Finovate Alumni News– April 5, 2012

  • Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgSocial Lending Network reports Prosper quietly adds 3 new search filters.
  • CUinsight reports Credit Union of the Rockies joins SaveUp.
  • VentureBeat looks at PayPal’s new pricing model and suite of mobile products.
  • Money One FCU of Maryland introduces BancVue’s Kasasa.
  • Yodlee launches MoneyMovement, partners with Zoho.
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.

BancVue Launches Kasasa360 to Help Compete with Megabanks

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Yesterday, Austin-based BancVue announced the launch of Kasasa 360, a PFM and rewards management platform.

“Kasasa 360 provides account holders around-the-clock access to personal finance management (PFM) tools through an online and mobile-based platform. Designed to deliver a user experience that leapfrogs even the best megabank systems, the latest Kasasa innovation allows consumers to securely aggregate and manage all of their financial products, including those they hold at other financial institutions.”

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The product aims to help community financial institutions compete with megabanks.

Almost 150 community financial institutions have already signed up for Kasasa 360. Gabriel Krajicek, CEO of BancVue, is projecting that number to double by the end of 2012 and reach 1,000 members in 3-5 years. Krajicek also claims that if the growth pattern continues, the Kasasa network will be larger than BofA, Chase, or Wells Fargo and will have a marketing budget equal to such megabanks.


To learn more about Kasasa, watch its Finovate 2009 demo.

Finovate Alumni News– March 14, 2012

  • Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgThe Paypers reports Google selects MoBank as vendor for its GetMo initiative in the UK.
  • VentureBeat receives an insider demo on PayPal’s new digital wallet interface.
  • TradeKing earns 4-star rating for 6 years in a row in Barron’s 2012 Online Broker Survey.
  • RTN Federal CU selects Tyfone for m-banking.
  • Personal Capital launches new version of iPad app.
  • Nine Lives Media Inc. names ProfitStars to the MSPmentor 100 Global List.
  • BancVue launches Kasasa360 to help compete with megabanks.
  • Geezeo launches effort to build awareness of PFMs within online banking platforms.
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 Best of Show Winners: 2007 to Present

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We recently looked back at Finovate’s Best of Show Awards archives and wanted to share the list of the 41 award-winning companies.

Here’s the Best of Show history that stretches back to 2007, the inception of Finovate:


Held October 2, 2007
Mint: Online PFM for individuals
Mortgagebot’s Mortgage Marvel: Mortgage marketplace
Prosper: P2P lending network

Held April 29, 2008
First ROI (now BancVue): Develops products and services for community financial institutions
Jwaala: Provides software solutions to help financial institutions compete
Zecco: Online stock and options trading
Zopa: P2P lending network
Held October 14, 2008
CheckFree: Online banking platform 
Credit Karma: Provides a free and easy way for consumers to understand, monitor and monetize their credit profile
Mint: Online PFM for individuals
Neosaej’s MoneyAisle: Platform where banks compete in live auctions for an individual consumer’s business 

Held April 28, 2009
BillShrink (now Truaxis): Provides a free cost-savings tool that saves consumers money on everyday bills
Prosper: P2P lending platform
Silver Tail Systems: Predictive analytics to prevent fraud abuse
SimpliFi: A web service that allows anyone to create and update their own financial plan
Held September 29, 2009
BancVue’s Kasasa: national checking/ savings account brand for community financial institutions Provides free interactive tools, education, and unbiased comparisons of quality financial products and services
Digital Insight from Intuit: Provides on-demand banking services to help financial institutions serve clients
Silver Tail Systems: Provides online fraud detection platform 
Yodlee: Provides personalized financial solutions to financial institutions

Held May 11, 2010
Bobber Interactive: Money management platform for youth
Expensify: Online and mobile expense report platform
oFlows (Purchased by Andera in 2011): Multichannel paperless solutions for account openings
Wikinvest: A platform for investors to share trading tips
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Held October 4-5, 2010
Betterment: Investment account for savings management 
BillShrink (now Truaxis): Loyalty rewards provider
Bundle: Provides socially informed money management for individuals
Dynamics: Produces and manufactures intelligent powered cards
oFlows (Purchased by Andera in 2011): Multichannel paperless solutions for account openings
PayNearMe: Cash transaction network for the underbanked
SecureKey: Token-based authentication technology
Held February 1, 2011
eToro: Social investment network
Finantix: Provides sales and advice solutions for financial services 
Liqpay: Payments platform
Meniga: Online PFM for financial institutions
Held May 10-11, 2011
BancVue: Develops products and services for community financial institutions
BankOns: Mobile app offering consumers real-time savings at local merchants
Dwolla: Online, mobile, and social peer-to-peer payment platform
oFlows (Purchased by Andera in 2011): Multichannel paperless solutions for account openings
Mitek Systems: Provides apps for smartphones that allow users to deposit checks and pay bills via their devices’ cameras
PayNearMe: Cash transaction network for the underbanked
Wikinvest: A platform for investors to share trading tips
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Held September 20-21, 2011
BillGuard: People-powered antivirus for bills
Dynamics:  produces and manufactures intelligent powered cards
eToro: Social investment network
FamZoo: Online “virtual family Bank”
FeeFighters: Platform that simplifies the process of choosing a merchant account provider
LearnVest: Online PFM for women
Offermatic: Targeted online offers provider
oFlows (Purchased by Andera in 2011): Multichannel paperless solutions for account openings
Personal Capital: Online financial advisor helping people manage their investments
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Held February 2, 2011
Cardlytics: Transaction-based rewards
Dynamics: produces and manufactures intelligent powered cards
eToro: Social investment network
Nutmeg: Online investment manager that democratizes saving and investing

Finovate Alumni News– March 5, 2012

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  • The Washington Post lists Kabbage as an alternative source of funding to bank loans.
  • Identity Theft 911 receives a 2012 International Stevie Award & an Excellence in Financial Literacy Education award.
  • Dwolla launches update to fix accidental transfers.
  • Silicon Republic profiles CurrencyFair CIO David Christian.
  • Main Street profiles Credit Sesame CEO Adrian Nazari.
  • American Banker reports BancVue sells credit card arm to First Arkansas.
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– February 29, 2012

  • Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgBank Technology News reports HomeDepot now accepts PayPal payments at all 2,000 retail stores.
  • Des Moines Register interviews Jordan Lampe, Dwolla’s director of communications.
  • BancVue completes sale of $120 million credit card portfolio to First Arkansas Bank & Trust.
  • ThreatMetrix launches program to report malware capabilities.
  • Accounting Today selects Receivables for its Top New Products of 2012.
  • Diversinet names Dr. Hon Pak as CEO.
  • Sallie Mae & peerTransfer partner to facilitate international tuition payments.
  • Reuters looks at FINRA and Brightscope to give more information on financial advisors.
  • looks at how Dwolla survived the downturn.
  • Weemba celebrates 6 months of operation, unveils operating stats.
  • Handpoint Headstart wins 2012 Channel Awards.
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 Debit Card On/Off Switch from City Bank of Texas

imageCity Bank of Texas has been a mobile innovator for more than four years, launching a ClairMail-powered mobile site in Oct 2008. I first heard its story at the Mobile Summit in June 2009. At that time, the bank already had 10% of its online banking base using mobile.

City Bank now offers a full range of apps including Android, iPhone and iPad, which make for a pretty impressive graphic. The new apps are powered by Malauzai Software.

And, in a world where most apps look pretty much the same, it has managed to pioneer several unique features:

  • Debit card on/off switch: If customers ever want to switch off their debit card, because it was misplaced, or if funds are running low, they simply move the toggle on the My Cards page of the mobile app (see inset).  
  • Reward-checking status: City Bank is a long-time rewards-checking client of BancVue. Its mobile app includes a rewards-tracking feature so users can see where they stand in the three-level program (see the Android screen in the lower right below).

imageBoth features are must-haves. But the on/off switch is brilliant both for its simplicity and value. And this tangible mobile feature/benefit likely to get talked about in the press and at the weekend barbeque. We are giving it an OBR Best of the Web award, the first of the year and 84th of all time (see note). 

The City Bank of Texas mobile lineup (link, 23 Jan 2011)

 City Bank of Texas mobile banking lineup

1. 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. If anyone knows of other financial institutions offering a similar feature, let us know and we’ll update the post. City Bank of Texas is the 84th company to win the award since 1997 and the first in 2012. Recent winners are profiled in the Netbanker archives.

Finovate Alumni News– January 18, 2012

  • Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgReady Receipts officially launches paperless receipt technology.
  • nFinanSe seeks to halt new debit card network by InComm, alleges price-fixing conspiracy.
  • VentureBeat discusses the IPO market with SecondMarket CEO Barry Silbert.
  • On Deck partners with the National Association for Small Business.
  • SignatureLink to integrate ThreatMetrix’s Cybercrime Defender Platform with its technology
  • Intuit hires former Apple executive to lead Canada division.
  • Fox Business News interviews LearnVest founder and CEO, Alexa von Tobel.
  • The Next Web compares and contrasts PayPal and Dwolla with other payment methods.
  • Plastyc’s UPside cardholders can now load cash onto cards at 7-Eleven stores.
  • Oregon-based Credit Union launches BancVue’s Kasasa.
  • BrightScope partners with social media expert Arkovi.
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– January 12, 2012

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  • Netbanker: Is BancVue’s Kasasa to Checking What “Intel Inside” was to PCs?
  • The Financial Brand reports Segmint’s Lifestyle Indicators target financial institutions’ online ads.
  • Ping Identity exceeds $100 million in total sales. Come see its live demo at FinovateEurope Feb. 7.
  • Actiance partners with EarthIntegrate to enable advisors to personalize content via social media channels.
  • ARS Technica describes how Dynamics technology can hinder on-and-offline fraud.
  • VentureBeat reports PayPal reaches $4 billion in mobile payments in 2011, a jump from $750 million in 2010.
  • ZoneAlarm publishes infographic on security concerns with online banking.
  • The Bancorp Bank to issue Suze Orman’s new prepaid debit card.
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.

Is BancVue’s Kasasa to Checking What "Intel Inside" was to PCs?

image I just spent the better part of two days attending BancVue’s monthly client/prospect meeting called BTAN (note 1). I knew they would have high-energy presentations, great ideas, and outrageous antics; after all, I’ve seen them take home three Finovate Best of Show trophies. They know how to drive a point home.

But what I didn’t expect was to come home believing its Kasasa strategy might really work. Kasasa launched at FinovateFall 2009 (video here) and is the first major attempt to create a nationwide brand around the checking account. They are trying to do for checking what Visa/MasterCard did for the credit card or what Intel did for PC manufacturers with “Intel inside.”

Bancvue's about us page One very different element here is that BancVue is creating a national brand exclusively for use by community banks and credit unions. Large banks are viewed as the enemy (see inset from BancVue’s “about us” page) and are not allowed to “stock” the Kasasa brand.

On the surface it seems impossible. How could hundreds, if not thousands, of proud, local financial institutions — many who’ve been building a local brand for many decades — unite under a nutty brand called “Kasasa” of all things?

But is it crazy like the iPod was crazy? Smaller banks and credit unions are being taken to the cleaners by the big banks, losing more than half their market share in the past two decades. They have the local ties, the human connection, but it is usually hard to maintain the product set, marketing power, and online/mobile UI, of Bank of America or Chase.

But what if someone was able to level the playing field with best-of-class products and combine the marketing power of 1,000 financial institutions into a national brand? (note 3) Then the community banks/CUs could go ahead and compete on service, price, value and local connections.

It sounds too good to be true, really. And I was skeptical when I heard the pitch two years ago. But after seeing how BancVue has signed up more than 600 FIs for rewards checking, hit #23 in the Inc 500, and witnessing their passion in person, I think they have a real shot.

Bottom line: It takes a long time to build a national financial brand, especially one centered on lowly checking accounts. Other than PayPal, what’s the last one you can think of? Capital One, founded 1988, maybe. Discover Card, launched in 1985, perhaps (note 4). And I can think of a hundred reasons why it won’t work.

But Kasasa is definitely out of the gates and gaining traction. Having just finished my review of the most important trends of 2011, I have a feeling Kasasa could make this list in 2012 or 2013. 


Kasasa product set (11 Jan 2012)

Kasasa product set

Kasasa products dominate the homepage of Farmers Citizens Bank (link)
Question: Do Kasasa ads clutter the Farmer’s homepage? No more than any other promotion. And they are at least attention getting. 


Landing page at Farmers Citizens (link)



1. I attended the event at the invitation of BancVue. But I am not consulting for them or their customers. BancVue is a customer of The Finovate Group for our event and our published reports just like hundreds of other companies. However, they did feed me really well, which, as my family will attest, is a powerful motivator in my life. So I can’t say I’m totally unbiased.
2. After hearing the detailed reasoning behind the branding decision, I actually think the Kasasa choice makes sense. But you’ll need to see the presentation to get it. The Financial Brand breaks it down here.
3. BancVue says that with 1,000 financial institutions offering Kasasa it would be bigger than the largest U.S. bank in branch network and marketing budget.
4. I can’t think of any major national banking brands that have appeared in the Internet age other than PayPal, and perhaps NetBank (RIP). ING Direct made it, but they were a spinoff of a powerful international brand, and even then they spent more than a BILLION in the United States alone during the past 12 years making ING Direct a household name. E*Trade, Ally also come to mind, but the former is more associated with brokerage and the latter is a name change from GMAC. Bank of Internet is doing well, but is hardly a household name.

Holiday Promotions from Credit Unions and Community Banks

imageLast week we looked at the holiday efforts (or lack thereof) of the 20 largest U.S. banks. But aside from PNC Bank’s “Christmas cost index” and ING Direct’s “12 days of mobile,” not much this holiday season was particularly noteworthy (inset for Midland Bank gift cheques, circa 1956, see credit below).

For inspiration, you need to look at the smaller banks and credit unions. Here are five we found through random googling today: 

1. Michigan State University FCU: 6.9% Holiday Loan (homepage promo #2)


2. Seattle Metropolitan Credit Union: Visa Gift Card (homepage promo #2)


3. OnPoint Community Credit (Oregon): Mobile gift cards (homepage, promo #1) , Visa Gift Card (promo #2)



4. Community First Credit Union (Florida): iPad giveaway for eStatements (homepage, promo #3; landing page)


5. Texas Bank: “Stash the Christmas cash” (homepage, one of four rotating promos; landing page)
Note: “Stash the cash” is similar to BofA’s “keep the change;” debit card purchases are rounded up to nearest dollar with the extra 1-99 cents deposited into savings. The holiday promo included a 5% bonus match on each transfer in December (website powered by Bancvue)



imageNote: Picture credit. Midland Bank advertisement for holiday checks from The Illustrated London News, 17 Nov 1956. (Click to enlarge, for sale here). 

Continuity Control Doubles 3rd Quarter Revenue, Partners with BancVue


Compliance management company, Continuity Control, recently announced that it doubled revenue in the third quarter of 2011:

“As it did in the first two quarters of 2011, the company doubled its revenue again in the third quarter with growth in markets across the country.”

Along with this pattern of growth, it also announced a partnership with BancVue, a company that provides marketing and consulting solutions to community financial institutions. 

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To learn more about Continuity Control and BancVue, watch Continuity’s FinovateSpring 2010 demo and BancVue’s Finovate 2009 demo.