumored to be developing a mini-firewall for IoT.
  • Bloomberg reports: Google and Mastercard Cut a Secret Ad Deal to Track Retail Sales.
  • Personal Capital launches “Retirement Paycheck” service to simplify retirement income.
  • Salesforce selects InvestGlass for EMEA fintech accelerator.
  • Black Enterprise profiles DarcMatter co-founder, Natasha Bansgopaul.

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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Digital Onboarding to Enhance Customer Experience for Mariner’s Bank

Digital Onboarding to Enhance Customer Experience for Mariner’s Bank
By David Penn Posted on
Categories: Digital Onboarding

Mariner’s Bank, an independent community bank based in Bergen County, New Jersey, has partnered with Digital Onboarding to make the onboarding process easier for new customers. Digital Onboarding’s automated new account activation platform will also help the $390 million bank boost customer engagement by encouraging and motivating its customers to take advantage of a variety of account-related services.

Calling the choice of Digital Onboarding “a no-brainer,” Mariner’s Bank President and CEO Frank Giancola said the new technology would enable the bank’s professionals to spend less time shuffling paper and more time helping people. “Every time we open a checking account, we have the opportunity to build a relationship and it’s critical that we make it as simple as possible for new customers to enroll in online banking, download the mobile app, and sign up for direct deposit,” Giancola explained. “We get one bite at the apple with new customers and, if we rely on welcome letters and onboarding phone calls, we’ll probably never see them again.”

Digital Onboarding CEO Ted Brown underscored the issue of how time-consuming customer acquisition can be. “There is too much emphasis on new account acquisition in the financial services industry,” he said.  “Without a strategy to engage new customers after an account is opened and turn them to profitable relationships, all you’re doing is pouring water into a leaky bucket.

The Digital Onboarding platform helps FIs execute this strategy by using SMS and email reminders, a customized activation webpage, and gamified incentives rather than paper brochures and phone calls. Having customers take broader advantage of their accounts, according to the company, leads to greater customer satisfaction, as well as improved conversions and cross-selling opportunities for FIs. Banks and credit unions can go live with the platform in weeks; no core system integration required.

Founded in 2015 and headquartered in Boston, Massachusetts, Digital Onboarding demonstrated its platform at FinovateSpring 2018. In June, the company announced a partnership with Foothills Credit Union, a California-based community institution with more than $100 million in assets. The previous month, Digital Onboarding teamed up with Massachusetts’ Belmont Savings Bank ($2.75 billion in assets). Additional partnerships forged by the company in 2018 included deals with Somerset Trust Company (more than $1 billion in assets) and Ohio Healthcare FCU ($80 million in assets) in March, and with 700,000-member Digital Federal Credit Union (better known as “DCU”) in February.

Join Digital Onboarding next month as the company demonstrates its latest technology at FinovateFall 2018 in New York.

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Standard Chartered Pilots Blockchain-Based Trade Guarantees

Standard Chartered Pilots Blockchain-Based Trade Guarantees
By Julie Muhn (@julieschicktanz) Posted on
Categories: Standard Chartered Bank

You’ve heard of smart contracts–but what about smart guarantees? That’s what London-based banking giant Standard Chartered is setting out to do: leverage the blockchain to alter the traditionally paper-intensive process of trade finance guarantees.

The bank has partnered with the financing arm of Siemens and digital trade provider TradeIX to fully digitize trade finance, from the initiation of the guarantee to the handling of the claim. For its part, Siemens will digitize its entire guarantee process.

Michael Bueker, chief financial officer at Siemens called this move toward digitalization “an important step.” He added, “Especially at Siemens, as a digitalisation pioneer, this move is part of our strategic mission of going digital in all arenas. This will streamline our processes and make our trade finance operations smoother, faster, and more efficient.”

The project, which leverages the Corda Distributed Ledger and runs on the TradeIX application layer, launched in March. The group anticipates it will be fully completed by the end of this year. According to GTR, the bulk of the project will take place in the UAE, primarily with government entities.

Standard Chartered demonstrated at FinovateFall 2010. Earlier this year, the bank announced plans to apply for a virtual banking license in Hong Kong. Standard Chartered employs more than 86,000 people across 125 countries and has been in business for more than 150 years.

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FinovateFall Sneak Peek: Launchfire

FinovateFall Sneak Peek: Launchfire
By Julie Muhn (@julieschicktanz) Posted on
Categories: FinovateFall 2018, FinovateFall 2018 Sneak Peek, Launchfire

A look at the companies demoing live at FinovateFall on September 24 through 26, 2018 in New York. Register today and save your spot.

Launchfire helps financial institutions drive digital adoption. It will be presenting its new game-based platform, Lemonade, which helps turn frontline staff into digital advocates.

Features

  • Quickly bring frontline staff up-to-speed on new digital products
  • Increase staff confidence using and recommending products to customers
  • Support both staff and customers with product simulations

Why it’s great
Lemonade gives frontline staff the knowledge, tools, and confidence they need to promote and support your digital products.

Presenter

Romeo Maione, Program Designer & Strategist
Maione spent six years as an international debater, becoming North American Champ in 2012. Now he helps FIs increase adoption of their digital products, as program designer and strategist at Launchfire.
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FinovateFall Sneak Peek: CrediVia

FinovateFall Sneak Peek: CrediVia
By Julie Muhn (@julieschicktanz) Posted on
Categories: CrediVia, FinovateFall 2018, FinovateFall 2018 Sneak Peek

A look at the companies demoing live at FinovateFall on September 24 through 26, 2018 in New York. Register today and save your spot.

CrediVia is launching an online marketplace for smarter, simpler, faster commercial real estate loans, initially focused on the hospitality segment.

Features

  • Efficiently captures complete, accurate commercial real estate loan application data
  • Connects single loan requests to multiple viable lenders
  • Provides reports and analytics for faster loan decisioning and approval

Why it’s great
CrediVia is establishing new standards for the way to credit CRE loans. Its platform identifies the story behind lender and borrower needs, producing lasting relationships.

Presenters

Anuj N. Mittal, CEO and Co-Founder
Mittal’s personal frustrations as both a borrower and banker inspired CrediVia. His vision is to eliminate the broken, impersonal financing that strains lender-borrower relationships and delays funding.
LinkedIn

Ajay Jain, Ph.D., Chief Product Officer and Co-Founder
Jain champions CrediVia’s product innovation and development. His 20+ years of experience includes building multiple commercial software applications for a startup that was successfully acquired.
LinkedIn

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