Finovate Alumni News– November 26, 2012

  • Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgAmerican Banker reports MoneyDesktop aims to make PFM more appealing.
  • Bass Pro Shops and Zappos.com added to Virtual Piggy’s digital distribution channel.
  • The Globe and Mail features SecureKey.
  • The Austin Statesman reports: Workers Praise Q2ebanking’s “Family-Type Environment”.
  • TransCard to use DeviceFidelity’s NFC tech to offer a new white-label mobile wallet. 
  • Kashoo Accounting version 2.0 for iPad now available on iTunes. 
  • Tech in Asia calls TradeHero “probably one of the best startup ideas in Singapore.”  
  • Ian McKenna takes a detailed look at innovations demoed at FinovateAsia.
  • Shamir Karkal, Simple CFO, explains where Simple’s ideas came from and how the project got off the ground.
  • The Banker interviews Bailey Klinger, Co-founder and CEO of EFL.
  • BancBox to set up a development center in Chandigarh, India.
  • Greedful.com features WeSeed: “The Stock Market Game that Pays Off”. 
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.

Oklahoma Employees Credit Union Posts Seven Specials for Black Friday and Cyber Monday

imageDuring the past few years we’ve reported on Black Friday and Cyber Monday promotions at financial institutions (last year). ING Direct is the only large bank that has consistently used the post-Thanksgiving holiday in its marketing (see below) and we are glad to see it continue under Capital One ownership.

imageThis year we found another new entrant for our database of holiday offers, 42,000 member Oklahoma Employees Credit Union. It has a prominent black tag on its homepage announcing a "Black Friday Money $ale" (see first screenshot). 

And from the looks of it, the CU has created a pretty hot offer, leading with car loans as low as 1.49% with no payment due for 90 days (well after holiday spending subsides). But that’s just one of the seven holiday offers (second screenshot). The CU is also offering:

From Black Friday to Cyber Monday (Nov 23 to 26)

  • 1.49% APR* on New or Used Auto Loans 
  • 1.00% APR^ Off Unsecured Loans
  • Surcharge Free Gift Cards***
Black Friday to the End of the Year (Nov 23 to Dec 31)
  • 90 days no pay**
  • $149 Mortgage Loan Origination Fee^^
  • $49 Credit*^ with New MasterCard
  • 0.49%tt Business Loan Origination Fee

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    Oklahoma Employees Credit Union homepage with Black Friday specials (Wed, 21 Nov 2012)

      image

    Black Friday landing page (link)

    image 

    ING Direct homepage with Black Friday offers (21 Nov 2012)

    image

    ING Direct Black Friday teaser page (link)
    Note: The bank does not reveal the actual offers until midnight Thursday

    image

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    Fine print on Oklahoma Employees Credit Union offers:

      *Annual Percentage Rate. 640+ credit score. Max term 60 months; estimated payment $17.31 per $1,000 borrowed. Min amount $10,000. Existing OECU loan min advance $2,500. Requires automatic payments and eStatements. 
      ** Borrower may defer initial auto loan payment up to 90 days. Interest will accrue from date of advance. 
      ^ Annual Percentage Rate. Reduction from regular earned rate as determined by credit score. 
      *** Up to 5 cards
      ^^ Max 12 years up to $250,000 and 75% loan-to-value as determined by appraisal or AVM. 
      *^ Initial transaction must be made by 1/10/13. Credit to be issued by 2/10/13. 
      tt Owner occupied commercial real estate. Max loan $500,000. Additional closing costs may apply. Normal lending policies apply.

      Bazaarvoice Raises $6.7 Million To Close Merger Deal

      Bazaarvoice Raises $6.7 Million To Close Merger Deal
      bazaarvoice_logo_newThe funding comes as Bazaarvoice completes its acquisition of Longboard Media Inc. According to this report from the Austin Business Journal, three investors provided the $6.7 million in additional financing.
      The total value of the deal is $33 million in cash and stock.
      Accompanying the announcement was news that long-time CFO Stephen Collins will step up to replace to outgoing CEO and co-founder Brett Hurt. Hurt will remain on the company’s Board of Directors.
      To learn more about Bazaarvoice, please see the company’s latest demo at Finovate Spring 2012 here.

      Launching: KeyBank’s “myControl Banking” Provides Balance Forecasting via Mobile App & Online Dashboard

      imageKeyBank is launching a new online banking and mobile service called myControl Banking. The mobile app became available today in iTunes (link).

      The service is centered around myMoney Forecast, a real-time balance forecast shown at the top of the screen (see inset below). It’s a vital PFM function that looks a lot like Simple’s Safe-to-Spend.

      But there is one significant difference. Key Bank users can make the forecast more accurate by manually entering Money In or Money Out transactions before they clear the bank (for example, a just-written check, see bottom of first screenshot). The bank automatically nets out any pre-scheduled bill payments, transfers, or ACH items and adds in recurring regular paychecks and transfers in.

      Key Bnak mobile myMoney ForecastThe interface also includes a weekly cash flow calendar so users can monitor the flow of their funds. And up to five goals can be established and tracked within the app and/or online dashboard.

      The mobile app does not (yet) replace Key Bank’s regular mobile app. Before using MyControl, customers must sign up for it within online banking.

      Analysis: The introduction of MyControl Banking is a fantastic move. It delivers the key missing component of online banking, a peek at what’s about to happen with cash flow, without making users slog through a bunch of PFM features they don’t understand.

      imageIt provides Key Bank with meaningful differentiation, and gives them a platform to add more PFM content in the future.

      Because Key Bank’s MyControl raises the bar in digital delivery, we are giving it our OBR Best of the Web award (note 2). We are also retroactively naming Simple as a co-winner since they commercialized a similar balance forecast earlier this summer.

      ——————————————

      Mobile checking & savings balance visualization with integrated transfer button (left) and goals (right)

      Key Bank myControl Checking     KeyBank myControl Savings mobile

      Key Bank myControl Banking landing page (link, 20 Nov 2012)

      image

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      Notes:
      1. This post was developed from info available within the app, in the product video at Key.com/mycontrol and in the FAQs. But I don’t have an account at Key Bank, and there is no interactive demo yet, so I haven’t used the service with live data.
      2. Since 1997, our Online Banking Report has periodically given OBR Best of the Web awards to companies that pioneer new online- or mobile-banking features. It is not an endorsement of the company or product, just recognition for what we believe is an important industry development. In total, 88 companies have won the award. This is the first for Key Bank and Simple. Recent winners are profiled in the Netbanker archives.
      3. For more on balance forecasting and other advanced PFM features, see our recent Online Banking Report: PFM 4.0 (June 2012; subscription).

      On Deck Releases Growth Figures

      Thumbnail image for Thumbnail image for Thumbnail image for OnDeckLogo.jpg

      Online lending platform,On Deck Capital, released growth numbers late last week. Here’s a quick summary:

        • Over the past 6 months the number of On Deck distribution partners has increased by 50%
        • The partners in the network reach more than 1 million businesses such as:
      – banks
      – leasing companies 
      – funding advisors
      – accountants
      – payroll firms
        • On Deck has opened offices in: 
      – Atlanta
      – Sarasota
      – Chicago
      – Los Angles
       

      As of this month, the platform has delivered over $300 million to U.S. small businesses.

      To learn more about On Deck, watch its FinovateSpring 2012 demo.

      Finovate Alumni News– November 20, 2012

      • Backbase introduces My Backbase Academy, online training program.
      • Virtual Piggy signs agreement with Active Ride Shop to bring its youth payments technology to their online store.
      • Bank Innovation reports: MoneyDesktop Officially Releases Its MoneyMobile PFM App.
      • Billhighway honored with 2 workplace awards.
      • Compass Plus launches instant issuance solution
        on TranzAxis.  

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      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.

      Finovate Alumni News– November 19, 2012

      • Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgShares Magazine recognizes eToro for Best Use of Social Media.
      • Business Insider tours LearnVest’s New York office.
      • American Banker reports: Artisans’ Bank Chooses Andera’s Account Opening System.
      • American Banker looks at how Banno’s (formerly T8 Webware) Help Me Decide feature gives consumers an advantage when selecting which card to use.
      • Bazaarvoice completes $6.7 million financing related to acquisition.
      • Zions Bank and Access Development introduce mobile payments app.
      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.

      FinovateAsia 2012 In the Press

      Here’s a look at the press coverage from FinovateAsia 2012 last week in Singapore:

      Campaign Asia

      PressIMG.jpg

      London-based brand innovation agency northandsouth launches in Singapore
      by Racheal Lee

      The Digital Insurer
      Finovate Singapore – A very impressive conference for financial services technology
      by Hugh Terry

      e27

      3 finance startups that caught our eye at Finovate 2012
      by Jacky Yap
      Finextra
      UBank gathers transaction data for spending comparison site
      IT News
      UBank unveils spending comparison tool
      by Liz Tay
      Money Marketing
      Barclays to launch basic financial planning software
      by Sam Macdonald
      Ian McKenna: Asia shows the way for tech developments
      by Ian McKenna
      Ian McKenna: Banks will increasingly use technology to attract IFAs’ target market
      by Ian McKenna
      sg Entrepreneurs
      Perfectsen launches The Hook, which lets banks serve online ads based on user’s transaction history
      by Terence Lee
      SocietyOne blog
      SocietyOne announced as ‘Best Of Show’ Winner at Finovate Singapore
      by Matt Symons 
      Startup Central
      Heckyl, Clari5 and BankBazaar showcase at Finovate S’pore 
      Tech in Asia
      Striata Lets Banks and Customers Go Paperless
      by Willis Wee
      TradeHero: Probably One of the Best Startup Ideas in Singapore
      by Willis Wee
      What Do Obama and Citibank Have in Common?
      by Darius Cheung
      Techgoondu
      Three financial tech start-ups to watch
      by Aaron Tan

      PlayMoolah Wins Sibos Innotribe Challenge

      Thumbnail image for PlayMoolahLogo.jpg

      Earlier this month, online financial literacy platform for kids, Playmoolah won the startup challenge at Innotribe, an innovation breakout session at Sibos.

      The Singapore-based startup gave a 10-minute pitch at Innotribe, competing against 10 other startups*, and was named the winner, earning $50,000 in cash as a prize. Playmoolah plans to use the money to make its platform even more interactive and add multi-lingual versions.

      To learn more about Playmoolah, watch its FinovateFall 2012 demo.

      _____________________________________________

      *In order to compete, companies were required to be less than 3 years old and have no more than $12 million in combined revenue and funding in the past year.

      Finovate Alumni News– November 16, 2012

      • Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgInternational Adviser features The Currency Cloud.
      • Time Magazine looks at P2P lending strategies with Prosper and Lending Club.
      • ThreatMetrix Wins Bronze for the Enterprise Product of the Year in Best in Biz Awards 2012.
      • Blackhawk Network reaches multiyear agreement with Facebook gifting app, Wrapp.
      • Vestas Wind Systems signs with Tradeshift.
      • Bazaarvoice appoints CFO Steven Collins to CEO.
      • Acculynk announces First Data Corp Executive VP Mark Herrington to join Board of Directors.
      • TechCrunch: Flint Mobile exits beta to take on Square with its camera-based mobile payment app. 
      • Portfolio Football re-brands, officially launches Sports Lever.
      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.

      Superb Fee Transparency from Bank of America

      image Unless you are the low-cost provider, most businesses try to impress prospects with their wonderful features and benefits before talking price. Banks are no different, especially in the checking account arena.

      imageBut for a number of reasons — regulations, consumer backlash, competitive pressure — relegating prices to the fine print just doesn’t cut it anymore.

      And Bank of America, which last fall suffered perhaps the biggest fee-based backlash in history, is now a leader in fee transparency. It has an entire website dedicated to the subject called Facts About Fees (first screenshot below). The site lists all fees, explains in detail how they are calculated, and even provides good advice on how to avoid them (see inset; note 1). Consumer and small business versions are also delineated.

      The bank also includes a comprehensive fee listing in its Checking & Savings product page (second screenshot). A number of banks and credit unions have similar fee schedules posted, but it’s still the exception rather than the rule.

      Bottom line: By all means lead with your wonderful features, but keep a comprehensive list of prices a single click away. It’s the right thing to do.

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      Bank of America’s “Facts About Fees” (consumer version, link, 15 Nov 2012)
      Note: The first page features a Flash-based “cover flow” style presentation along with a talking lady who helps explain the finer points.

      image

      Fees at a Glance page within the Checking & Savings area (link)

      Bank of America "fees at a glance"

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      Note:
      1. There is life after overdraft fee reform. See the latest Online Banking Report: Digital Overdraft Protection (published Oct 2012, subscription).