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Finovate Alumni News– December 6, 2013

By David Penn Posted on December 6, 2013
Categories: Betterment, Cartera Commerce, Comarch, FutureAdvisor, Jemstep, LearnVest, Moven, ThreatMetrix, TransferWise, Wealthfront

Money Under 30 reviews the Moven app.

Bloomberg BusinessWeek takes a look at Comarch’s report on banking in London’s “Tech City”.

Taavet Hinrikus, co-founder of TransferWise, weighs in on the state of the UK’s financial technology industry.

ThreatMetrix protected 1 in 4 U.S. e-commerce transactions on Black Friday and Cyber Monday.

Cartera Commerce launches American Airlines’ Mobile AAdvantage shopping site.

The Guardian profiles “robo-advisors” Betterment, LearnVest, FutureAdvisor, Wealthfront, and Jemstep.

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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Email Design: Discover Card’s “Statement Available” Message

By Jim Bruene Posted on December 5, 2013
Categories: Alerts & Messaging, Discover Card, Electronic Statements, Email Samples

There are a number of financial startups and trail-blazing FIs bringing modern user interfaces to banking. We see dozens of great examples at every Finovate (note 1). And we expect a slew of remodels in the new year as responsive design and other techniques take hold.

But I continue to call out Discover’s design work (previous posts). Partly because I have an account there and see it often and partly because it’s instructive to see how a large full-service bank handles design tradeoffs.

Yesterday’s email from DIscover, reminding me that my monthly statement was ready, shows how the card giant marries good design with useful information.

Most statement alerts are simple one liners asking the user to do all the work: login, find the right tab, click on the correct button, and so on. Discover, on the other hand, positions key summary information right within the body of the email (see screenshot below):

Statement end date
Statement balance
Credit available
Minimum payment due
Due date

The company includes a button to view the statement at the top, but somewhat buries the payment link near the bottom.

Analysis: This is one of the better (maybe best) statement-available message I get from the major brands (note 2). But it could still be improved:

Include a Pay Now button.
Remind me that I’m on autopay and when to expect the payment in full to be deducted from my bank account.
Reword and fix the bottom link. Currently it says “Late and Minimum Payment Warning.” That sounds like there must be a problem with my account. But there isn’t, so I assume that is supposed to link to the alerts maintenance area. However, that link wasn’t working, so I just was dumped onto the main secure account page. It was very confusing.
Add a link to customer service, both self-serve and human powered.
Add the amount of rewards earned this period. It’s always nice to be reminded of free money received.

————————
Notes:
1. For example, a recent crowd favorites was from Poland’s mBank which demoed alongside Accenture at FinovateFall in September (demo video).
2. We dug deep into this area a few years ago in our reports (subscription):
– Email Banking: Revitalizing the Channel (August 2010)
– Alerts & Streaming (July 2010)
– Paperless Billing & Banking (Nov. 2010)

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Lending Club Tops $3 Billion Mark for Personal Loans Originated

By David Penn Posted on December 5, 2013
Categories: Lending Club

When Lending Club demoed at Finovate Startup in 2009, the company boasted $35 million in personal loans originated.

This morning, we learn that Lending Club has reached $3 billion in personal loans originated, with $2 billion of that amount generated in 2013 alone.

With 225,000 loans in 44 states, Lending Club continues to leverage its lending technology to put borrowers and lenders together in a way that saves money compared to the kind of lending that characterizes traditional banking. Lending Club CEO Renaud Laplanche said, “it is gratifying to see how many people we’ve been able to help achieve their goals this year, from consolidating debt to paying off credit cards to completing home improvement projects.”

Lending Club’s technology matches creditworthy potential borrowers with lenders looking for returns. Rates available for borrowers are typically better than credit card rates, and lenders benefit from putting their capital to work earning solid returns and generating cash flow.

In addition to strong, year-ending metrics, Lending Club’s 2013 has been positive overall. The company secured an investment from Google, part of a secondary transaction worth $125 million. Lending Club also made significant additions to its executive team and advisory board, bringing former Capital One Bank SVP Sid Jajodia on board for the former and luminaries like Mary Meeker and Lawrence Summers on board for the latter.

In store for 2014, according to Laplanche, are stepped up efforts to help Lending Club become a more “mainstream brand,” as well as expansion into new product categories. The Lending Club team now stands at more than 300 employees, and recently expanded to a fourth floor at its San Francisco location.

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Kabbage Adds Square Transactional Data to its Credit Decisioning Process

By David Penn Posted on December 5, 2013
Categories: Kabbage

Kabbage is the latest company to decide that it really is hip to be Square, after all.

The SME online lender announced that it will now use transactional data from companies that use Square to process payments as a tool for helping allocate capital and make loans.

The use of Square data for underwriting purposes is novel, according to Kabbage. Company co-founder and CEO Rob Frohwein credits the platform’s “flexibility and power” in describing Kabbage’s ability to “leverage the broadest range of business data sources … to (make) funding simple and accessible to small business everywhere.”

Kabbage is a pioneer in the field of online small business lending. The Atlanta-based company specializes in analyzing data from actual business activity, from shipping data and seller channels to social media. This enables the lender to know more about their potential borrower than is often discovered using traditional credit modeling methods. A partnership with Intuit provides “under 7 minute” funding decisions for customers who use QuickBoooks.

Kabbage was most recently in the headlines with news of its partnership with Xero. The deal allows Kabbage to use small business accounting data as part of the basis for underwriting decisions. The company also announced earlier this year that it had integrated with Stripe to make it easier for companies that process online payments to apply for financing.

Kabbage demoed its technology as part of the FinovateSpring show in San Francisco this spring. See the company in action here.

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Finovate Alumni News– December 5, 2013

By Julie Muhn (@julieschicktanz) Posted on December 5, 2013
Categories: Better ATM Services, Dwolla, Expensify, Fiserv, Intuit, TSYS

Dwolla announces partnership with Fiverr by giving away free Fiverr gigs.

FinovateEurope 2014 Presenting Companies Revealed.

Intuit to Acquire Docstoc, Small Business Document Startup.

Expensify modernizes its UI.

Better ATM Services rolls out reseller network and announces first agreement with Express Teller Services.

TSYS earns spot on the National Conference on Citizenship’s The Civic 50.

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 2014 Presenting Companies Revealed!

By Eric Mattson Posted on December 4, 2013
Categories: Uncategorized

With just 68 days to go until our fourth annual FinovateEurope, it’s finally time to reveal the presenter lineup for the event.

On February 11 & 12, these companies will take the stage to demo their newest fintech innovations to a projected crowd of over 900 financial executives, venture capitalists, press, industry analysts and entrepreneurs.

With the explosion in European fintech activity in the last year, the application process to select the innovations for the conference was incredibly competitive. While that makes for hard choices for our selection committee, it also lays the foundation for another amazing FinovateEurope filled with cutting-edge fintech innovation.

Without further ado, here are the companies that will be demoing their latest and greatest in London next February:

AdviceGames
AnalytixInsight
Atsora
Avoka
Backbase
BehavioSec
Blue Speck Financial
Buttercoin
CRIF
CurrencyTransfer.com
Device Ident
Encap
ETRONIKA
EXCESS RETURN
EZBOB
fastacash
Feedzai
Fiserv

Five Degrees
GMC Software Technology
IND Group
ITSector
Jumio
Kensho
Kofax
LifePay
Luminous
Luxoft
Matchi
Meniga
The Moneyer
Money on Toast
My Order
myWishBoard
NF Innova
Nostrum Group

Nous.net
payworks
PhotoPay
Pixeliris
Plutus Software
SaaS Markets
SecureSafe
Smart Engine
SoftWear Finance
SQLI
Temenos
Tink
Tootpay
Top Image Systems
Topicus Finan
Toshl
Trustev
Yseop

We will be also be announcing over a dozen stealth companies closer to the event.

If you’re interested in witnessing the future of European fintech debut in London next February, please get your ticket today to guarantee your ability to attend as we’re headed towards a sellout crowd. Plus if you register before December 21st, you’ll save £100 via the early-bird discount!

We’ll see you in London in February (or Silicon Valley in April)!

FinovateEurope 2014 is sponsored by: The Bancorp, Be Group, Financial Technology Partners, and Life.SREDA.

FinovateEurope 2014 is partners with: Aite Group, BankersHub, Celent, The Financial Services Club, FSIC, Hotwire PR & Visible Banking.

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FinovateEurope 2014 Presenting Companies Revealed!

By Eric Mattson Posted on December 4, 2013
Categories: Uncategorized

With just 68 days to go until our fourth annual FinovateEurope, it’s finally time to reveal the presenter lineup for the event.

Without further ado, here are the companies that will be demoing their latest and greatest in London next February:

AdviceGames
AnalytixInsight
Atsora
Avoka
Backbase
BehavioSec
Blue Speck Financial
Buttercoin
CRIF
CurrencyTransfer.com
Device Ident
Encap
ETRONIKA
EXCESS RETURN
EZBOB
fastacash
Feedzai
Fiserv

Five Degrees
GMC Software Technology
IND Group
ITSector
Jumio
Kensho
Kofax
LifePay
Luminous
Luxoft
Matchi
Meniga
The Moneyer
Money on Toast
My Order
myWishBoard
NF Innova
Nostrum Group

Nous.net
payworks
PhotoPay
Pixeliris
Plutus Software
SaaS Markets
SecureSafe
Smart Engine
SoftWear Finance
SQLI
Temenos
Tink
Tootpay
Top Image Systems
Topicus Finan
Toshl
Trustev
Yseop

We will be also be announcing over a dozen stealth companies closer to the event.

We’ll see you in London in February (or Silicon Valley in April)!

FinovateEurope 2014 is sponsored by: The Bancorp, Be Group, Financial Technology Partners, and Life.SREDA.

FinovateEurope 2014 is partners with: Aite Group, BankersHub, Celent, The Financial Services Club, FSIC, Hotwire PR & Visible Banking.

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Youth Payments Platform Virtual Piggy Rebrands as Oink

By David Penn Posted on December 4, 2013
Categories: Virtual Piggy

If you liked them as Virtual Piggy, then you’ll love them as Oink.

At least that’s the bet if you’re a teenager or the parent of one (or two). The Finovate alum (FinovateEurope 2013) and Best of Show winner is taking a data-driven gamble that their new name will put the company more in sync with the young teens who disproportionately use the COPPA-compliant, parental controls-equipped, youth-centered payments platform.

As Virtual Piggy – and now as Oink – the platform works by providing young people (under 18) with an opportunity to spend and save their money in a safe and parent-controlled way. The platform is compliant with the Children’s Online Privacy Protection Act (COPPA), as well as other privacy laws, and gives e-commerce merchants the opportunity to reach the estimated $50 billion in spending every year by consumers under the age of 18.

So why the name change? Company founder and CEO Jo Webber and her team discovered that more than 65% of their active users were, in fact, over the age of 13. Having built the company based on appealing to a younger, pre-teen demographic, Webber realized that a name change – out with “piggy” in with “oink” – might help better present the company to young teens and their parents.

&amp;amp;amp;amp;amp;amp;amp;amp;amp;amp;amp;amp;amp;amp;amp;amp;amp;amp;amp;amp;amp;lt;/center&amp;amp;amp;amp;amp;amp;amp;amp;amp;amp;amp;amp;amp;amp;amp;amp;amp;amp;amp;amp;amp;gt;

Video also available here.

There’s more to what’s new with the company than the name change. There is a new iOS app, for one. And Oink, as Virtual Piggy, has announced a number a partnerships in recent weeks and months with video and social game companies like Live Gamer, Habbo Hotel, and Marvelous USA. In June, the company announced that it had topped a quarter of a million users. As of December, that number has tripled.

The new Oink has a new Oink.com website, which includes an online store with links to Oink-friendly retailers ranging from Adidas and Aeropostale to Walmart and Zappos.

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Finovate Alumni News– December 4, 2013

By David Penn Posted on December 4, 2013
Categories: ACI Worldwide, BancVue, BBVA, Digital Insight, Doxo, Emida, EyeVerify, IntelliResponse, Intuit, Kabbage, MiiCard, Mint.com, Payoneer, PayPal, Prosper, RevolutionCredit, Taulia, TipRanks

American Banker takes a close look at NCR’s purchase of Digital Insight.

BBVA Compass announces launch of BBVA Research iPad app.

Bank Innovation column on fintech in Israel features TipRanks and Payoneer.

Emida launches Handset and SIM Programs.

Taulia partnership with Optima ECM Consulting.

BancVue and other Credit Unions Help U-Haul Refinance Corporate Debt.

Prosper’s daily average loan originations grew almost 10% in November over October.

The Next Web reports: PayPal launches a digital gift store, featuring Apple as its sole launch partner.

City of Gig Harbor Launches on doxo; More than 5% of Residents Go Paperless in the First 90 Days.

Forbes: Kabbage Now Uses Square Data to Provide SMB Funding.

Mint is now available on Windows 8.1 and Windows Phone 8.

btcQuick Bitcoin Exchange working with miiCard to mitigate fraud.

EyeVerify interviewed on The Kansas City Power Lunch radio program.

IntelliResponse wins bronze in Best in Biz Awards’ Most Innovative Product of the Year category for 2013.

Intuit to purchase document startup company, Docstoc.

American Banker features Zaydoon Munir, founder of RevolutionCredit.

ACI Worldwide adds new executives, open new South American HQ in Sao Paolo, Brazil.

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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Finovate Alumni News– December 3, 2013

By Julie Muhn (@julieschicktanz) Posted on December 3, 2013
Categories: Blackhawk Network, Cardlytics, Digital Insight, Geezeo, Jack Henry, MasterCard, Swipely, wipro, Xero

Swipely expands to new HQ building.

Wipro to buy mortgage consultancy firm Opus Capital Markets Consultants.

Apex Community FCU to offer Geezeo white label PFM.

Forbes highlights Cardlytics‘ growth and future of card-linked offers.

Xero adds 2 Australian banking partners: Greater Building Society and Investec.

TechCrunch reports: Blackhawk Network Picks Up Gift Card Startup, Retailo, To Bolster Its Reach In Europe.

C-SAM launches MasterPass-powered (MasterCard) digital wallet solution for FIs.

Jack Henry Banking wins outsourcing contract with Univest Corporation of Pennsylvania.

NCR to buy Digital Insight from Thoma Bravo for $1.65 billion.

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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Temenos Announces New Implementations of T24 in Three Ghanian FIs

By David Penn Posted on December 2, 2013
Categories: Temenos

Courtesy of African reseller, Global Solutions, three financial institutions in Ghana will be deploying Temenos T24 core banking software.

The announcement further distinguishes Temenos as one of the leaders in bringing banking innovation to sub-Saharan Africa. Currently more than 90 banks based in Africa are running software from Temenos.

Scalability and the capacity to work with new and existing functionality, including mobile functionality, are among the reasons cited by the various FIs in choosing Temenos to replace their legacy banking systems. Current systems in Ghana suffer from a lack of integration and redundancy, making administering the systems costly, complicated and vulnerable to downtime.

The institutions adding T24 are:

Ghana City Investment Company

Provides personal and small business lending. Founded in 1995 as a licensed non-bank financial institution.

NDK Financial Services

Among the oldest non-bank financial service companies in Ghana. Founded in 1991 and provides lending and asset management services.

The Royal Bank in Ghana

Incorporated in 2011, the Royal Bank Limited operates under a universal banking license and provides accounts, savings, and investment services.

The growing middle class in Ghana is driving the demand for better financial services. Based on a report from the African Development Bank, Ghana’s middle class stands at 46% of the population, more than the continent-wide average of less than 34%. Additionally, half the potential bank customers in urban areas of the country remain unbanked, according to a national study.

Temenos demoed its edgeConnect IXP with Live Designer technology at FinovateEurope 2013. To learn more about our upcoming event in Europe, visit our FinovateEurope 2014 page here.

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Forbes Highlights Cardlytics’ Growth and Future of Card-Linked Offers

By Julie Muhn (@julieschicktanz) Posted on December 2, 2013
Categories: Cardlytics

In a recent article, Forbes profiled card-linked offers company Cardlytics, citing a number of stats about the five-year-old startup’s growth:

Has a view into 70% of U.S. bank customers

Serves 1 billion ads per month to an audience of more than 35 million customers

Powers the merchant-funded rewards platform of 400 banks, including Bank of America, PNC, Regions, and Lloyds. Across all 400 banks, Cardlytics drives $500 million in sales every quarter.

Claims to hold 80% of the merchant-funded rewards market, which is growing at 100% per year.

Has servers that, this year alone, have read 11 billion transactions that total $500 billion in spending

Anticipates grossing $50 million in revenue this year, $25 million in Q4 alone. Its revenue has grown 4x over last year.

Has raised $104 million

Last year Bank of America launched BankAmeriDeals, which is powered by Cardlytics. So far, the program has saved customers $17 million, and the deals have generated $700 million in sales.

What if all of this growth slows to a stop? Lynne Laube, President and COO of Cardlytics, commented on other potential revenue streams. She receives many calls from companies such as hedge funds seeking to use Cardlytics’ data. This new revenue stream, however, could only be tapped if banks allow Cardlytics to use the data.

To learn more about Cardlytics, check out its demo video from FinovateFall 2013, where it debuted its geolocation application.

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