FinovateEurope Sneak Peek: OutsideIQ

FinovateEurope Sneak Peek: OutsideIQ
By Julie Muhn (@julieschicktanz) Posted on
Categories: FinovateEurope 2016, FinovateEurope 2016 Sneak Peek, OutsideIQ

OutsideIQHomepage


FEULogowithDateA look at the companies demoing live to 1,500 fintech professionals. Register today. 

 

Outside IQ’s DDIQ is a risk-based cognitive computing product that uses natural language processing in the deep web to uncover regulatory risks of a subject that are not found using current techniques.

Features

  • Searches deep web and premium sources for risk information
  • Removes false positives and groups duplicates
  • Reports present streamlined intelligence and risk classification

Why it’s great
DDIQ enables financial institutions to meet the increasing demands of regulators to automatically and constantly screen for AML risk to be auditably compliant.

OutsideIQPresenterPresenter

Dan Adamson, CEO
Adamson is CEO and founder of OutsideIQ. Prior to OutsideIQ, he was a technical lead at Microsoft for the Bing Health and the Chief Architect at Medstory.
LinkedIn

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FinovateEurope Sneak Peek: Strands

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

StrandsHomepage


FEULogowithDateA look at the companies demoing live to 1,500 fintech professionals. Register today. 

 

STRANDS develops innovative software solutions that enable banks to offer personalized digital-banking experiences by applying machine-learning algorithms within big data ecosystems.

Features

  • Intuitively transforms complex bank data into key customer insights
  • Designed for financial experts: no need for specialized data scientists
  • Open, web-based application with state-of-the-art UX

Why it’s great
No more million-row spreadsheets or costly IT experts: bankers armed with Strands Discovery get relevant and actionable customer insights instantly through stunning visuals and exceptional UX.

StrandsPresenter1Presenters

Marc Torrens, CIO
After cofounding the company in 2003, Torrens leads Product Strategy, Innovation and Intellectual Property Management. He also holds numerous patents in AI, personalization and recommendation technology.
LinkedIn

StrandsPresenter2Luis Rodriguez, Product Evangelist
Besides overseeing major program deliveries, Rodriguez identifies and develops new client relationships, strategic markets and verticals. He aligns product design and delivery with customer needs and strategy.
LinkedIn

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FinovateEurope Sneak Peek: Envestnet

FinovateEurope Sneak Peek: Envestnet
By Julie Muhn (@julieschicktanz) Posted on
Categories: Envestnet, FinovateEurope 2016, FinovateEurope 2016 Sneak Peek

EnvestnetHomepage


FEULogowithDateA look at the companies demoing live to 1,500 fintech professionals. Register today.

 

Envestnet’s Advisor Now is a brandable, digital-advice offering that automates the process of goal planning, portfolio selection, account opening, fund transfers, client communications and more.

Features

  • Meet the growing online and mobile communication demands of your clients
  • Capture the next generation of investors more profitably
  • Compete in the digital-advice marketplace

Why it’s great
Built in the trusted Envestnet platform and used by 40,000+ advisors, Advisor Now leverages its scalable technology and broad range of service models to support your processes and regulatory obligations.

EnvestnetPresenter1Presenters

Blake Wood, SVP, Product Management
Wood has 10+ years of experience and is responsible for assisting in the development of strategic platform products, services, and infrastructure alliances.
LinkedInEnvestnetPresenter2

Molly Pandya, SVP, Product Management
With 10+ years of experience, Pandya is responsible for Advisor Now functionality and interface along with user experience for Envestnet Advisor, Enterprise, Manager, and Investor Portals.
LinkedIn

EnvestnetPresenter3Jay Hummel, SVP, Advisory Services
With 15 years of experience in financial services, Hummel leads the effort in the delivery and adoption of advisor education and business best practices for advisory firms.
LinkedIn

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Finovate Alumni News

By David Penn Posted on
Categories: Alkami Technology, Avoka, Clover Network, Coinbase, Encap, Envestnet, eWise, ING Bank, investUP, Kasasa, Kashoo, Larky, Meniga, NICE Systems, OutsideIQ, Revolut, Strands, Uselab

On Finovate.com

  • Larky Launches at Three New Credit Unions.
  • London’s Revolut Unveils Version 2.0 of its Personal Money Cloud

Around the web

  • Fifth Third Bancorp to deploy AML solutions from NICE Systems’ Actimize.
  • PYMNTS.com interviews Kashoo Communications lead Dave Clarke on cloud accounting.
  • Baxter Credit Union ($2.4 billion) chooses ORB platform from Alkami Technology.
  • Roundup of Australia fintech startups features Avoka. See Avoka at FinovateEurope 2016 in London.
  • Encap releases version 3.1 of its mobile authentication and security platform.
  • First Data’s Clover launches Clover Go mobile POS dongle.
  • Coinbase introduces price alert push notifications on iOS and Android.
  • In 2015, Kasasa sees 45% growth in clients, now counts 779 signed community FIs.

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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Fintech Fundings: 28 Companies Raise $330 Million Week Ending Jan 15

By Jim Bruene Posted on
Categories: Funding

HappyNewYear_MoneyThe year continues its blistering pace with 28 companies worldwide raising new funds this week, the biggest number since we began tracking in July 2014. In total, $332 million was invested with the majority being equity (only $19 million was identified as debt in public comments).

Four Finovate alums made up 40% of the weekly total:

Year-to-date fintech companies have raised $450 million in new equity, 67% more than the $270 million raised in the first half of January 2015. In addition, another $350 million in debt has been added to startups’ balance sheets this year, compared to zero in 2015. So the combined YTD debt and equity total of $800 million is triple the 2015 total. Finally, the number of deals is up 63% (52 compared to 32 in 2015).

Here are the deals by size from 9 Jan to 15 Jan 2016:

Starling
Startup digital bank
Latest round: $70 million
Total raised: $70 million
HQ: London, England, United Kingdom
Tags: Consumer, credit, deposits, mobile, banking
Source: Crunchbase

App Annie
Mobile analytics 
Latest round: $63 million Series E (mostly equity)
Total raised: $157 million
HQ: San Francisco, California
Tags: Mobile, app development, Silicon Valley Bank (lender), Finovate alum
Source: Finovate

Duanrong
Person-to-person lender
Latest round: $59 million Series B ($153 million valuation)
Total raised: $69 million
HQ: Bejing, China
Tags: Consumer, credit, lending, loans, underwriting, investing, P2P, person-to-person
Source: Crunchbase

Taulia
Financial supply chain management
Latest round: $46 million
Total raised: $136.7 million
HQ: San Francisco, California
Tags: SMB, invoicing, payments, accounts receivables, accounts payable, Finovate alum
Source: Finovate

RealtyMogul
Online marketplace for real estate investing
Latest round: $18.4 million ($1.5 million equity, $16.9 million debt)
Total raised: $63.4 million (including $16.9 million debt)
HQ: Los Angeles, California
Tags: Consumer, SMB, credit, lending, loans, underwriting, investing, P2P, commercial mortgages, investment property, Finovate alum
Source: FT Partners

PolicyGenius
Person-to-person student loan lender
Latest round: $15 million Series B
Total raised: $21.05 million
HQ: Brooklyn, New York
Tags: Consumer, insurance (life, pet, renters, disability), quotes, lead gen
Source: Crunchbase

Ping++
Integrated payment processor
Latest round: $10 million Series B
Total raised: Unknown
HQ: Shanghai, China
Tags: Enterprise, B2B2C, payments, mobile, SDK, API, developers, credit/debit cards
Source: Crunchbase

Mambu
SaaS banking platform
Latest round: $8.73 million Series B
Total raised: $13.1 million
HQ: Berlin, Germany
Tags: Enterprise, digital banking platform, Finovate alum
Source: Finovate

FINCAD
Derivative risk management
Latest round: $7 million Debt
Total raised: Unknown
HQ: Surrey, British Columbia, Canada
Tags: Enterprise, investing, trading, risk management, security, compliance
Source: Crunchbase

Symbiont
Blockchain technology for securities
Latest round: $7 million
Total raised: $7 million
HQ: New York City
Tags: Enterprise, investing, cyrpto-currency, blockchain
Source: Crunchbase

FinanceFox
Mobile insurance brokerage
Latest round: $5.5 million
Total raised: $5.5 million
HQ: Berlin, Germany
Tags: Consumer, insurance, policy management, mobile
Source: Crunchbase

Unwired
Mobile banking app developer for financial institutions
Latest round: $4.8 million
Total raised: $9.4 million
HQ: Austin, Texas
Tags: Enterprise, B2B2C, mobile banking, digital banking
Source: Crunchbase

Vericred
Health insurance information provider
Latest round: $3.1 million Seed
Total raised: $4.2 million
HQ: New York City
Tags: Consumer, insurance, health care, comparison shopping, API, developers
Source: FT Partners

Moneybox
Millennial saving & investing app
Latest round: $3 million Seed
Total raised: $3 million
HQ: London, England, United Kingdom
Tags: Consumer, savings, investing, youth
Source: Crunchbase

Questis
Financial coaching as an employee benefit
HQ: Charleston, South Carolina
Latest round: $2.8 million
Total raised: $6.3 million
Tags: Personal financial management, advice, PFM, retirement planning, employee benefits, insurance
Source: FT Partners

Coindrum
Exchange unwanted foreign coins for shopping vouchers
Latest round: $2 million
Total raised: $2 million
HQ: Dublin, Ireland
Tags: Consumer, payments, hardware
Source: Crunchbase

Lift Credit
Online consumer lending
Latest round: $1.8 million Debt
Total raised: Unknown
HQ: Provo, Utah
Tags: Consumer, credit, lending, loans, underwriting
Source: Crunchbase

FI Navigator
Data analytics for financial services companies
Latest round: $1.5 million
Total raised: $1.5 million
HQ: Atlanta, Georgia
Tags: Enterprise, BI, metrics, analytics, big data
Source: Crunchbase

Minkasu
Mobile payments platform
Latest round: $1 million Seed
Total raised: $1.75 million
HQ: Milpitas, California
Tags: Consumer, payments, mobile, wallet
Source: Crunchbase

Investly
Person-to-person small biz lending platform
Latest round: $653,000
Total raised: $673,000
HQ: Tallinn, Estonia
Tags: SMB, credit, lending, loans, underwriting, investing, P2P, business loans, crowdfunding
Source: Crunchbase

CapitalPitch
Startup capital raising platform
Latest round: $600,000 Seed
Total raised: $600,000
HQ: Sydney, Australia
Tags: SMB, capital, crowdfunding, equity, investing
Source: Crunchbase

ResiModel
Multi-family lending management
Latest round: $500,000
Total raised: $1.4 million
HQ: New York City
Tags: SMB, enterprise, commercial lending, non-residential real estate, underwriting, investing
Source: Crunchbase

Charity Bank
Digital bank serving non-profits
Latest round: $364,000
Total raised: Unknown
HQ: Tonbridge, England, United Kingdom
Tags: Consumer, non-profit, credit, deposits, savings accounts
Source: Crunchbase

TransferFast
Funds transfers between banks
Latest round: $164,000
Total raised: $164,000
HQ: Tallinn, Estonia
Tags: Consumer, payments, interbank transfers, banking
Source: Crunchbase

Sestertium
Person-to-person student loan lender
Latest round: $160,000
Total raised: $160,000
HQ: Udine, Italy
Tags: Consumer, investing, gamification, crowdsourcing
Source: FT Partners

Facepay
Mobile payments
Latest round: $50,000 Angel
Total raised: $150,000
HQ: California
Tags: Consumer, payments, mobile
Source: Crunchbase

Transaction Network Services (TSN)
Data communications for financial services firms
Latest round: Not disclosed Private Equity
Total raised: Unknown
HQ: Reston, Virginia
Tags: Consumer, credit, lending, loans, underwriting, investing, P2P, student loans
Source: FT Partners

W.A.G. Payment Solutions (Eurowag)
Vehicle fleet payment solutions
Latest round: Not disclosed
Total raised: Unknown
HQ: Boston, Massachusetts
Tags: Consumer, credit, lending, loans, underwriting, investing, P2P, student loans
Source: FT Partners

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FinovateEurope 2016: Meet the Faces of Fintech

FinovateEurope 2016: Meet the Faces of Fintech
By David Penn Posted on
Categories: FinovateEurope 2016

FEU2016_banner

With more than 1,500 expected to attend FinovateEurope 2016, and a wide array of themes and topics to be discussed, we don’t know exactly what you’ll be talking about when you’re meeting, chatting, and networking with your fellow fintech fans next month in London.

But thanks to our Attendee Title Word Cloud, we’ve got a pretty good idea of who you’ll be meeting, chatting, and networking with.FEU2016Titles-FINAL

Whether its the CEO from the corner office, the developer from the lab, or the venture capitalist from the conference room, Finovate is the place to meet the people who are driving fintech innovation at every level. So if your LinkedIn could use a few more movers, shakers and decision-makers from the world of financial technology, then join us in London for FinovateEurope 2016.

OldBillingsgateMarketHall

Our London conference returns to Old Billingsgate Market Hall on the Thames, February 9 and 10, for two days of live demonstrations from a dynamic mix of startups and industry veterans. Tickets are on sale now. So visit our registration page today and save your spot at our first fintech conference of the New Year.

FEU2016_Bizzabo

And once you’ve registered, let us and your fellow attendees know you’re coming by joining the Finovate community on Bizzabo. Find the Bizzabo app at the Apple App Store or at Google Play. Download the app and search for “Finovate.” Sign in using the same email address you used during registration and then press “Join the Community” and you’re all set.

Bizzabo is also available as a web app for use with your laptop or desktop

Got questions? Our FAQ page has answers.

FinovateEurope 2016 is sponsored by The Bancorp and KPMG.

FinovateEurope 2016 is partnered with Aite Group, Bank Innovators Council, BankersHub, BayPay Forum, bob’s guide, Byte Academy, The Cointelegraph, CrowdReviews, Digital Currency Council, Fintech Finance, The Fintech Times, Harrington Starr. IDC Financial Insights, Let’s Talk Payments, Mapa Research, Mercator Advisory Group, The New Economy, Payments & Cards Network, PitchBook, Plus Journal, Verdict Financial, and World Finance.

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Finovate Alumni News

By David Penn Posted on
Categories: App Annie, ayondo, CurrencyFair, EyeVerify, FutureAdvisor, Ixaris, Zopa

On Finovate.com

  • FinovateEurope 2016: Meet the Faces of Fintech.

Around the web

  • Ixaris CEO Alex Mifsud shares his payment predictions for 2016.
  • i-vest.de reviews social trading platform, ayondo.
  • PYMNTS.com takes a look at App Annie’s recent $63 million funding.
  • Currency Fair considers plan to offer Irish businesses free money transfers abroad.
  • EyeVerify earns FIDO Alliance certification for its Eyeprint ID authentication technology.
  • Investment News features several Finovate alums in a look at roboadvisors attracting investment dollars as 2016 begins.
  • Zopa gives account views a makeover for the new year.

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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Future Friday: Downsizing the Bank Branch While Engaging with More Customers

Future Friday: Downsizing the Bank Branch While Engaging with More Customers
By Jim Bruene Posted on
Categories: Branch Banking, Strategies

bank popup

The number of traditional bank branches (1000+ square feet, fully staffed) are on the decline. In some European countries, more than half have already disappeared. In the U.S. (as of YE 2014), we are only down 5% from the peak (see inset below, note 1), but the trend will gain momentum as leases expire and revenues are squeezed by politicians (thank-you election year) “protecting” consumers and competition from non-banks (probably in that order).

number of bank branches dbrWhile I appreciate the helpful people and wide-open space, most (note 2) bank branches are just too costly to support the declining “non-digital” customer base. That has led to eerily empty branches (not exactly a great branding statement) which no longer generate enough new business to pay their way (though they may support legacy deposit bases making them seem profitable).

Consider the four cornerstones of branch value:

  1. Opening accounts, especially for someone new to the bank
  2. Servicing accounts, especially when there is a problem
  3. Providing advice, especially for loans and business services
  4. Visible reinforcement of the brand (i.e., very expensive billboards)

Numbers 1, 2 & 3 can be more efficiently handled online, over the phone, or at the customer’s location. But what about #4, the branding value?

Banks don’t want to lose that, nor should they. But it’s time to find more cost-effective approaches. One answer: Locate micro-branches within established retailers or in other shared spaces. You keep your brand in front of the community, drive traffic for retail partners, and provide assistance for customers who absolutely need to see a smiling face in the real world.

What I mean by micro-branch isn’t really a branch at all, it’s more of a deposit-taking ATM/kiosk (or two) staffed by a single banker. Think airport check-in with roving staff helping at kiosks. And micro-branch/kiosks could be staffed only during peak-traffic times. For a good ROI, the banker must be able to close (or seamlessly refer to others) higher-value products such as loans (including purchase financing), credit cards, business services and insurance.

Most in-store bank branches are currently in grocery stores or Wal-Mart. But there are other retail locations that could benefit from micro-banking centers to draw traffic, provide services, share in the rent, and in some cases, assist with purchase financing:

  • Office supply/shipping stores: One of the last places in the real world still frequented by businesses (and consumers) that need supplies to do their jobs and don’t have time to wait for Amazon delivery. Team with Office Depot/Staples or shipping locations to place micro-branches within their stores.
  • Home improvement stores: Here’s another physical retailer likely to remain viable for a long time. Home project supplies are often not conducive to shipping, and many shoppers still need assistance figuring out what they need. There are good synergies for a micro-branch dispensing home improvement financing, along with other typical branch services.
  • Other high-value retailers: If banks can get in-store staffing down to 1 FTE or less and fund consumer purchases in-store, it would be possible to expand into lower-volume locations such as electronic stores, department stores, popular furniture stores, outdoor equipment retailers, and others. Although ultimately, this opportunity is likely to be more efficiently handled through technology integrations with the retailer.

———

On the other hand, banks could reverse the in-store model by hosting other service providers within existing branches to share costs and generate activity:

  • Ecommerce kiosks: The last mile of ecommerce, actually getting products delivered to the end user, is still expensive and problematic. Team with Amazon, eBay, et al to add kiosks, lockers, etc. installed within the bank branch. A branch with a RedBox, BestBuy vending machine, Amazon lockers, FedEx drop-box, maybe some coffee for us caffeine addicts, would be a much more vibrant space.
  • Other professional services: Team with non-competing service providers such as Realtors, CPAs, tax prep services, law firms, tutors, insurance providers, investment advisors, to create a one-stop shop for a variety of needs.

It’s an exciting time to be involved in banking alt-delivery. Simultaneously maintaining a bank’s local presence, while dramatically decreasing long-term costs, is the kind of tricky business problem that will create new winners and propel the careers of those making the right bets.

——–

Notes:
1. Source: From the latest Digital Banking Report (formerly Online Banking Report), Bricks + Clicks: Building the Digital Branch, March 2015 (a great read and well-worth the price)
2. I am saying “most” traditional (i.e., large) branches are not viable in the long term, unless their business model or cost structures are dramatically changed. But that doesn’t mean there still won’t be thousands (maybe even tens of thousands) of profitable brick-and-mortar locations for the foreseeablfinovateEurope_bannere future. There just won’t be 100,000+

Picture credit: Retail Week

—–
PS. Don’t miss FinovateEurope next month. 

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Dashlane Achieves New Year’s Resolution: More Organized, Now Speaks 7 Languages

Dashlane Achieves New Year’s Resolution: More Organized, Now Speaks 7 Languages
By Julie Muhn (@julieschicktanz) Posted on
Categories: Dashlane

DashlaneHomepage

Password manager and digital wallet startup Dashlane launched a completely redesigned platform this week.

Dashlane offers a freemium password manager that automatically logs in to your accounts with a single password. It also provides one-click autofill for web and mobile forms, and a digital wallet that saves payment information and receipts.

Here’s the new look, a consistent user experience across all platforms and operating systems.

DashlaneConsistentUX

The redesign also makes it easier to see passwords, notes, personal information, IDs and receipts by using a grid view, better labeling, and sorting capability.

DashlaneGrid

While Dashlane already operates in 200 countries, it furthered its global ambitions by adding support for 600+ international banks to its payments options and is available in five more languages:

  • Spanish
  • Portuguese
  • German
  • Italian
  • Japanese

Dashlane made its international debut at FinovateEurope 2013.

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CaixaBank Launches imaginBank, a Mobile-Only Bank for Millennials

CaixaBank Launches imaginBank, a Mobile-Only Bank for Millennials
By David Penn Posted on
Categories: CaixaBank

Caixabank_homepage_Jan2016

Available only via mobile app, imaginBank is a new initiative by Spanish bank Caixabank that targets millennials.

CaixaBank CEO Gonzalo Gortázar said the new mobile-only bank was part of a “commitment to provide new services that perfectly complement the more traditional banking model.” He added that imaginBank would “secure greater loyalty” among the 18-to-35-year-old bank customer, as well as boost new customer acquisition.

imaginBank_image_padimaginBank provides customers with a complete array of financial services such as a commission-free current account, a Visa imaginBank debit card, and PFM tools, as well as up-to-date mobile and P2P payment technology. imaginBank also offers consumer financing of up to €15,000 with no arrangement fee.

CaixaBank serves 2.9 million customers in Spain aged 18 to 35.  And one in every three Spanish millennials is a customer of their bank. Chairman Isidro Fainé of “la Caixa” Group  underscored this point, saying that, with imaginBank, Caixabank has successfully leveraged both its “leadership in the world of innovation and mobility” and its “experience as a leading bank among the young client segment in Spain.”

imaginBank_image_phone“This has enabled us to incorporate in this project all the features that our young customers look for in financial services, such as digital banking, simplicity and service excellence,” Fainé explained.

The mobile app for imaginBank is available as a free download from Google Play (Android) or from the Apple App Store (iOS). imaginBank also has special services for smartwatch wearers, including ATM- and branch-finding functionality. imaginBank users can also use CaixaBank ATMs for transactions and to manage their accounts.

In addition to being mobile-only, imaginBank is social media friendly, as well. Users of the app can access their imaginBank accounts from within Facebook, checking account balances and viewing recent transactions securely. They can also use apps like Twitter and WhatsApp to access 24-hour customer service.

CaixaBank joined fellow Finovate alum PayPal on stage at FinovateEurope 2012 in London. The bank won 2011 and 2013 Banking Innovation Awards from the Bank Administration Institution, and was recognized as “World’s Best Retail Bank for Technology Innovation” by Euromoney magazine in 2013 and 2014. CaixaBank launched its mobile payments app, “CaixaBank Pay” last August, enabling contactless payments for NFC-enabled and Android devices.

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Finovate Alumni News

By David Penn Posted on
Categories: Acculynk, Arxan Technologies, Dashlane, Diebold, Moven

On Finovate.com 

  • Dashlane Achieves New Year’s Resolution: More Organized, Now Speaks 7 Languages.

Around the web

  • eWeek quotes Arxan CMO Patrick Kehoe on the problem of app security on health and finance apps.
  • Diebold introduces mobile, contactless, self-checkout technology.
  • Acculynk CEO Ashish Bahl talks about the growth of direct-to-debit card payments.
  • Pymnts interviews Moven President Alex Sion on what to expect in digital banking in 2016.

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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FinovateEurope Sneak Peek: Avoka

FinovateEurope Sneak Peek: Avoka
By David Penn Posted on
Categories: Avoka, FinovateEurope 2016, FinovateEurope 2016 Sneak Peek

Avoka_homepage_Jan2016

FEU2016_logo_withdateA look at the companies demoing live to 1,500 fintech professionals. Register today. 

Founded in Sydney, Australia and headquartered in Denver, Avoka accelerates customer-centric, digital transformation with frictionless sales transactions. The company will demo how to quantify and optimize customer effort to increase customer acquisitions.

Features

  • Measure the customer effort to complete an application
  • Predict the effort for each design change
  • Reduce abandonment and convert more prospects to customers

Why it’s great
Every step in a bank account opening that adds customer effort also increases abandonment. Minimize that effort and you will gain more customers.

Presenter

Avoka_CorcoranDerek Corcoran, Chief Experience Officer

Corcoran is CXO at Avoka, and a world-recognized expert on digital customer acquisition in financial services. He is the developer of Transaction Effort Score (TES) and a frequent industry speaker.
LinkedIn

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