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Finovate Blog
Tracking fintech, banking & financial services innovations since 1994
VENTENY is an HR/fintech company that provides instant online micro-financing to employees in companies in the Philippines as a part of their benefits.
Features:
About 90% of loan applications go through
The rates change based on repay history and years of working at the company
Solves employees’ need for cash and also improves the turnover rate
Why it’s great
The most reliable instant micro-financing solution provider for employees that delivers “EMPLOYEE HAPPINESS.”
Presenter
Junichiro Waide, CEO and Founder
Waide started his career at PwC Japan, then was assigned to the U.S. as a business consultant. After PwC, he joined several IT companies (participating in IPOs in Japan) as director or board member. LinkedIn
Top Image Systems’eFLOW Trade Docs is an end-to-end solution that enables financial institutions such as banks to conduct automatic recognition, learning, validation, and screening.
Features:
TIS’ eFLOW Trade Docs automates and streamlines trade-finance processes in three areas:
Document classification and data extraction
Document sufficiency and data validation
Document screening
Why it’s great
TIS’ eFLOW Trade Docs increases trade-finance processing-efficiency and -capacity while reducing processing errors and costs, bringing to your bank happier customers and higher revenues.
Presenters
Kara Tham, Sales Director (Asia)
With more than 15 years of experience in consultative and solution sales, Tham has successfully crafted creative and innovative solutions for establishments within the banking industry on a global level. LinkedIn
Wei Hao Goh, Head, Technical Account Manager
Goh specializes in providing thought leadership to banking operations, focusing on intelligent document content capture and trade finance document processing. LinkedIn
FinDEVr Silicon Valley: When You’re a Dev, You’re a Dev All the Way
DriveWealthBrings Robo-advisory to Latin America in New Partnership with Alkanza. See DriveWealth make its FinDEVr debut next week at FinDEVr Silicon Valley 2016.
Check out our latest FinovateAsia 2016 Sneak Peeks featuring:
ACI Worldwideto provide back-end tech for TransferWise’s integration into the Faster Payments Scheme.
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.
ABBYY will be demonstrating its new mobile capture and cloud-ready technologies that help transform static information contained within paper receipts and electronic documents into actionable customer intelligence. This data can be used for purchase analytics, loyalty programs, new customer-service offerings, and expense-management applications.
Why it’s a must-see
See how machine learning and AI provide the opportunity to unlock captured data and build customer intelligence. ABBYY’s technologies not only capture receipt data, but also help optimize mortgage processing, new account openings, accounts payable/receivable, proof of identity, and proof-of-income solutions for leading financial institutions on 100M devices.
Tango Card is presenting its Rewards-as-a-Service API designed to deliver digital rewards, like e-gift cards, instantly. The company has multiple methods to support the integration of a rewards program, including an e-gift card catalog, into your app or platform.
Why it’s a must see
If you have a need for e-gift cards as incentives, rewards, or for payment distribution: This is the API and Tango Card is the company that will do the job for you.
Retail banks face challenges when integrating sophisticated technologies, especially those that are internet-sourced. This tech from Aerospike introduces valuable capabilities, including languages, application frameworks, APIs, data management, and NoSQL databases. In this talk, the company will share real-world examples of adapting these internet-sourced technologies to fit older order-management and address-book systems like Hogan.
Why it’s a must-see
Want to take advantage of internet-sourced technologies but don’t know where to start? Learn how existing fintech companies use these technologies to provide access to more data (petabytes) and support agile, innovative algorithms and libraries, and glean some inspiration for your next project.
Eugene and Nivi will demonstrate Blend’s thoughtfully designed platform used today by lenders and borrowers alike to originate efficient, data-driven mortgages. They will highlight exactly how the technology streamlines the data-collection process, and show how Blend accelerates what has historically been a long, painful path in the mortgage process.
Why it’s a must-see
Modernizing a $10+ trillion industry that runs on paper and fax machines is no simple task. In this presentation, attendees will get a peek beneath the hood of Blend’s platform, learning how the company’s engineers employ everything from containers to computer vision to overhaul the mortgage process.
Personal Capital will show how, by enabling both the user and her adviser, to see the same holistic financial picture, we have transformed the traditional “opening and funding of an account” transaction into a natural conversation about the best way to implement a financial plan.
Why it’s a must-see
If you are interested in this user story then join us. As a fintech developer, ask: Have you ever wanted to build a product that leverages all of a user’s financial goals and profile data, one that makes each individual’s account-opening process conversational and collaborative.
Symphony Software Foundation(SSF) will show how enterprise collaboration has been historically dominated by proprietary platforms, especially in highly regulated industries like FinServ. Learn how SSF is building an open ecosystem that fosters industry-wide collaboration, enabling your firm to stay on top of the FinTech revolution.
Why it’s a must-see
Learn how open source in general, and the Symphony Software Foundation specifically, are accelerating growth of the ecosystem around the Symphony Communication Platform, while also delivering innovation faster and at a lower cost.
IBS Journal Interviews David Mitchell, NYMBUS president.
Startland interviewsEyeVerify CEO Toby Rush on hiring plans, global expansion.
PayPal and Vodafone partner to facilitate contactless payments in the U.K.
GreenKey Technologiesbegins rollout of new mobile app that will offer hard turrets through existing hardware and infrastructure.
nanoPayusing Liberty Village as a working lab for its MintChip digital currency.
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.
The writing is on the wall. The bank branch wall that is. In a world of ubiquitous smartphones, bank branch ROI continues to plummet. That leaves many financial institutions wondering how to replace the branch’s historic role as the center of customer acquisition.
There are many strategies:
Substantial digital marketing and sales efforts
Relationships with major local employers
Lending, and banking, small businesses
Leadership in K-12 financial education
Affinity programs with local retailers
Social media and PR champion
None of those are particularly novel. But one you may not have tried recently is becoming the go-to financial institution in your area for homeowners and apartment renters. Being the local bank that helps people meet one of their top priorities in life, having a roof over their head, puts you in an enviable position.
Again, this is a strategy that goes back decades (e.g., Savings & Loans in the United States, Building Societies in the United Kingdom), but digital technologies open up new avenues of integrating partner services into a cohesive “Home for Homes” strategy:
Finding a home/apartment: Integrations with Zillow, Redfin, newcomer Faira (which “wrapped” the Seattle Time Sunday paper this past weekend in 3-full-pages ad)
Traditional home financing: Standard and jumbo mortgages, purchase and refi
Alt-financing home/apartment (note 1): Rehab loans, crowdfunding integrations, rental-deposit loans, and so on
Home/apartment repair loans: Smaller loans, potentially more of “emergency” type
Traditional home equity lending: Installment loans, lines of credit, and so on
Realtor support: While there is no shortage of independent mortgage brokers working with real estate agents, many (most?) can’t provide a flow of inbound leads to the agents; this is where established FI brands can leverage their standing in the community (within RESPA guidelines, naturally)
After you find a new home buyer/renter/refinancer, the hard part begins. How to convince them you are the long-term home for their home? A novel approach, but one fraught with regulatory/risk/ROI concerns, is the lifetime mortgage, e.g., a mortgage preapproval that moves with you from home to home provided you continue to meet down payment and income requirements (NOT the UK meaning, a reverse mortgage).
While reprising the Third FederalMortgage Passport might not be possible in the current regulatory environment, there are ways to incent customers to move their other bank accounts (though, thanks to Wells Fargo, you better be super careful with sales incentives).
CFCU Community Credit Union’s First Home Club, a down-payment assistance program from the Federal Home Loan Bank of New York.
Here’s a list of perks to offer new homebuyers/renters:
Homeowners club with content, discounts and offers
Systematic savings program to save for down payment or rental deposits
Card rewards geared towards home expenditures
Significant interest-rate kicker and/or bonuses on the first few thousand in savings (see CFCU Community Credit Union at right)
Reward-point bonuses for home-related purchases on your credit/debit card
Homeowner/rental insurance
Homeowner repair services with financing discounts (integrate with Thumbtack, Angie’s List, etc.)
Energy-conservation services with financing discounts
AirBnB integration for renting out home/apartment
Bottom line: No matter how well your branches are doing today, most financial institutions need to pursue viable new-account generation alternatives to make up for falling branch traffic.
———
Notes:
Apartment financing is a relatively new need (see previous post). And the magnitude of it might surprise anyone who hasn’t checked out the urban rental market in recent years.
Looking for more inspiration for your technology stack? Don’t miss our third annual FinDEVr Silicon Valleynext week (18/19 Oct).
FinDEVr returns to Silicon Valley next week on 18/19 October, and we’re preparing for the wave of fintech by examining the companies, their presentations, and the audience in more detail. In the past few weeks, we’ve showed off highlights of each company’s presentation in our Preview series and showcased content from their slide deck in a special Deep Dive feature. Don’t miss out on this year’s FinDEVr Silicon Valley. Register today to join us.
During the dual-track show, each company will give a 15 minute presentation and the audience will have multiple networking opportunities to get a closer look at the tech and talk with the developers involved. Here’s a look at the headquarters/locations of the 46 presenting companies we’ll see on stage next week.
While 10 companies call the Bay Area home, nine will cross national borders to come into the U.S. and showcase their technology at FinDEVr. The two companies traveling the farthest are Kyckr and OCR Labs, which are both based in Australia.
Stay tuned later this week for more about what to expect at FinDEVr, who else will be in attendance, and last-minute conference details.
FinDEVr Silicon Valley 2016 is sponsored by The Bancorp.
A look at the companies demoing live at FinovateAsia on 8 November 2016 in Hong Kong. Pick up your tickets today and save your spot.
Presenter
Presenters
Wei Hao Goh, Head, Technical Account Manager
