Strands Finance’s What If Functionality Gives Users Insight to Future Purchases

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First up in the second session, Strands Finance showcased its What If functionality:

“Strands Finance is presenting new “What If” functionality that takes PFM historical data and makes it relevant for the future. Users will gain greater insight and control of their financial health with little to no effort. For banks, the data is invaluable to better advise their customers. Strands has developed and leveraged pattern identification algorithms that help model future scenarios and the impact to the user’s short-term cash flow and long-term net worth.”

Product Launch: Q1, 2013
HQ: San Francisco, CA, USA
Founded: 2004
Metrics: 45 employees worldwide; $55M in funding raised to date
Twitter@StrandsPF
Finovate demo video: Demo videos will be posted next week
Introducing Edward Chang (CEO), Marc Torrens (Chief Innovation Officer) and Simon Shorey (UK Retail & Business Banking, Barclays)

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Pendo Systems Breaks Down Silos of Investment Accounting Data

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Concluding the first session, Pendo Systems demoed how it can give transparency to investment accounting data:

“Pendo has the first cross vertical global investment accounting cloud solution. We provide services to capital markets across banking, asset management, wealth management, insurance, and corporate treasury. 

The landscape today consists of products that are vertically focused on industry (mutual fund, investment management insurance, etc.) & regionally (Asia Pacific, Europe, US). This has caused firms to have silos of investment accounting data – resulting in the same asset being valued differently with a variation of up to 25 basis points. It also is the inhibitor to transparency as the ability to drill down & view total exposure to a given sector, industry, currency, or cost basis cannot be done in a single database and instantaneously. This is a problem that our product solves. 
BasisPoint solves the issues for the verticals and provides for complete multi-jurisdictional processing for capital markets firms (insurance, mutual fund, asset managers, wealth managers, pension funds, and corporations).”
Product Launch: January 2007
HQ: Montclair, NJ, USA
Founded: 2007
Metrics: 5 employees; $1M in revenue for 2012; $100B of AUM being processed; exclusive global relationship for distribution in Canada with one of the largest multi-national firms in the world
Finovate demo video: Demo videos will be posted next week
Introducing Pamela Pecs Cytron (CEO & Founder)

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Perfectsen Launches Targeted Ad Platform, The Hook

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Next, Perfectsen launched The Hook:
“Retaining a customer is said to be 5 times cheaper than acquiring a new one. But the problem for banks has always been getting the right product in front of the right customer.
The Hook is a targeted ad platform that solves this problem. It helps banks to intelligently monetize web and mobile traffic by displaying the right products based on existing users’ needs, employing data points from its PFM and other sources.
With a single line of code and flexibility to self-host, integration is a breeze and e-banking as a profit centre is no longer a distant dream.”
Product Launch: November 2012
HQ: Kuala Lumpur, Malaysia
Founded: December 2010
Metrics: 10 Employees; Key Client: Maybank
Twitter@Perfectsen
Finovate demo video: Demo videos will be posted next week
Introducing Stewart Chen (CEO) and ST Chua (CMO) 
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Striata’s Interactive eBill Helps Paperless Adoption

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Then, Striata took the stage with its interactive eBill solution:

“Utilizing the power of email; Striata’s next generation interactive PDF eBill can be read and paid on any email-enabled device. Our paperless adoption technology eliminates registration and allows customers to switch off paper in just one click. This results in optimal adoption and faster ROI. Striata will demonstrate the powerful interactive bill which is encrypted, has integrated eConsent, shared password security, instant dispute capability, and mobile one click pay.”

Product Launch: February 2012
HQ: New York, NY, USA
Founded: February 1999
Metrics: Privately owned / Investment Trust; 13 years of revenue growth and profitable for the past 12 years; 100+ employees
Website: striata.com
Twitter@Striata
Finovate demo video: Demo videos will be posted next week

Introducing Michael Wright (CEO) and Keith Russell (Sales Director Asia Pacific)

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Backbase’s Launchpad Offers a Consistent UX Across Devices

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After, Backbase demoed how its Launchpad delivers a consistent UX across multiple devices:
“Backbase Launchpad is a new and unique banking experience, based on Backbase Portal technology. Launchpad offers the latest innovations and best practices in user experience design and cross device customer journeys. The goal of Launchpad is to drastically bring down time-to-market for online and mobile projects.
Launchpad is immediately optimized for use on regular browsers, tablets, and smartphones and is entirely manageable by the e-business and digital teams using the Backbase Portal Manager. Launchpad is seamlessly integrated with the Backbase App Center and includes apps such as Accounts Overview, Payments, PFM, Stock Portfolio Manager, Message Center, etc. Other apps (developed by the bank, by Backbase, or by third party vendors) can be easily added to Launchpad.
Launchpad and its apps come with universal integration architecture to hook up existing core banking systems with the new Bank 2.0 front-end.”
Product Launch: 2010
HQ: April 2003
Founded: Amsterdam, The Netherlands
Metrics: Privately funded; 150+ employees with offices in New York, Amsterdam, London, Singapore & Moscow
Website: backbase.com
Twitter@backbase
Finovate demo video: Demo videos will be posted next week
Introducing Jelmer de Jong (Global Head of Marketing) and Edwin Koh (Regional Manager APAC)

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Metaforic Launches Mobile Software Security to Detect and Respond to Mobile Security Threats

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Next, Metaforic launched mobile software security technology:
“Metaforic is demonstrating its latest technology that can detect, respond, and report on a range of security threats to mobile financial applications. The product works on a per-app basis at the application layer to inform operators of the real-time security state of the application and device. 
For example, a Metaforic protected application can detect an application repackaged with a malicious payload, alert the institution if the app connects to its service, and mark any transactions with a higher risk profile. Another example is if the device is jail broken, it will be reliably reported.”
Product Launch: November 2012
HQ: San Jose, CA, USA
Founded: 2006
Website: metaforic.com
Twitter@MetaforicLtd
Finovate demo video: Demo videos will be posted next week

Introducing Douglas Kinloch (VP Business Development), Ryan Lambert (Director, Professional Services)

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eWise Launches MyFin Mobile Banking App

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Then, eWise launched MyFin:

“The eWise MyFin mobile banking application combines the most powerful elements of PFM, account aggregation, and eAuthentication into a single, integrated solution. The groundbreaking functionality of the eWise MyFin application transforms the consumer’s online banking into a simple, fast, and powerful experience that delivers unprecedented value to Financial Institutions through an integrated ROI engine.”

Product Launch: November 2012
HQ: Redwood City, CA
Founded: September 2000
Website: ewise.com
Finovate demo video: Demo videos will be posted next week
Introducing Alex Grinberg (EVP & Founder) and Lance Robinson (VP Asia Pacific)

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Heckyl’s FIND Dashboard Connects Traders with Real-Time Financial Information

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Then, Heckyl showcased its FIND dashboard:
“Heckyl is a real-time financial information platform connecting brokerages and traders. Heckyl provides real-time news analytics and sentiment mining dashboards that collect information from millions of trusted sources, including government websites, company filings, patent offices, high courts, twitter, etc.
Heckyl FIND’s dashboard is integrated with brokerages’ trading terminals. This makes trading terminals immensely powerful as traders have access to real-time news analytics, sentiments, research ideas, economic events, rating updates, and results that are directly streamed into the trading terminals.”
Product Launch: March 2012
HQ: Mumbai, India
Founded: December 2010
Website: Heckyl.com
Finovate demo video: Demo videos will be posted next week
Introducing Mukund Mudras (CEO & Co-Founder) and Som Sagar (Co-Founder)

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TIBCO Gives FIs A Real-Time View of Customer Activity For Better Offer Targeting

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Second, TIBCO took the stage to show how FIs can send their customers more personalized offers:
“TIBCO is demonstrating a series of real-time events of a customer (e.g., proximity to a merchant, salary being deposited into account, browsing of offers, booking a flight, reserving a hotel, etc.), how these events are tracked, and how relevant contextual offers are sent to the customer in real-time.
The bank can then track a complete, real-time, 360-degree view of the customer via an interactive dashboard. TIBCO will simulate external events (e.g., location, proximity, etc.) and will demonstrate real-time interactions via a mobile device and the merchants’ view of opportunity streams on the dashboard.”
Product Launch: November 2012
HQ: Palo Alto, CA
Founded: 1997
Metrics: 2011 review: $920M; worldwide offices: 70+; offices in over 25+ countries; 3,000+ employees; 4,000+ customers; 200+ partners
Website: tibco.com
Twitter@TIBCO
Finovate demo video: Demo videos will be posted next week
Introducing San Zaw (Senior Solutions Consultant) and Phil Scanlon (Director, Client Solutions)

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Innovation Agency Crowdsources Innovation

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To start off FinovateAsia, Innovation Agency demonstrated how its Innovation Café platform crowdsources innovation:

“Innovation Café is an advanced crowdsourcing innovation platform for companies to engage their innovation communities. It is highly configurable and provides for both private and public ecologies, as well as emergent and structured innovation approaches. It is a lightweight platform with advanced white labelling and custom theme capabilities. 

The platform’s versatility gives it the ability to integrate with multiple systems including SharePoint, Oracle, and WebSphere. It provides detailed reporting and is capable of dealing with high volumes of traffic, users, and ideas. It has sophisticated social ranking and rating mechanisms. Crowd sourcing and community collaboration focus attention on business objectives that are enhanced through idea challenges.”
Product Launched: March 2012
HQ: New York City, NY
Founded: August 2008
Metrics: 5 core locations; 14 employees; 17 customers; 50,000 users; 100,000 ideas
Twitter@InnovationInfo
Finovate demo video: Demo videos will be posted next week
Introducing Sean O’Reilly (CIO) and Rory Moore (CEO)
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Chatting with Joe Cunningham, Visa’s Global Head of Technology Strategy & Innovation, about VisaLabs and the Future of Payments

VisaLogo.jpgSince we’re in Singapore prepping for our inaugural FinovateAsia tomorrow (there are only 9 tickets remaining), we took a break for a quick chat with Joe Cunningham, Visa’s Global Head of Technology Strategy & Innovation, who recently relocated here.

Joe met up with us to talk about overall trends in the industry, how he sees payments in Asia evolving, and VisaLab’s role driving innovation with Visa. Cunningham has been with Visa since 2008 and is in charge of all future-focused aspects of Visa’s technology so he has a great perspective on where things are headed.

Here’s a transcript from the interview:

Finovate: What is your role at Visa? How did you end up in it? 

Cunningham: I’m globally responsible for technology strategy and innovation which means that I look after the future-focused aspects of Visa’s technology agenda. This includes defining the company’s technology strategy, leading VisaLabs (Visa’s R&D group) as well as leading all EMV-compliant development (chip, contactless and mobile).
Within VisaLabs, the role of my team is to look outside the company for interesting technologies on the landscape and identify potential opportunities for those technologies to add value to Visa’s business.
I’ve been at Visa nearly five years, prior to which, I worked with ANZ bank in Australia. 
Finovate: What is VisaLabs and how does it impact the technology road map of the company?

Cunningham: At Visa, there are essentially two aspects of innovation in which we’re interested. The first is innovation on the product side, which includes advancements in mobile, social, eCommerce and information products. 
The other aspect is the underlying technology; this is the area where VisaLabs focuses. Some of our technology research themes include security and encryption, ‘big data’, predictive analytics and large-scale virtualization. These themes guide our internal technology R&D priorities, and broadly inform the focus areas of our open innovation agenda.
At Visa, our technology research agenda is anchored by our open innovation philosophy, meaning we partner with third parties to help advance our agenda. For example, we have developed partnerships with a number of prestigious universities, government agencies and technology incubators around the world to leverage their expertise in areas that are relevant to our technology and business.
Finovate: Which emerging technologies do you see as potentially changing the face of the electronic payments sector?
Cunningham: The electronic payments sector is constantly evolving; as new technologies mature and enter the mainstream. For example, recently we’ve seen online, mobile, large scale data, and social networks open up new windows of opportunity. Visa continues to work at the leading edge of payments innovation to provide payment services that are relevant and compelling to consumers around the world.
Finovate: How do you see open source software being deployed in the electronic payments space?
Cunningham: Like many organizations, Visa’s core systems, and operational environments rely heavily on open source technology. Our Global Technology Strategy describes our long term position on open source solutions; we see it as critical, and we want to remain exposed to the high rate of innovation which is a characteristic of the open source space. Over time, we believe open source software will become even more important to Visa. 
One example of this is Apache Hadoop, which has become a critical part of Visa’s data architecture. In the past few years, with the help of a number of start-up organizations, we moved this technology from R&D to a full scale production deployment. We now use Hadoop to support data-intense innovative new products and services. We’re very happy with the results and we expect to continue to work closely with the open source community and derive further value from innovations in this field.  
Finovate: As newer, non-traditional companies move into the financial services market, what do you think they will be able to offer customers that traditional players have yet to deliver?
Cunningham: In our experience, a globally viable payments solution must have five fundamental characteristics – convenience and simplicity, standardization, interoperability, global accessibility and security, and we believe Visa embodies these characteristics fully. Visa has a track record of delivering highly secure and convenient electronic payment solutions to the point-of-sale environments. We are now extending our expertise to simplify commerce in new and emerging payment channels such as online and mobile. 
We’ve certainly seen an array of new competitors enter into this market. We welcome this healthy competition and we’re pleased to see how this has a positive impact on the industry as competition brings about new product development and innovation – ultimately benefiting the end consumer.
Finovate: How do you see the Asia-Pacific region evolving in terms of electronic payments innovation compared to more developed regions? 
Cunningham: Across all the markets we serve in Asia-Pacific, we see vastly different electronic payments innovations evolving, as you’d expect in such a diverse region. 
In some emerging markets around the world, consumers have historically been difficult to reach through traditional channels due to a lack of infrastructure and limited distribution. Innovators like Visa are using mobile technology to drive financial inclusion and meet the unique needs of unbanked and under-banked consumers. 
At the other end of the spectrum, there are very exciting examples in markets like South Korea and Hong Kong. In these cases, unique consumer demands, a technology-savvy population and local partnerships can help drive rapid adoption of new payments services.
Finovate: VisaLabs partners with a variety of third parties including startups to advance its innovation agenda. What qualities do you look for in the startups that you partner with? 
Cunningham: The start-ups we typically work with are solving legitimate business problems in fields that are relevant to our business. To be sustainable, all our R&D program activities must be pragmatic, accountable and aligned to our technology research themes. As you’d expect, these themes include security, encryption, ‘big data’, predictive analytics and large-scale virtualization.
Finovate: Can you give some examples of start-ups you’re working with?
Cunningham: We’ve had some great success over the past two years working with start-ups based in Silicon Valley, close to Visa’s global HQ. These start-ups have helped us quickly progress our research in the areas of ‘big data’ and have enhanced our visualization services. We hope to be able to replicate this success through our expansion into Singapore, and the wider Asia/P
acific region.

Finovate: If an Asian startup, research university or other potential partner is interested with working with VisaLabs, how can they reach you (other than coming to FinovateAsia tomorrow)?

Cunningham: They can email me at cunningham@visa.com.

The Finovate App Is Here, Download it Today to Get a First Look at FinovateAsia 2012

The Finovate mobile app for iPad, iPhone, and Android is finally here, just in time for FinovateAsia! This free app is your guide to all four Finovate conferences and link to past demo videos.

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Download it today so you can be one of the first to get an inside look at each FinovateAsia demo and build and manage your schedule for the conference on November 6.

How to download
For iOS go here or search Finovate in the Apple App store. To download for Android devices, go here.

App contents
The app shows short descriptions of the demoing companies and, when updated on the day of the show, we reveal the full details on each companies’ innovation.

App capabilities
While watching the demos and following along using the app, you’ll be able to:

    • Email presenters within the app
    • Highlight companies
    • Link directly to the Finovate Twitter stream 
    • Build and manage your calendar

Be sure to keep an eye out for future updates, as we showcase innovations in Europe, San Francisco, and New York as well.