Finovate, FinDEVr Alum News at Money20/20

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I spent the majority of last week at Money20/20 catching up with Finovate and FinDEVr alums.

With 5 tracks of panel discussions and product announcements, plus an exhibit hall floor, it was impossible to parcel out all of the themes buzzing around. However, from the slice of the mega-conference that I attended, the overarching theme was payments, specifically, removing friction from the payments experience. This became evident in the product announcements and discussions throughout the keynote sessions from Stripe, Poynt, Chase, Verifone, Google’s AndroidPay, Samsung Pay, PayPal, MCX, and First Data.

In addition to these larger players, there were many smaller companies in attendance. I sat down with five Finovate and FinDEVr alums to find out what’s new.

Arxan-LogoArxan
Arxan, which protects applications, has experienced 50% year-over-year growth for the past 5 years.

Last week the company announced the extension of its application protection to the Apple TV. Arxan safeguards the TV operating system and already protects multiple pre-installed applications on the Apple TV. The apps are shielded using multi-layered guards to fortify the application from being reverse-engineered and compromised and are inserted within the binary code of the applications.

See Arxan’s FinDEVr 2015 presentation.

endeavour logoEndeavour
This was the first time I’ve chatted with Endeavour since they debuted their mobile account opening solution at FinovateSpring 2014. The Austin-based company revealed some crucial news— it was acquired by Genpact, an operational efficiency specialist for enterprise organizations.

The structure of Endeavour’s organization will remain more or less unaffected by the acquisition which Genpact hopes will bolster its Lean Digital offering by adding Endeavour’s mobile expertise.

Kabbage-logoKabbage
Kabbage recently partnered with ING, Santander, and Kikka Capital, and the company is growing fast. These partnerships will help the Atlanta-based company expand operations outside of the U.S. Kabbage is especially targeting the growing ecommerce market in India through its Bangalore office.

Kabbage anticipates originating $1 billion in small business loans in 2015, and is planning a major push into consumer loans next year.

Watch Kabbage’s presentation from FinDEVr 2015 and its demo from FinovateSpring 2015.

SocureSocure
Socure uses a person’s existing online “fingerprint” (Facebook photos, email address, and phone number) to validate their identity. Because Socure sources the data from pre-existing information users to simply take a selfie to validate who they are.

In my discussion with Socure the company disclosed plans to extend its services to verify information for small and medium-sized businesses. Today, this process consists of manually scouring websites for data. Socure’s technology could speed up and streamline that process.

Check out Socure’s demo video from FinovateFall 2015

splititSplitIt (formerly PayItSimple)
SplitIt offers point of sale financing with no interest by placing a hold on the customer’s existing line of credit. The solution launched at FinovateFall 2014 under the name PayItSimple. Alon Feit, the company’s CEO, states that the new name is a better reflection of what the company does.

Since launching last year SplitIt has signed 100 merchant partners and is in negotiations for $14 million in funding. After the round closes the company plans to use the funding to further grow its merchant base, as well as its 15-person team.

Behind the Scenes with Endeavour and Insuritas

In our next FinovateSpring Behind the Scenes we’re featuring Endeavour, which showcased a mobile account opening solution, MobileAO, and Insuritas, which brought a bank-hosted insurance marketplace, SmartCART, to the stage.

Here’s a reference of the previous installments:


What they do
Endeavour specializes in helping companies go mobile. Their solutions span a wide array of verticals– from healthcare, to retail, to insurance, to entertainment, and beyond. At FinovateSpring 2014, they debuted their mobile account opening solution, MobileAO for medium to large banks that have complex credit decision rules.
To help banks achieve their goal of becoming more mobile, Endeavour is working with Zoot to connect to banks’ core systems and with Jumio to integrate their form-filling technology, FastFill
MobileAO can either be integrated within the bank’s existing mobile app using Endeavour’s API or banks can launch it as a standalone, whitelabled app.
Stats
    • Founded in 2008
    • 300+ employees
    • Locations in 4 countries
The experience
The MobileAO solution gives customers the ability to apply for new accounts when and where they want to, directly from their mobile device. 
Endeavour’s integration with Jumio’s FastFill eliminates the need for data entry. When users snap a picture of their drivers license on their mobile device it uses optical character recognition (OCR) to pull relevant data and automatically fill in the fields on the application. This saves time, reduces errors and mitigates form abandonment.
EndeavourFastFill
Once the customer agrees to the terms and e-signs the form, MobileAO can instantly approve (or reject) customers for the account selected. 
If approved, the system immediately issues them a credit card number, which they can use to purchase items online or load into their Google Wallet.
EndeavourFinishedapp
The web portal puts the bank in control of the look and feel of the app by allowing them to make edits on the fly, without a specialized IT department. It also enables them to tweak credit offers and products without deploying a new app in the app store.
The screenshot below shows the administrative experience, which enables the institution to tailor the app’s look and feel and choose a theme. It also lets them customize the fields that will be included in the application and decide what the acceptance screen includes.
EndeavourSS3
While the user interface of MobileAO is aesthetically pleasing, the back end is robust enough to handle complex credit decisioning while meeting regulatory requirements. This is key since it enables instant credit approval. 

InsuritasLogo


What they do
Insuritas’ SmartCART technology creates a transparent and frictionless environment where consumers can shop for, compare, and buy insurance, directly from their banks’ website.

Banks can offer customers an insurance marketplace hosted in a place they already trust– the bank’s website. When customers purchase insurance through the bank’s site, the bank receives insurance commissions, which serves as a unique way to generate fee income.

Stats

    • Launched SmartCART April 2014
    • Raised $10 million Series A funding
    • Has more than 70 financial institution partners
    • 76% of product sales revenue renews year-over-year

The experience
Insuritas aims to bring the Amazon.com checkout experience to insurance purchasing. Users can visit the insurance portal within the bank’s website to compare and purchase different types of insurance products, such as:

    • Auto
    • Home
    • Life
    • Business
    • Property
The screenshot below displays the different products that the Bancorp South offers in its Insurance Aisle:
InsuritasSS1

Users can add multiple insurance products to their shopping cart (located at the bottom right) before checking out, and are also given the option to continue shopping (bottom left). In the instance below, the customer has selected four different types of insurance products. Note that this experience is still hosted inside the online banking environment. 
InsuritasSS2
After purchasing the insurance products, the user can manage their accounts and view documents from a single location within their online banking platform.
InsuritasSS3
Using Insuritas’ SmartCART, banks can increase their clients’ trust, create brand and website stickiness, and even create a source of non-cyclical, annuitized income generated from policy renewal fees.


We’ll have more Behind the Scenes later this week.

Endeavour Partners with Zoot and Jumio to Create a Mobile Account Opening Solution

EndeavourLogo

This post is part of our live coverage of FinovateSpring 2014.


Then, Endeavour and Zoot took the stage to demo MobileAO, a mobile account opening solution:
“Endeavour has partnered with Zoot and Jumio to create a best-of-breed mobile account-opening solution− MobileAO. This unique, powerful, and flexible solution is capable of meeting the complex and evolving business requirements of large financial institutions regarding security, ID verification, and risk management; all while delivering a simple and intuitive mobile experience to the customer. 
Endeavour has integrated Jumio’s innovative ID validation and prefill capability along with Zoot’s real-time decision engine into a single mobile application and web portal, which empowers banks to open new deposit and credit accounts seamlessly and instantaneously.”
Presenting: Steven Staley (Dir. Banking & Strategic All.), Tom Johnson (VP Strategic Alliances),  and Alex Johnson (Marketing Specialist)
Product Launch: April 2014
Metrics: Endeavour is a privately held company with offices in Austin, London, Bangalore, and Singapore. Backed by Singapore-based private equity firm Basil Partners, Endeavour employs over 300 employees across four countries.
Product distribution strategy: Direct to Business (B2B), through financial institutions, licensed
HQ: Austin, TX
Founded: February 2008
Twitter: @mobilitycompany

FinovateSpring 2014 Sneak Peek: Part 3

FinovateSpring2014ButtonLogo.jpg

This week’s sneak peek of FinovateSpring 2014 features everything from account opening to loan underwriting, and is just a small selection of items we’ll see in San Jose on April 29 and 30. Get your ticket here to satisfy your fintech hunger.

If you missed the two installments from last week, you can catch them here:


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CREALOGIX, the Swiss market leader for digital banking and e-learning platforms, presents its comprehensive digital banking suite with a seamlessly integrated e-learning management system.
Features:
    • Provides contextual compliance where needed
    • Supports client advisors and enhances quality of advice 
    • Enables effortless learning combined with rewards (gamification)
Why it’s great:
The CREALOGIX digital banking suite with integrated e-learning management system offers clear added value for both sides: banks and their clients.  
Presenters:
Geraldine Critchley, Head Product Marketing

Critchley is responsible for mastering the digital mindset of the next generation online banking and dealing with all inbound/outbound marketing activities concerning digital banking.
LinkedIn

Ivan Inderbitzin, Senior E-Learning Author
Inderbitzin writes innovative online staff trainings for financial, medical and other industries. He taught at universities in Australia and likes asking questions.
LinkedIn


D3 Banking is a single solution that delivers a LodoSoftwareD3Logo.jpg

comprehensive set of digital banking services to any digital device replacing disparate online and mobile point solutions.
Features:
    • Omnichannel – one solution for any digital channel
    • Innovative money movement – contextual user experience, least cost routing
    • Powerful customer data analytics for personalized marketing
Why it’s great:
D3 Banking is an omnichannel, data driven, digital solution that lowers cost, decreases complexity and personalizes the customer experience.  

Presenters:
Mark Vipond, CEO
Vipond has been in the FinTech industry for almost 30 years beginning his career as a systems engineer at IBM and most recently serving as president and COO of ACI Worldwide.
Kevin O’Kane, CPO
O’Kane has 25 years experience in the industry including serving as Director, Professional Services at Harland Financial Solutions.

EndeavourLogo

Endeavour and Zoot’s mobile account opening solution meets consumers’ evolving expectations and banks’ complex fraud and risk management requirements.

Features:

    • Beautiful mobile interface, intuitive customer experience
    • Secure, compliant, & robust ID verification & risk management
    • Business user web portal to manage any feature with no app-store redeployment
Why it’s great: 
Endeavour has partnered with Zoot to deliver the most sophisticated mobile account opening solution in the industry.  
Presenters:
Steven Staley
Staley is a Consulting Executive, Entrepreneur, and Business Owner with 10+ years in the banking Industry. He oversees Endeavour’s Banking Practice and Global Strategic Alliances while smiling daily.
Tom Johnson, VP of Strategic Alliances at Zoot 
With over 30 years of experience in technology, Johnson is Zoot’s “Chief Idea Guy”; responsible for developing new partnerships and solutions concepts.
LinkedIn

JumioLogo.jpg

Jumio is a next-generation payments and ID software-as-a-service company that utilizes proprietary computer vision technology to reduce mobile payment friction and ID fraud.

Features:
    • Turns customer’s mobile device into an ID scanner
    • Personal data is populated into forms in seconds
    • Increases your sign-up and shopping cart completion rates  
Presenters:
Michael Orlando, Chief Sales Officer
Orlando heads up Jumio’s worldwide sales and business development efforts and brings over 20 years of high-growth company experience to this role.
Anthony Lanham, Senior Vice President, Sales
Lanham started his career with Dun and Bradstreet. He spent 10 years at D&B companies in several sales and sales management roles. In 2001 while at D&B RMS he pioneered the idea of outsourced credit.

VisibleEquitySmall

Visible Equity provides innovative and easy-to-use software that helps financial institutions analyze the risks and opportunities in their lending data.

Features:
    • Uses advanced modeling to estimate race/gender
    • Calculates expected pricing, denial rates, etc. using multiple variables 
    • Provides easy to interpret indicators of likeliness of disparate impact 
Why it’s great:
It’s unlikely a financial institution ever knowingly discriminates, but now proving you are treating all borrowers fairly can be as simple as clicking a button.  

Presenters:
Matthew Court, VP of Sales & Marketing 
Court oversees all sales, marketing, and corporate communications.
David Gilbert, COO 
Gilbert is at the forefront of marketing, business development, and new product research.
LinkedIn


Stay tuned later this week when we’ll feature six more companies.