Last Call for FinovateAsia 2016 Tickets

Last Call for FinovateAsia 2016 Tickets

FinovateAsia 2016 is right around the corner. Pick up your ticket before it’s too late! We’ve got an impressive roster of companies ready to show off their latest and greatest fintech innovations and you won’t want to miss it.

We recently released the full presenter list last month. Below, you can check out the amazing companies hitting the stage next week (read more about them in our “Sneak Peek” blog post series):

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Our one-day show will be packed with live demos of new fintech innovations, as well as great opportunities for high-quality networking with the movers and shakers of fintech. Here’s the final schedule:

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Visit our registration page today and we’ll see you in Hong Kong next week!

Look Who’s Making AI Intelligent Again

Look Who’s Making AI Intelligent Again
screen-shot-2016-10-31-at-12-25-38-pmCapital One was the first bank to go live with an Alexa integration. Other banks are following suit.

Artificial intelligence (AI) is not new to fintech, but in the past two years we’ve seen a jump in the sophistication and scale of its use across the industry. The advances in chatbots and IVR solutions have done a lot to spur the growth of machine learning and AI.

In a Fintech Trending post earlier this month, we highlighted Capital One’s live integration and Lloyd Bank’s proof of concept with Amazon’s Alexa. We noted that Cap One was the only bank with a Skill (an Alexa-specific app) that’s currently live. Over the past couple of weeks, however, a handful of banks and financial services companies have launched their own A.I. initiatives in voice forms such as Alexa and GM’s OnStar Go, as well as text, such as Facebook Messenger.

UBS pilots Amazon’s Alexa

Last week news broke that UBS is soon to follow with an Alexa Skill of its own. The Swiss investment bank will launch a pilot program next month that allows a select group of UBS clients and non-clients to interact with Alexa.

However, compared to Capital One’s integration and Lloyd’s proof of concept, the UBS pilot is a bit stunted. In the UBS pilot, when users begin their inquiries with, “Ask UBS,” Alexa currently answers only general financial and economic questions, such as, “What is inflation?” and “How is the EU economy doing?” The pilot aims to test users’ comfort levels with spoken bot interactions.

Bank of America’s Erica

img_1489Also this week, Bank of America demo’d its smart chatbot, Erica, said to be coming in “late 2017.” While many banks offer this capability, Bank of America’s bot shows more emphasis on the intelligence piece of artificial intelligence. As Daniel Latimore, senior vice president of Celent’s banking practice, said in an interview with CNBC, “Though many banks have bots with some level of artificial intelligence, the customer experience has not always been great. Consumers are now accustomed to the types of seamless mobile experiences provided by apps like Uber and Airbnb and want better banking experiences.”

Erica will use AI, predictive analytics, and cognitive messaging to enable customers to make payments and check their account balances. She will even help them save money and offer advice to pay down debt by directing them toward educational videos and articles. Bank of America had a lot of consumer-usage data to draw upon while it was building Erica. In Q3 of this year, the bank saw 246+ billion payments and 950 million mobile banking sessions across 21 million active users.

Mastercard’s Facebook Messenger chatbot

Mastercard (F14) launched its own chatbot this week to deliver a personalized customer experience in messenger platforms. The company partnered with Kasisto to create Mastercard KAI, a bot for banks, which will launch next year on Facebook Messenger. The bot was created in-house in Mastercard Labs. It aims to offer a way for merchants to allow consumers to shop and transact in messaging platforms and check out with Masterpass.

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The payments giant also announced partnerships with GM and IBM (FD16) this week to launch Masterpass payment functionality on OnStar Go, a digital platform that will be embedded in 2 million GM vehicles by the end of 2017. The OnStar Go platform will feature a marketplace of select merchants from which drivers can order and pay directly from their vehicle. Over time, OnStar Go learns the consumer’s purchasing behaviors and is able to push personalized and contextual offers to the driver. ExxonMobil, Glympse, iHeartRadio, MasterCard, and Parkopedia are the first brands to join the platform.

paypalinmessengerPayPal expands Facebook Messenger capabilities

PayPal (FD16) first announced it was integrating with Facebook Messenger last month, when the social media giant unveiled payments capability within Messenger. This week, the company announced further integration. In the U.S., PayPal will not only serve as one of the payment options within Messenger, but also:

  • Roll out as a payment option across more of Facebook’s commerce experiences (including Messenger)
  • Make it easy for PayPal customers to link their PayPal accounts to Facebook and Messenger at PayPal checkout
  • Offer the ability to get notifications in Messenger, facilitating receipt management for PayPal transactions in one place

The biggest takeaway is that as Messenger rolls out a native payment experience, merchants can accept PayPal payments directly within their bots. As an early pilot of this capability, PayPal’s Braintree partnered with Facebook and Uber in December 2015 to allow users to hail and pay for an Uber directly within the app.

Contrary to some reports, PayPal’s integration isn’t a chatbot. I learned this the embarrassing way when I typed “balance” in a Facebook message to PayPal and a half-hour later received a message from an actual person:

screen-shot-2016-10-26-at-3-37-06-pmThat awkward moment you learn you’re chatting with a real person, not a chatbot

SimplyTapp launches mobile payments app with chatbot

SimplyTapp’s (FD14) newly launched mobile payments app, Gane, works on both Android and iOS and offers tap-and-pay functionality at the POS. With the companion mobile app, users can collect and apply discount offers. Aside from mobile payment and offer-redemption capability, Gane works with chatbots embedded in Facebook Messenger, iMessage, Kik, and Telegram messaging platforms. The company plans to integrate with additional platforms in the future.

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Why all the AI?

Banks and financial services companies aren’t just trying to farm out the jobs of their tellers and customer service agents to bots that don’t require a salary, paid time off, and health insurance, though that does play a role. Aside from the obvious role chatbots and AI play in answering simple customer inquiries without using up the time of customer service agents, banks’ motives are twofold.

First, it helps them meet customers where they are by operating in the same channels in which their consumers spend hours a day, such as Facebook. Financial services companies can offer a better user experience by not requiring users to open a separate app or launch a new window to view their balance. In cases such as PayPal’s and Mastercard’s integrations with Facebook Messenger, it also serves as a way to become the customer’s preferred payment method in that channel, i.e., becoming top-of-wallet in Messenger.

Second, it establishes the financial services company on the millennial map. Many of the incumbent players are struggling to attract their next generation of clients for payments and wealth management. Offering services that reach into channels such as Alexa and social messenger platforms help banks engage with potential millennial wealth management customers. It’s the same reason established wealth management players are launching robo-adviser—to serve as training wheels.

Note: A Finovate alum’s most recent appearance is shown by a capital F followed by the year; for example, FIS first appeared at Finovate in 2009, so you will see (F09) after their name, with a link to that first demo.

NCR Inks $50 Million Deal with State Bank of India

NCR Inks $50 Million Deal with State Bank of India

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With FinovateAsia just over a week away (and tickets still available!), you’ll forgive us for having fintech-in-Asia on our minds. But the news that NCR has signed a deal with the largest financial institution in India to deploy more than 7,000 ATMs throughout the country over the next seven years is a great reminder of India’s role in the growth of Asian fintech.

The $50 million agreement will help State Bank of India (SBI) expand its ATM network of more than 57,000 machines in more than 4,500 locations throughout the country. In their announcement, NCR emphasized that the SelfServ 22e ATMs were “conceptualized and ‘Made in India’ specifically for the Indian market” with high transaction-volume capacity and space-saving design geared toward use in underbanked communities in rural areas. To this end, the machines minimize power use and paper waste through low-energy LED lighting and fixed receipt lengths, as well.

The ATMs also feature NCR’s proprietary anti-skimming technology. “The ATM is increasingly becoming a global target for crime,” says Navroze Dastur, managing director of NCR India. He noted that the ability to defend against card data breaches and provide real-time notifications “will help SBI protect its brand reputation and strengthen consumer loyalty.”

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With 2016 revenues of $41 billion and assets of $300 billion (2015), State Bank of India is a government-owned FI, founded in 1955, and based in Mumbai, Maharajahtra. SBI has more than 18,000 branches in India, and is one of the country’s largest employers with more than 290,000 workers on staff.

Founded in 1884 and headquartered in Duluth, Georgia, NCR demonstrated its Transaction Data Manager at FinovateSpring 2016. Last month, the company introduced its cloud-based developer portal, and unveiled its new business banking app. Also in October, NCR partnered with MX to launch a new data-driven money-management platform for FIs, NCR Money Management.

$500 Million Raised by 30 Alums in Q3 2016

$500 Million Raised by 30 Alums in Q3 2016

moneybag_goldcoinsFinovate/FinDEVr alums raised more than $490 million in the third quarter of 2016, essentially matching the investment haul from the previous quarter. The Q3 performance in 2016 fell short of the eye-popping third quarter from 2015, during which more than one billion was invested in our alums. But 2016’s third quarter still dwarfed previous third quarters in 2014 and 2013 by a large margin.

Previous quarterly comparisons

  • Q3 2016: More than $500 million raised by 29 alums
  • Q3 2015: More than $1 billion raised by 40 alums
  • Q3 2014: More than $194 million raised by 17 alums
  • Q3 2013: More than $171 million raised by 23 alums

The biggest equity deal of the third quarter was the $72 million raised by OurCrowd in September. Also notable were the $50+ million in funding scored by Interactions, Ripple, and Finova Financial. The top 10 overall investments for the third quarter of 2016 totaled $380 million or more than 76% of the quarter’s total alum funding.

Top 10 overall investments (equity only)

  1. OurCrowd: $72 million
  2. Interactions: $56 million
  3. Ripple: $55 million
  4. Finova Financial: 52.5 million
  5. LendUp: $47 million
  6. Behalf: $27 million
  7. Capriza: $23 million
  8. Signifyd: $19 million
  9. Jumio: $15 million
  10. Juvo: $14 million

Here is our detailed alum funding report for Q3 2016.

July 2016: More than $55 million raised by eight alums

August 2016: More than $256 million raised by twelve alums

September 2016: More than $182 million raised by nine alums

If you are a Finovate/FinDEVr alum that raised money in the third quarter of 2016, and do not see your company listed, please drop us a note at [email protected]. We would love to share the good news! Funding received prior to becoming an alum not included.

Finovate Debuts: ProActive Budget

Finovate Debuts: ProActive Budget

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At FinovateFall 2016 in New York, ProActive Budget debuted a digital twist to cash envelope budgeting. Given the prolific, user-friendly financial management solutions of today, cash budgeting may seem dated, but it’s really not—many of us, myself included, have friends who still use this method of budgeting today. As the company’s adviser Ross Jardine said in ProActive Budget’s FinovateFall 2016 demo, “Personal finance apps don’t work. All those fancy graphs and charts rarely change behavior.”

ProActive Budget’s system works similarly to cash-envelope budgeting. But instead of opening an envelope and removing cash to spend in a certain category, users open the app and instantly load funds onto a specialized, prepaid card to make the transaction. As CEO and founder Ryan Clark says in the demo, the reason this works is that “both cash envelopes and ProActive require users to think before they spend … and that is the key to changing the behavior.”

Company facts:

  • $137,000 invested
  • 3 employees
  • Pre-sales
  • Live with 120+ users 2 weeks after Finovate demo
  • Founded in 2015
  • Headquartered in Utah
29101566893_f936eb82ab_kProActive Budget CEO and founder Ryan Clark demos the startup’s digitized cash-envelope budgeting system alongside Ross Jardine.

screen-shot-2016-10-28-at-10-36-29-amWe chatted with Ryan Clark, CEO and founder of ProActive Budget, for further insight into the startup and its goals for the long run. Clark has 10 years of experience as a personal finance adviser and has ranked in the top 10% of advisers nationwide.

Finovate: What problem does ProActive Budget solve?

Clark: Consumers want better budgeting, savings, and debt-elimination tools for their money. They want to teach their children about money and share or pay others easily. Financial institutions and advisers want better leads and user engagement, customer retention and acquisition. Employers want happier, more committed employees with fewer sick days and an easier way to do payroll

Finovate: Who are your primary customers?

Clark: We are B2C or B2B2C. Our customers are everyday people, but it may be delivered through existing B2B channels.

Finovate: How does ProActive Budget solve the problem better?

Clark: All existing budgeting apps fail to change spending behavior because they are reactive. You spend and then they tell you about it. They all lack the power to require thought at the critical moment of the purchase. Only cash envelopes have had this ability, but it’s cash-based. ProActive is cash-less and requires its users to think before they can spend, just like cash.

When the spending problem is solved, debt and savings take care of themselves. This builds trust, commits employees, reduces money fights with spouses, and makes people happier.

Finovate: Tell us about your favorite implementation of your solution.

Clark: Having come from the financial adviser/coach world, my focus was always in helping people create more wealth. I stopped selling investments because I saw that it did little for the masses. They needed more focus on the basics. Budgeting is one of those things where, if we solve it, everything else will take care of itself. It’s amazing! But there’s little money in it so the financial industry does nothing in that space.

My favorite implementation is through an adviser or coach. Our system will help instill the discipline the users want and get them out of the paycheck-to-paycheck grind and out of debt. It will move them along toward being a great saver and eventually a savvy investor because it gives them control—simple, easy, control.

Finovate: What in your background gave you the confidence to tackle this challenge?

Clark: I had a failure on some software we tried to build in my practice. I tried very hard to make a software initiative work. I read books about software and project management, but after a year we tossed in the towel. Six months later we organized ProActive and began building. This time I knew much better how to do software.

Finovate: What are some upcoming initiatives from ProActive Budget that we can look forward to over the next few months?

Clark: The most exciting is the release of our 2.0 version. This will give the currently available prototype a massive facelift and a host of new features. Watch for it in Q1 of 2017.

Finovate: Where do you see ProActive Budget a year or two from now?

Clark: In a year, I see us integrated with several banks, credit unions, adviser groups, and employers. Thousands are experiencing the peace and simplicity that comes from making choices before purchasing. They’re saving more, and their relationship with their spouse is better. They’ve had fewer money fights because of the increased communication and better decisions about money. Our testimonials page will be filled with such stories.

Check out ProActive’s live demo video from FinovateFall 2016 in New York:

Finovate Alumni News

On Finovate.com

  • Finovate Debuts: ProActive Budget
  • NCR Inks $50 Million Deal with State Bank of India

Around the web

  • Singapore-based FinGo Ventures chooses account-aggregation technology from eWise for new mobile payments and banking app.
  • Misys inks five-year licensing deal with Deutsche Bank.
  • iSignthis to provide IronFX with Paydentity services including digital KYC, payment gateway, and card tokenization.
  • Andy Rachleff returns as CEO of Wealthfront.

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.

 

Fintech Trending: RegTech Reality Check, Blockchain Bandwagon, and IBM’s New Wallet

Fintech Trending: RegTech Reality Check, Blockchain Bandwagon, and IBM’s New Wallet

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Hat, courtesy of Alloy, a customer-onboarding specialist that debuted at FinDEVr in October.

The dream of RegTech is alive at Finovate

Deloitte recently asked what we should make of regtech in a new report titled, “RegTech is the new FinTech: How agile regulatory technology is helping firms better understand and manage their risks.” To the extent that regtech represents technologies, strategies, and solutions designed to help firms better meet regulatory obligations, remain compliant, and/or secure their processes, there may be less new here than meets the eye. Compared to insurtech, regtech firms have been prominent players in the fintech firmament for years.

To its credit, Deloitte is aware of the “old-is-new-again” aspect of regtech. The report notes that “while the name is new, the marriage of technology and regulation to address regulatory challenges has existed for some time with varying degrees of success.”

Indeed. Consider companies like Gremln (F14), which demonstrated a social media platform specifically for regulated industries, and Finect (F13), which unveiled a compliant communication platform for financial professionals. Qumram (F16) provides software that helps ensure complaint communication by recording digital interactions from web, social, and mobile channels.

My Virtual Strongbox (F14) introduced the kind of secure document-storage technology that can help FIs better manage customer documentation. Global Debt Registry, another F14 presenter, provides compliance and risk-management solutions to the account-management industry. OutsideIQ (F16) enables FIs to uncover regulatory risk using a combination of machine learning and human analysis. FundAmerica (F15), arguably one of the most explicitly regtech companies to demo at Finovate, provides crowdfunding platforms with APIs for a wide variety of “mission-critical, back-end regulatory requirements.”

Additionally, there are a sizeable number of credit risk analysis innovators such as QCR (F15), CreditHQ (F16), and FICO (FD16); companies like Avalara (FD15) that help merchants recognize and satisfy sales-tax requirements (or by that token, even a VATBox (F15) that helps recover VAT fees for international travelers); and cloud-based auditing technologies like those available from Auvenir (F16), whose identity as a fintech company was a topic of our deliberations.

And all of this is to say nothing of the even larger number of security and authentication specialists whose technologies—at least by Deloitte’s definition—can be considered regtech. Note that Deloitte’s Ireland-based rundown of regtech companies includes Finovate alum Trustev (F14), whose online ID-verification technology is very much in the same category as dozens of other security, authentication, verification, anti-fraud innovators.

The question as to whether regtech as a “thing” (as the millennials say) can be separated from the broader fintech discussion is likely more of a marketing decision than anything else. Clearly regtech has the ranks; the issue is to what degree does distinguishing them as a type of innovator apart from the larger fintech world make it easier for these companies to attract top talent, develop necessary solutions, and raise the capital to drive and grow their businesses. From the perspective of fintech in general—and Finovate/FinDEVr in specific—we’re happier having regtech innovating from “inside the tent,” as opposed to being outside the tent trying to find a way in.

See also:

Blockchain bandwagon

Two more major players jumped on the blockchain bandwagon. IBM (FD16) showed its Hyperledger at FinDEVr last week and Visa (FD14) announced its cross-border payment system built on blockchain-like distributed ledgers, an apparent challenge to Swift. The technology is powered by Chain (FD15) which counts Visa, Capital One (FD15) and Citibank as investors. According to Javelin Strategy, banks will invest $1 billion this year in blockchain initiatives.

Mobile payments gets another huge player

Speaking of IBM, one of the more surprising announcements at Money2020 was the launch of IBM Pay, a private-label mobile payments and POS system. Details are sketchy, but in the IBM video below, it appears to be a Starbucks-like QR code system. It’s part of IBM’s Watson Commerce initiative.

Big Blue Goes Behaviorally Biometric with New Additions to Trusteer Pinpoint Detect

Big Blue Goes Behaviorally Biometric with New Additions to Trusteer Pinpoint Detect

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IBM on Thursday announced it will add behavioral biometric analysis to its digital banking-fraud-prevention solution, IBM Security Trusteer Pinpoint Detect. The enhancement comes courtesy of IBM’s billion-dollar acquisition of security innovator Trusteer in 2013. With the addition of behavioral biometric technology, IBM’s security solution will be that much more effective against fraudsters using stolen credentials to gain unauthorized access to bank accounts. “Given enough time and resources, cyber criminals can defeat passwords and security questions,” says Ravi Srinivasan, VP of strategy for IBM security. The difference is that behavioral biometrics is “based not on knowledge, but behavior.”

Using gesture modeling, which tracks, studies, and analyzes behavior of authorized users, the technology develops an increasingly accurate profile of what authorized, legitimate behavior looks like. This means that even with a user’s credentials, a fraudster will be unable to gain access unless they are able to replicate the way the user typically logs on and navigates the website.

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Ayelet Shomer, IBM’s director of strategy and offering management, demonstrated IBM Security Trusteer at FinovateFall 2016.

Even if a fraudster was able to mimic a user’s mouse and click behavior, as the company’s financial crime-prevention strategist, Brooke Satti Charles told Fast Company, the technology is sensitive enough to detect “suspiciously identical” behavior. She compared this to a forged signature that may appear legitimate, but may include features that are incidental rather than part of a range of behaviors such as a random click or mouse movement. Charles added that the solution notes suspicious activity but does not automatically “lock out” users, ensuring a smooth experience for users while security administrators investigate on the backend. She also pointed out that Security Trusteer Pinpoint Direct focuses on patterns of movement on a page, not which pages are accessed, so visits to new areas of a website are not flagged as suspicious.

Founded in 1911 and based in Armonk, New York, IBM demonstrated its Security Trusteer technology at FinovateFall 2016. The company nicknamed “Big Blue” has more than 300,000 employees and 2015 revenues of more than $81 billion.

Finovate Alumni News

On Finovate.com

  • IBM Goes Behaviorally Biometric with New Additions to Trusteer Pinpoint Detect
  • DemystData lands $7 million round.

Around the web

  • New office in Sydney marks TradeShift’s expansion to Australia and New Zealand markets.
  • Bill.com partners with Quicken Loans, driving speculation the two will work on digital billpay.
  • Marqeta to deploy its network tokenization technology to make it easier to use payment cards with Apple Pay.
  • Signifyd teams up with Accertify to improve anti-fraud protections and reduce chargeback costs.
  • Free Enterprise highlights the biometric technology of Best of Show winner EyeVerify.
  • Personal Capital Appoints Eric Weiss as Chief Marketing Officer
  • NuData to power behavioral biometric security for Early Warning’s Zelle.

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.

FinovateEurope 2017 Application Deadline Has Arrived

FinovateEurope 2017 Application Deadline Has Arrived

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We don’t mean to scare you this close to Halloween. But the deadline for applying to demo your technology at FinovateEurope 2017 is this Friday, 28 October. We’re looking forward to reading about all the innovations that CEOs, developers, and product specialists from around the world have been working on. So if you’ve got a fintech solution that’s ready for prime-time, consider it NOW time and submit your application today.

On 7/8 February 2017, FinovateEurope will return to one of the coolest spots—Old Billingsgate Market Hall—in one of the coolest cities in the world. And whether you were thumbs up or thumbs down on Brexit, we can all agree that London is still a great location to showcase the most innovative financial technologies and must-have solutions for banks, financial service providers, and even everyday consumers, savers, and investors.

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To apply to FinovateEurope, download our informational FinovateEurope 2017 pdf which gives you everything you need to know about the event. And if FinovateEurope sounds like the ideal place for you to present your technology in our unique, 7-minute, demo-only format, we strongly urge you to complete your application at europe2017.finovate.com/application and submit it to us by Friday, 28 October. We’ll review all the applications submitted for FinovateEurope and get back in touch with you as soon afterwards as we can.

Got questions? We’ve got answers. Email us at [email protected].


FinovateEurope 2017 is sponsored by Financial Technology Partners and KPMG, and is partners with SME Finance Forum and Verdict Financial. Additional sponsors and partners will be announced soon.

DemystData Lands New $7 Million Round

DemystData Lands New $7 Million Round

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Data-as-a-service company DemystData this week announced it closed a $7 million Series B round led by MissionOG. Notion Capital and Singtel Innov8 also contributed to the round, which boosted the New York-based company’s total funding to $16 million.

To meet increased demand in the U.S. and Asia, DemystData will use the funds to build its team and expand data partnerships. The company leverages big data pulled from in-house and online sources to help banks make informed decisions, improve the user experience, and decrease risk. DemystData counts as customers some of the world’s largest banks and insurance companies across 10 countries.

“We provide the key to accessing valuable data 10 times faster while adhering to increasing privacy constraints,” CEO Mark Hookey is quoted in a press release. He noted the company helps clients “cut risk by up to 60% and increase acceptance and straight-through processing rates to convert more customers.”

DemystData also this week released the Atlantic Platform, an API that aims to “assess consumer and small-business risk on the back of massive streams of data, text, images, and log files, while improving compliance with emerging privacy law.”

At FinovateAsia 2012, DemystData debuted Credit-in-a-Box, a suite of tools that help banks leverage big data to make better lending decisions. The API aggregates publicly sourced consumer data in real-time to help lenders measure risk and assess customer value. Founded in 2010, the company recently earned a spot in the FinTech20 Hong Kong. In April 2015, DemystData was recognized as a top 100 private company in AlwaysOn’s OnFinance Top 100.

Video of the Week: Bank of America Demos AI Chatbot “Erica”

Via a chatbot named Erica, Bank of America this week demo’d its upcoming mobile AI capabilities. The feature will be available to the 21 million users of its mobile app via voice or text commands “in late 2017.” While it’s unusual for a major bank to discuss technology a year away from deployment, with all the hype around artificial intelligence and chatbots, BofA must have figured it was a good PR move.

The bank did not disclose whether it was building or buying the technology, but my guess is the latter. We saw a number of Finovate demos last month in this area and expect many more in 2017.

For more info, check out the American Banker story yesterday (free access).