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FinovateFall Sneak Peek: CRMNEXT

By Julie Muhn (@julieschicktanz) Posted on August 30, 2016
Categories: CRMNEXT, FinovateFall 2016, FinovateFall 2016 Sneak Peek

A look at the companies demoing live to 1,500+ fintech professionals on September 8 & 9, 2016. Register today.

CRMNEXT is the only true omnichannel customer-engagement platform redefining the role of CRM as the transformation, automation, and innovation platform for financial services.

Features:

Delivers seamless omnichannel financial services customer-engagement
Powerfully automates and orchestrates customer interactions
Grows NPS, referrals, and conversions for every product and channel

Why it’s great
Half a billion customers and half a million bankers have proven what CRM should do NEXT: Make every customer interaction more efficient and create more opportunities for customer engagement and success.

Presenters

Joe Salesky, CEO
A Finovate pioneer, Salesky was formerly the founder and CEO of ClairMail, the breakthrough platform for mobile banking and payments. He has led serial visionary successes in software and financial services for 30 years.
LinkedIn

Ed Ponte, VP Sales Consulting
Ponte has 20+ years of experience directly supporting the sales efforts of consumer-oriented digital channels solutions, security, and infrastructure products in the financial services market.
LinkedIn

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FinovateFall Sneak Peek: Kore

By Julie Muhn (@julieschicktanz) Posted on August 30, 2016
Categories: FinovateFall 2016, FinovateFall 2016 Sneak Peek, Kore

A look at the companies demoing live to 1,500+ fintech professionals on September 8 & 9, 2016. Register today.

Kore serves business leaders in some of the world’s largest enterprises to help bring customer service to life through its bots platform and, most recently, its out-of-the-box Banking Bot Solution.

Features:

Turn insights into right-fit, right-time offers for cross-sale
24/7 ‘virtual assistants’ answer and triage requests for lower service costs
Legacy systems and workflows elevated for greater ROI

Why it’s great
Bots engage with your customers and use the information to update systems, perform tasks, trigger complex workflows across internal systems and staff, and provide results for ongoing improvement.

Presenters

Amit Aghara, Global Head of Solution Management
LinkedIn

David Schreffler, Executive Vice President of Sales
LinkedIn

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FinovateFall Sneak Peek: Xentral Station

By Julie Muhn (@julieschicktanz) Posted on August 30, 2016
Categories: FinovateFall 2016, FinovateFall 2016 Sneak Peek, Xentral Station

A look at the companies demoing live to 1,500+ fintech professionals on 8/9 September 2016. Register today.

Xentral Station offers trade financing for big and small vendors receiving cash in 24 hours.

Features:

Plug-and-play cloud solution for banks and vendors for cash in 24 hours
Independent global transaction platform
Integrated with any supply chain, accounting and bank application

Why it’s great
Making partners rich without doing anything.

Presenters

Vilayat William, Strategic Alliance Partner
William is a serial entrepreneur and is building his third cloud-company with global partners.
LinkedIn

Emily Reijnierse, Community Strategist
Reijnierse writes, “I don’t believe one can be the best in everything. Believe in a connected world where clients could select and combine the best business software of various providers.”
LinkedIn

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FinovateFall Sneak Peek: Strands

By Julie Muhn (@julieschicktanz) Posted on August 30, 2016
Categories: FinovateFall 2016, FinovateFall 2016 Sneak Peek, Strands

A look at the companies demoing live to 1,500+ fintech professionals on 8/9 September 2016. Register today.

Strands is the fintech partner for banks, leveraging 10+ years of expertise in big data and machine learning. The company will be presenting Strands BFM, a comprehensive white-label solution designed for SME Banking.

Features:

Smarter business decision-making based on contextual and personalized insights
Real-time access to all financial accounts powered by Strands Meta-Aggregation engine
Flexibility for all SMEs

Why it’s great
SMEs get a simple, intuitive and stunning data visualization of their finances for an unparalleled user experience. Banks get a smart, white-label tool to empower their most lucrative segment.

Presenters

Cesar Richardson, VP Sales, Strands Americas
Richardson has 15+ years of experience identifying business opportunities, building companies and generating revenue growth in investment banking (Bloomberg LP), online travel, and educational tech companies.
LinkedIn

Sharif Penniman, Director of Sales, North America
With a background in enterprise mobile development and strategy, and having lived abroad in Europe 15 years, Penniman has a passion for everything mobile, specifically for financial institutions.
LinkedIn

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Backbase Partners with Entersekt to Deliver Authentication Technology

By Julie Muhn (@julieschicktanz) Posted on August 30, 2016
Categories: Backbase, Entersekt

Digital banking company Backbase and mobile security solutions provider Entersekt have today teamed up in an effort to deliver a frictionless customer experience with cutting-edge authentication technology.

Through the partnership, Backbase will offer Entersekt’s payment-authentication solutions in the Backbase Open Banking Marketplace. This enables Backbase clients to select an authentication solution that works with their Backbase-powered offering. In a press release, the companies note that the integration has already proven successful, and works with multiple implementations, including Swisscard in Switzerland.

Entersekt’s SVP of Partners and Alliances Dewald Nolte said, “With this partnership, we believe we can help banks fast-track their future by enabling digital services that would be considered too risky or unfeasible using a channel other than the branch.”

Backbase CEO and co-founder Jouk Pleiter said that partnerships such as these help Backbase “speed up innovation and deliver to [its] customers the best that’s available in the fast-moving fintech field.” The Amsterdam-based company has been offering digital banking solutions since it was founded in 2003. Backbase last presented at FinovateEurope 2016 where it showed off the wealth management edition of its digital banking platform. The company will debut its newest offering next week at FinovateFall 2016 in New York. Tickets are still available; register soon to secure your spot.

Entersekt, a FinDEVr alum, was founded in 2008. The company’s CTO Christiaan Brand gave a presentation titled Securing Mobile Applications Through Transport Layer Diversity at FinDEVr Silicon Valley 2014. Earlier this year in June, the company partnered with Finovate alum CREALOGIX to secure the company’s online and mobile offerings. Tickets for the upcoming FinDEVr Silicon Valley conference are now available. Check out the agenda and the recently revealed list of presenters.

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Behalf Raises $27 Million

By David Penn Posted on August 30, 2016
Categories: Behalf, Funding, Fundings

In a round led by new investor Viola Growth, small business financing innovator Behalf has raised $27 million in Series C funding. The investment will support the company’s increased investment in business development as well as further innovation in its purchase-financing platform.

Calling small businesses the “unsung heroes of the U.S. economy,” Behalf CEO and co-founder Benjy Feinberg pointed to his company’s platform as a solution to help them get the necessary financing to grow. “Behalf has a simple solution, driven by data and technology, that allows us to provide well-priced and flexible credit tools to help SMBs and their suppliers grow profitably,” he said. Also participating in the round were previous investors Sequoia Capital, Spark Capital, MissionOG, and Vintage. The Series C takes Behalf’s total capital to $156 million.

CEO Benjy Feinberg presented Behalf’s Vendor Platform at FinovateFall 2014.

Behalf pays vendors directly on their small client’s behalf—hence, the name. This approach, which relies on Behalf’s proprietary credit scoring technology, helps bring short-term purchase financing to small businesses faster and more efficiently: Small businesses can buy up to $50,000 in inventory on the Behalf platform, with terms ranging from $10 to $30 for every $1,000 per month borrowed.

Founded in 2011 and headquartered in New York City, Behalf demonstrated its Vendor Platform at FinovateFall 2014. The company has doubled revenues every six months since inception, and recently added Jorgen Bocklage as CFO. Bocklage founded 118 118 Money and is a former VP of finance at Dashlane, a fellow Finovate alum.

Harel Beit-On, Viola Growth founder and general partner who will be joining the Behalf board of directors, praised the company’s team and its growth, saying the company had targeted a “fast growing market” that was “valued by analysts in the trillions, that is underserved by banks.” Behalf says over the next twelve months it will be adding talent in a variety of roles ranging from marketing to engineering.

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Finovate Alumni News

By David Penn Posted on August 30, 2016
Categories: Aspire, Backbase, Behalf, CRMNEXT, Entersekt, EyeVerify, Fiserv, inSpirAVE, Jack Henry, Kabbage, Kore, mBank, Meniga, ProActive FinTech, Sindeo, Strands, Swych, TransferWise, wipro, Xentral Station

On Finovate.com

Behalf Raises $27 Million in New Funding

Backbase Partners with Entersekt to Deliver Authentication Technology

Check out this week’s FinovateFall Sneak Peeks:
- Strands
- Xentral Station
- Kore
- CRMNEXT
- ProActive
- Sindeo
- Aspire
- Swych

EyeVerify Teams Up with BioConnect to Boost Payment Security.

Around the web

PittsburghPost-Gazette feature on local fintech incubator SteelBridge Laboratories quotes Om Kundu, CEO of InSpirAVE. See InSpirAVE at FinovateFall in New York next week.

Massachusetts-based Randolph Savings Bank re-ups with Fiserv for front- and back-office technology.

Wipro announces partnership with Stibo Systems to offer Master Data Management (MDM) solutions.

PYMNTS.com looks at TransferWise and its growing independence from bank partners.

IT Business on how Kabbage knows if it can lend you $100,000 in just seven minutes.

Jack Henry & Associates Awarded by Aite Group for Core Processing.

mBank discusses recent Meniga upgrade.

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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Coinbase Offers Mobile Card Payment Option to European Bitcoin Buyers

By David Penn Posted on August 29, 2016
Categories: Coinbase

European customers of Coinbase have been able to buy bitcoin and ethereum using debit and credit cards for a little over a year. Now, they can do it on mobile, too.

Strong numbers from the U.S. seem to support the move. Announcing the new functionality on the its blog, Coinbase noted that 40% of its credit and debit card purchases of digital currencies in the U.S. are coming from mobile devices. “Our mission at Coinbase is to create an open financial system for the world,” the post read, “and enabling easy access to digital currencies like bitcoin and ether in as many countries as possible gets us one step closer to that goal.”

Indeed. Coinbase last month added Australia, Canada, and Singapore to the list of countries where Coinbase customers can use payment cards to buy digital currencies. The company added support for ethereum earlier this year, and enabled PayPal and credit cards for bitcoin sales and purchases, respectively, in June. Coinbase launched the U.S. beta of its instant bitcoin purchase via debit card in March and expanded the service to all U.S. customers later in the spring.

Coinbase’s free mobile wallet works for both Android and iOS (in addition to online). Customers can create a digital wallet, connect a bank account, debit, or credit card, and then begin buying both bitcoin and ether on the Coinbase exchange.

Founded in 2012 and headquartered in San Francisco, California, Coinbase demonstrated its Instant Exchange technology at FinovateSpring 2014. The company has raised more than $117 million in funding, including a strategic investment of $10.5 million from Bank of Tokyo Mitsubishi UFJ in July. Coinbase has exchanged more than $4 billion in digital currency and served more than four million customers in 33 countries.

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ID.me Lands $3.7 Million Grant

By Julie Muhn (@julieschicktanz) Posted on August 29, 2016
Categories: Funding, ID.me

Last week, digital identity network ID.me received a grant from the National Institute of Standards and Technology (NIST). ID.me was awarded $3.75 million through NIST’s program called the National Strategy for Trusted Identities in Cyberspace, which focuses on researching new forms of identity management.

ID.me, a Virginia-based company, is one of six grant recipients that received a cut of the total $15 million, which was divided into amounts from a little under $1 million to $3.75 million. ID.me will use the funds to pilot what’s known as federated credentials, a single set of credentials that works on multiple websites.

Mike Garcia, director of the National Strategy for Trusted Identities in Cyberspace, says the goal of the program is to “foster innovation that can make critical services more convenient and trustworthy for consumers while strengthening online security.”

ID.me’s Blake Hall, CEO and co-founder, and Ryan Fox, VP of product strategy, presented at FinovateSpring 2014

Founded in 2010, ID.me offers a way for people to prove their special group affiliations online—whether military, student, paramedic—to receive special promotions offered to their group. At FinovateSpring 2014 the company’s CEO and co-founder Blake Hall demonstrated how ID.me captures identity attributes without creating additional friction at checkout.

ID.me has received more than $17 million in funding from investors such as Silicon Valley Bank, USAA, and Scout VC. In 2014 the company acquired student discount platform Perkla.

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Finovate Alumni News

By David Penn Posted on August 29, 2016
Categories: BlueVine, Coinbase, FamZoo, ID.me, Intuit, RightCapital, Top Image Systems

On Finovate.com

ID.me Lands $3.7 Million Grant

Coinbase Offers Mobile Card Payment Option to European Bitcoin Buyers

Around the web

RightCapital announces new partnership with Alliance of Comprehensive Planners (ACP). See Right Capital at FinovateFall 2016 in New York next week.

FamZoo celebrates its 10th anniversary.

Intuit unveils personalized app recommendations for QuickBooks Online.

Business News Daily names BlueVine Best B2B Factoring Service.

Top Image Systems increases footprint in Asia.

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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Marketing: Alliant Credit Union Pitches Kids Account on Logoff Screen

By Jim Bruene Posted on August 28, 2016
Categories: Advertising & Promotion, Login/logoff marketing, Youth market

The logoff page that pops up following a secure session is one of the choicest real-estate parcels in a financial institution’s inventory. Typically, this logoff page is seen on a desktop pc, but the same opportunity exists on mobile. Earlier this summer (late June), we spotted Chicago-based Alliant Credit Union pitching its Kidz Klub savings account with a 1% APY (adults get the same rate).

Bottom line: The logout screen is well-designed and the green call-to-action button is easy to see. The button leads to an attractive Kidz Klub landing page (see screenshot below). While The Klub is a savings account that mirrors rates available for adult members, the thrill for kids is that each Kids Klub member receives an individual member’s card and account kit.

Given that today’s 10-year-old could be a bank/CU customer for the next 70 or 80 years, it makes sense to cater to members’ children with a dedicated account. But it needn’t be a fancy standalone account. The primary goal is to get kids (and their parents) to start saving together and that can be done with a repurposed basic savings account.

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Friday Fun: Banking with Coffee

By Jim Bruene Posted on August 27, 2016
Categories: Advertising & Promotion, Branch Banking

The connection between banking and coffee is tenuous at best; however, a number of banks (especially in the United States) have underused lobbies and there appears to be an infinite appetite for caffeine. So when demand meets supply, there are opportunities.

I know you’ve heard this all before from me 11 years ago (yikes), The Wall Street Journal last year (Capital One) and The Financial Brand numerous times. But it’s Friday and I’m sitting in the best example I’ve personally experienced, a big, old Southern California Wells Fargo branch in Orange that turned the main part of the lobby over to Starbucks, but kept the teller windows and offices along the side. It’s a great spot for coffee, and banking, if you are into popping into a branch (or just the ATM).

Unless you are a major, it may be difficult to get Starbucks on board, but working with an independent has a lot of benefits, even if they can’t pay Starbucks-level rent. To name a few:

Branding: You may have a trusted brand, but adding good coffee, wifi and pastries to the mix can’t hurt.
Traffic: There is almost no reason a non-customer will just wander into a bank unless they have already decided to open an account. Coffee will bring people in. Converting them is another matter (that we are avoiding today).
Rewards: Everyone likes free stuff. Linking transactions, account opening, savings levels, and so on, to points-redeemable in your branch could be a good retention vehicle.
Crowdsourcing: One area with which coffee shops struggle is providing an experience that differentiates them from others. Using the bank’s customer base to crowdsource entertainment, book/magazine exchange, food ideas, and so on could help build community.
Meeting space: Small businesses love to meet in coffee shops. However, privacy is an issue. Turn over that under-used conference room to select small-biz customers and community groups, with priority to clients of course. (Extra credit: web-based reservations).

Bottom line: There are many drawbacks to sharing your space—hours, staffing, strange visitors, and so on—but it’s Friday and it’s still summer, so I’m not going to get bogged down in the details. Enjoy the last week of August!

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