Mobile UX: A First Look at “Second Look” Transaction Alerts from Capital One

Mobile UX: A First Look at “Second Look” Transaction Alerts from Capital One
By Jim Bruene Posted on
Categories: Alerts & Messaging, Capital One, UX

capital-one-labs-home

A paradox of the early digital banking era (1995 to 2007) was: Why is Capital One a laggard? The new company (spun out from Signet Bank in 1994) was widely revered as a data-analytics and marketing master. But it was practically a digital no-show for more than a decade, offering just a minimum level of functionality online. As recently as 2010, Capital One was the last major bank to launch a native mobile banking app.

Fast-forward six years. Capital One owns the innovation mantle, at least in the United States. It has Capital One Labs; it runs an innovation center in the Bay Area; and it now offers the most advanced set of mobile apps in the card-issuing business.

Its latest innovation? The first proactive service from a major issuer that alerts cardholders to deviations in spending with recurring charges. It’s called Second Look, and it certainly deserves one.

I was introduced to the new feature this week when I received a notification on my iPhone alerting me to a spending increase on my power bill (screenshot 1 below). After swiping through it and logging in via TouchID, the app displayed a chart showing how much my bill had increased last month (screenshot 2). And I was asked whether I was OK with the charge or not (bottom of screenshot 2). If not, the bank provided instructions on how to dispute the charge (screenshot 3). Customers can also elect to receive the alerts through email.

Another thing I really appreciated: The bank gave me enough info in the notification to make an intelligent decision whether I even needed to log in. The bane of the mobile-user experience is dealing with (ultimately ignoring) all the false positives you get through most notification services. I clicked through the notice out of curiosity. But thanks to the detail, I already knew that the $14 increase wasn’t a major problem.

Bottom line: This is just one example of a more proactive approach to helping customers deal with day-to-day finances. It’s still a relatively manual user experience, especially if you want to dispute a charge. However, as banks layer AI on top of their data hordes, outside APIs, and location-based info, we’ll see much, much more. Kudos to Capital One for leading the way.

(1) Second Look notification from Capital One
Exhibit 1: “Second Look” notification from Capital One

 

Exhibit 2: Second Look transaction analysis
Exhibit 2: Second Look’s transaction analysis

 

Exhibit 3: Second Look's taking action screen
Exhibit 3: The manual process to dispute a Second Look-flagged charge

 

 

 

 

 

 

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FinovateAsia 2016 “Best of Show” Winners Announced

FinovateAsia 2016 “Best of Show” Winners Announced
By David Penn Posted on
Categories: Alpha Payments Cloud, Best of Show, Dynamics, EyeVerify, Finn.ai, FinovateAsia 2016

 

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The votes are in and the Best of Show winners of FinovateAsia 2016 have been announced. Thanks to all 36 companies that demoed in Hong Kong this week and a hearty congratulations to the four audience favorites.

The winners are as diverse as the financial technologies they represent. Whether providing merchants with a broader range of payment options via the cloud, or extending the boundaries of what a piece of plastic can do to make commerce better for consumers and card issuers alike, the Best of Show winners reflect an industry that is as interested in making positive incremental change as it is in dazzling us with the latest innovations in biometric authentication and chatbot technology.

Here are the Best of Show winners of FinovateAsia 2016 (in alphabetical order):

AlphaPaymentsCloudLogoAlpha Payments Cloud for its new joint venture with Australia Post that will bring a variety of innovative payment options to online merchants in Australia.

 

DynamicsLogoDynamics for its continued re-invention of the payment card to make multicurrency transactions easier and more efficient for cardholders and merchants, while at the same time delivering significant savings to issuing banks.

 

eyeverify-hi-res-copyEyeVerify whose innovations in biometric authentication technology are a part of the company’s larger initiative to develop a global identity management platform that provides better security for businesses and consumers.

FinnLogoFinn.ai for its white-label, virtual banking assistant that uses natural conversational language to help consumers manage their finances wherever they are.

 

We want to thank everyone who helped make Finovate’s debut in Hong Kong such a big success. From our presenters, sponsors, and partners to our attendees and the hundreds of fintech fans following the conference via our Live Twitter feed @finovate, it is your dedication to and appreciate of financial technology that makes all the hard work possible and so worthwhile. We’ll see you next year!

Notes on methodology:
1. Only audience members NOT associated with demoing companies were eligible to vote. Finovate employees did not vote.
2. Attendees were encouraged to note their favorites during each day. At the end of the last demo, each chose their three favorites.
3. The exact written instructions given to attendees: “Please rate (the companies) on the basis of demo quality and potential impact of the innovation demoed.”
4. The four companies appearing on the highest percentage of submitted ballots were named “Best of Show.”
5. Go here for a list of previous Best of Show winners through 2014. Best of Show winners from our 2015 and 2016 conferences are below:
FinovateEurope 2015
FinovateSpring 2015
FinovateFall 2015
FinovateEurope 2016
FinovateSpring 2016
FinovateFall 2016

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Welcome to FinovateAsia!

Welcome to FinovateAsia!
By David Penn Posted on
Categories: FinovateAsia 2016

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FinovateAsia 2016 is here! After months of planning and preparation, Finovate’s Hong Kong debut has arrived, and we could not be more excited to see what our 36 fintech innovators from around the world have in store for our largest FinovateAsia audience yet.

Today’s show is divided into four sessions, punctuated by intermissions and networking opportunities designed to make sure you have every opportunity to meet and mingle with both our demoing companies as well as your fellow attendees. As we like to say: come for the high-paced, live fintech demonstrations and stay for the high-caliber networking with some of the most creative and visionary professionals in the business.

So whether you are here with us in the Fragrant Harbor, or following us via our Live Twitter feed @finovate, grab a cup of your favorite morning beverage and maybe a little snack as the house lights dim and the spotlights shine on the presenters of FinovateAsia 2016.

Here’s the agenda for today’s event.

Registration begins at 8:00 a.m.

8am to 8:45 a.m. Registration with Continental Breakfast

8:45 a.m. to 10:15 a.m. First Demo Session featuring:

10:15 a.m. to 10:45 a.m. Intermission with Refreshments

10:45 a.m. to 12 noon Second Demo Session featuring:

12 noon to 1:00 p.m. Lunch

1:00 p.m. to 2:10 p.m. Third Demo Session featuring:

2:10 p.m. to 2:40 p.m. Intermission with Refreshments

2:40 p.m. to 3:50 p.m. Fourth Demo Session featuring:

3:50 p.m. to 6:00 p.m. Networking Session with Open Bar and Appetizers

Best of Show winners will be announced at 5:15 p.m. during the end-of-day networking session.

All demo videos will be available for free in a few weeks in our video archives.

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Pitch Practice at FinovateAsia 2016

Pitch Practice at FinovateAsia 2016
By Julie Muhn (@julieschicktanz) Posted on
Categories: FinovateAsia 2016

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We’re here at PMQ rehearsing demos for tomorrow’s FinovateAsia conference and it’s shaping up to be a great show. This is our largest FinovateAsia event to-date, and innovation-quality is top-notch! Don’t miss out: Tickets are still available online and at registration tomorrow morning.

Think you’re ready? Here’s what you need to know:

  • We’re using Bizzabo for our event app. Download Bizzabo from the app store and search Finovate. From there you can connect with other attendees, find more information about the presenting companies, and view the schedule for the day.
  • Registration opens at 8:00 a.m. and the first demo will begin at 8:45 a.m.

FinovateAsia 2016 is sponsored by: DBS Bank (Hong Kong); InvestHK/Hong Kong Fintech Week; and KPMG.

FinovateAsia 2016 is partners with: Aite Group, The Asian Banker, BankersHub, Banking Technology, BeFast.tv, Big Data Made Simple, Byte Academy, Celent, CoinTelegraph, CrowdFundBeat, Cyberport, FemTechLeaders, Finolab, Fintech Finance, Fintech News Singapore, The Fintech Times, Harrington Starr, Hong Kong Economic Times, The Hong Kong Foreign Financial Institutions Association, IDC Financial Insights, Korea FinTech Forum, Miss FQ, SME Finance Forum, Swiss Finance + Technology Association, and Verdict Financial.

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Start Your Hong Kong Fintech Week with FinovateAsia 2016

Start Your Hong Kong Fintech Week with FinovateAsia 2016
By David Penn Posted on
Categories: FinovateAsia 2016

finovateasia2013_attendees

The Finovate team has arrived in Hong Kong in preparation for FinovateAsia 2016 this Tuesday, 8 Nov. And we’re looking forward to a full day of live demonstrations of some of the most compelling innovations in fintech. Tickets are still available and we hope to see you here at PMQ on Tuesday as our 35 presenting companies demo their technologies live on stage.

This year, we are especially excited to be a part of InvestHK’s Hong Kong Fintech Week, which features discussions and presentations on the blockchain, the rise of regtech, as well as a hackathon and ample opportunities for networking among attendees. It’s a great setting for professionals from every corner of the fintech world, and we hope you’ll be on hand to be a part of it.

FA2016-V1rev

So for everyone who’s making plans to be with us in Hong Kong on Tuesday, here are a few tips and reminders to help you make the most of your FinovateAsia experience:

  • When: Tuesday, 8 November 2016
  • Why: To introduce the latest fintech innovations developed by 35 companies from countries including Singapore, Switzerland, Canada, India, Australia, Spain, Korea, United Kingdom, Taiwan, Japan, and Israel, as well as Hong Kong and the United States.
  • How: With our unique, 7-minute demo-only format and networking opportunities both during and after the conference, FinovateAsia is designed to enable our presenters to show their technologies live before a professional audience. At the same time, our agenda ensures that our attendees have every opportunity to meet, ask questions, and network with our demoing companies.

Whether you will be here in Hong Kong joining us or following all the action from afar, you can catch every demo of the event by following our Live Twitter feed @Finovate. We’ll share pictures from the stage, information on the presenters, and interesting background on the demoing companies. And if you want to take to Twitter to share your own insights and ideas about the technologies on stage, please be sure to add #Finovate to your tweets to make them easier for everyone to see.

We’re happy to answer any questions you might have about FinovateAsia. Check out our responses to some of the most common queries in our FinovateAsia FAQ. For more, feel free to email us your question at [email protected].

FinovateAsia 2016 is sponsored by: DBS Bank (Hong Kong), InvestHK/Hong Kong Fintech Week, and KPMG.

FinovateAsia 2016 is partners with: Aite Group, The Asian Banker, BankersHub, Banking Technology, BeFast.tv, Big Data Made Simple, Byte Academy, Celent, CoinTelegraph, CrowdFundBeat, Cyberport, FemTechLeaders, Finolab, Fintech Finance, Fintech News Singapore, The Fintech Times, Harrington Starr, Hong Kong Economic Times, The Hong Kong Foreign Financial Institutions Association, IDC Financial Insights, Korea FinTech Forum, Miss FQ, SME Finance Forum, Swiss Finance + Technology Association, and Verdict Financial.

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Fintech Favorites

By Julie Muhn (@julieschicktanz) Posted on
Categories: Bizfi, CAN Capital, EyeVerify, Fintech Favorites, Kabbage, Lending Club, On Deck Capital, Zopa

Alt lending

  • On Deck Capital (F12), Kabbage (F15), and CAN Capital (F13) agree to disclose SMB loan pricing.
  • Lending Club (F09) partners with MileagePlus to offer borrowers and investors a way to earn award miles when they borrow or invest.
  • American Banker: Bizfi (F15) Hires Former Lending Club Exec as New CEO.

Fintech in Asia

  • Let’s Talk Payments projects AsiaPac as a clear winner in revenue growth in its fintech outlook for 2017.
  • Invest HK launches Hong Kong Fintech Week 7-11 Nov 2016 and features FinovateAsia 2016 on Tuesday, 8 Nov.
  • HSBC collaborates with Hong Kong Applied Science and Technology Research Institute Company to launch fintech R&D lab.
  • Ant Financial, which acquired Finovate Best of Show winner EyeVerify (F16) this year, invests in Thai mobile money innovator, Ascend. See EyeVerify at FinovateAsia this week in Hong Kong.
  • Shanghai-based China Foreign Exchange Trade System (CFETS) joins R3 consortium.
  • SBI Ripple Asia and Japan-based SBI Holdings introduce blockchain-oriented consortium of 42 Japanese banks and financial services institutions.
  • Fintech investment firm Senjo Group opens new global headquarters in Singapore.
  • Malaysia to expand funding options for SMEs with registration of xis’s new P2P platform operators scheduled to go live in 2017.

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Launching: “The Guarantors” Helps NYC Renters Qualify for an Apartment

Launching: “The Guarantors” Helps NYC Renters Qualify for an Apartment
By Jim Bruene Posted on
Categories: Insurance, Launches, Loans & Credit, Renter services, Youth market

theguarantor-homepage

As a blogger/analyst/entrepreneur, it’s a mixed blessing when someone delivers on a market need you’ve been ranting about (here and here). You feel vindicated and you have a blog post that writes itself, but it knocks one thing off the top of your businesses-to-start list.

So begrudgingly, I introduce you to The Guarantors, an N.Y.C.-based startup that is stepping up to meet the needs of renters trying to qualify for an apartment in New York City, and eventually other markets such as Boston, Chicago and California. I was directly involved in one such qualification excercise two months ago.

The company essentially acts as your parent (if your parents could fill out reams of paperwork within 12 hours, were extremely well heeled and backed by surety bonds), stepping in to co-sign and guarantee your rental agreement. To make landlords trust the stand-in parent arrangement, the startup backstops its guarantees with insurance from The Hanover Insurance Company. If the renter does not fulfill the terms of the lease, The Guarantors, makes the landlords whole. It is a brilliant idea, and perfect for financial institutions to license or build themselves.

The only problem is cost. Depending on risk profiles, The Guarantor charges U.S. citizens 5% to 7% and international renters 7% to 10% of the annual rent, about 3 to 4 weeks’ rent to backstop a 12-month lease; leases up to 18 months are a higher rate). But by eliminating deposits that can equal that amount or more, it can be cash-flow-positive to the renter. Though, unlike a deposit, that money is gone for good. So it doesn’t help first-time renters without the initial cash surplus of two-month’s rent. However, a financial institution offering the service could loan the renter all or part of that. There is no cost to the landlord.

The company, currently operating in NYC, is open only to renters with a 630 or higher FICO score and annual income at least 27x the rent. Alternatively, the company allows co-signers with at least 45x the monthly income, or liquid assets of 75x the monthly rent, to guarantee the guarantee. Applications are approved with 12 hours.

The company launched in 2014 and spent 18 months nailing down the insurance deal with Hanover. It has taken a seed investment of an undisclosed amount from nine investors (50 Partners, Alven Capital, Arnaud Achour, Fides+Ratio, Kima Ventures, Partech Ventures, Residence Ventures, Silvertech Ventures and White Star Capital).

Bottom line: Renter financing/assistance is a promising new lending/customer service for financial institutions. You not only get new customers, new loans, new checking accounts, a foothold in the millennial market, a unique service to offer employers, satisfied renters (and their parents), but also become a local hero with write-ups in every newspaper, blog, and housing forum in your market. And, with a phone call or two, you will be on the nightly TV news every fall when it’s “apartment hunting” season.

Contact The Guarantors now and offer to be their first distribution partner outside New York City, or their first strategic investor. And if you are Wells Fargo, Capital One, American Express, or Chase, just buy them outright already.

Have a fantastic weekend all!

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Entersekt Brings Biometric Authentication to FirstBank’s Mobile App

Entersekt Brings Biometric Authentication to FirstBank’s Mobile App
By David Penn Posted on
Categories: Entersekt, Security & Privacy

entersekt_homepage_november2016

When it comes to mobile banking, the only thing more important than providing customers with a first-rate app is making sure that it has first-rate security as well.

To this end, FirstBank—with more than $15 billion in assets and more than 120 locations in Colorado, Arizona, and California—has selected biometric authentication technology from FinDEVr alum Entersekt to provide security for its iOS mobile banking app. In deploying Entersekt’s Transakt solution, FirstBank will give its mobile banking customers the ability to use Touch ID to authenticate as well as Transakt’s unique digital certificate identifier which the company says turns the mobile device “into a trusted second factor of authentication.”

firstbank_homepage_november2016

Launched in 2014, FirstBank’s mobile banking app has been “incredibly well received” by customers, says bank COO Jim Reuter. “Adding one-touch authentication will further enhance what is already one of the most progressive, easy-to-use mobile banking technologies on the market.” FirstBank plans to add biometric authentication functionality to its Android-based mobile app soon.

“The security benefits are obvious to everyone,” Entersekt CIO Gerhard Oosthuizen explained, “but users are justifiably wary of tired authentication technologies like one-time passwords that slow them down and do not necessarily provide the required protection, particularly on mobile.” Oosthuizen sees his company’s technology as a way for “digital-savvier banks” to gain a valuable edge over their competitors “by engineering attractively low-friction mobile interactions that nevertheless inspire confidence and trust.”

Founded in 2008 and headquartered in Stellenbosch, South Africa, Entersekt demonstrated its transaction authentication and mobile app security solutions at FinDEVr Silicon Valley 2014 as part of its presentation, “Securing Mobile Applications through Transport Layer Diversity.” In September, Entersekt announced a new reseller agreement with Minneapolis-based security firm, Blue Bay Technologies. And in August, Entersekt forged a partnership with Finovate alum Backbase that will make Entersekt’s authentication solutions available via Backbase’s Open Banking Marketplace.

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Finovate Alumni News

By David Penn Posted on
Categories: BioCatch, Neustar, Xendpay

Around the web

  • New Xendpay Business services provides SMEs with”pay what you want” option for international money-transfer fees.
  • BioCatch upgrades behavioral biometrics offering to enhance online and mobile performance in the enterprise.
  • Neustar unveils Fraud Detection Solutions product to help integrate multiple identify-verification ecosystems.

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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Live Safe and Prosper: The Themes of FinovateAsia 2016

Live Safe and Prosper: The Themes of FinovateAsia 2016
By David Penn Posted on
Categories: FinovateAsia 2016

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Let there be no doubt as to trends driving fintech innovation. Providing greater security and encouraging better financial health—if not prosperity—are among the major organizing principles for fintech innovators around the world. And this is especially true for those CEOs bringing their teams to demo at FinovateAsia 2016 next week.

FA2016-V1revThere’s still time to pick up your ticket. Join us in Hong Kong, on 8 November for our day-long exploration of tomorrow’s financial technology today. See live demonstrations of next-generation biometric authentication solutions, and aggregation tools that bring better data to bear on everything from e-commerce and credit decisioning to investment planning and wealth management. After demos are done, we’ve set aside time to make it easy to meet and network with our presenting companies, your fellow attendees, and other industry professionals.

FinovateAsia 2016 will feature 35 companies on stage at PMQ, 35 Aberdeen Street, Central, Hong Kong. Learn more about the demoing companies in our Sneak Peek series, and be sure to visit our FinovateAsia FAQ page for further information about the companies and the event. You can also email us your questions at [email protected]. See you in Hong Kong on November 8th!

FinovateAsia 2016 is sponsored by: DBS Bank (Hong Kong), InvestHK/Hong Kong Fintech Week, and KPMG.

FinovateAsia 2016 is partners with: Aite Group, The Asian Banker, BankersHub, Banking Technology, BeFast.tv, Big Data Made Simple, Byte Academy, Celent, CoinTelegraph, CrowdFundBeat, Cyberport, FemTechLeaders, Finolab, Fintech Finance, Fintech News Singapore, The Fintech Times, Harrington Starr, Hong Kong Economic Times, The Hong Kong Foreign Financial Institutions Association, IDC Financial Insights, Korea FinTech Forum, Miss FQ, SME Finance Forum, Swiss Finance + Technology Association, and Verdict Financial.

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Finovate Alumni News

By David Penn Posted on
Categories: Algomi, Avoka, Boku, Fiserv, Overbond, Thomson Reuters, Yoyo

On Finovate.com

  • Live Safe and Prosper: The Themes of FinovateAsia 2016

Around the web

  • Algomi partners with Euronext to develop corporate bond trading network.
  • Fiserv adds SAS endpoint protection from CrowdStrike to its cyber security suite.
  • Top U.K. mobile wallet Yoyo picked by Caffé Nero for its mobile payment and loyalty rewards program.
  • Avoka unveils new analytics module, Transact Insights, to support digital account opening.
  • New partnership with Swisscom enables Boku to provide carrier biting for users of Spotify.
  • Overbond integrates fixed-income market-data from Thomson Reuters.

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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