TheWaay, Neo Digital Banking and Serving the Mass Affluent Market

Making banking more compatible with the everyday lives of consumers is one of the top goals of fintechs everywhere. London-based fintech startup, TheWaay, which made its Finovate debut last year in Dubai and followed that appearance with a Best of Show winning return to the Finovate stage a few months later in Singapore, has built a solution designed to do just that.

Founded in 2016, TheWaay offers a Lifestyle Banking platform that helps banks and other financial institutions better understand and meet the needs of their customers. The platform’s Lifestyle Assistant leverages deep behavioral profiling to give users personalized lifestyle advice and suggestions on financial services and banking products, as well as travel and e-commerce opportunities that might interest them. The technology helps financial services firms increase customer engagement and transaction volume, as well as grow revenue through increased up-sell activity.

“This product organically grew from inside our company for one reason,” company CEO Ivan Kochetov said during a demonstration of the company’s Digital Family Office solution at FinovateAsia. “We were sad because everybody was doing neo and digital banking for the mass market, and nobody was doing neo and digital banking for people like you and I, for the affluent market, for the premium market. Is it fair? No.”

TheWaay CEO Ivan Kochetov

For TheWaay, this neo digital banking solution for the affluent market should be about more than changing designs, Kochetov said. Instead, it should be about “new value (and) new promise.” The goal is to provide what Kochetov called “the first digital family office” for the affluent market that works within an institution’s banking app to provide a private banking level of service.

We caught up with Kirill Lisitsyn, Head of Business Development with TheWaay, who facilitated our email conversation with company CEO Ivan Kochetov earlier this year. The transcript of our exchange follows.

Finovate: Congratulations on winning Best of Show at your first Finovate event! What was your experience at FinovateAsia like? 

Ivan Kochetov: Thanks a lot! Oh, that was incredible! It was our first step to test the ground in Asia and we surprisingly got the award! 

Finovate: For those who are just getting to know your company, what problem does TheWaay solve? 

Kochetov: We are a fintech startup aiming to shift current “old school” communications between bank and its customers to a new way of personalized non-banking communications based on customers’ lifestyle and needs. And we believe that this is the right way to support banking industry transformation in the era of the engagement economy. 

Finovate: How does TheWaay solve the problem better? 

Kochetov: We develop a software that is called Lifestyle Banking Platform. We help banks to understand people and become a Lifestyle Assistant for their customers to boost daily engagement, card transactions and up-sell metrics in their mobile banking app. We use over 500 attributes for each customer and a model trained with over 1 billion in transactions. 

Finovate: Who are your primary customers? 

Kochetov: We are a B2B2C business. Historically we have been building our expertise within banking industry, but now also see the growing interest from telco and retail industries as well. Especially accounting the trend for virtual banking, you do not need huge branches network to become a bank and serve customers. But once you are a digital-only bank you need to engage your customers in your digital channels. And here we could definitely help. 

Finovate: What in your background gave you the confidence to tackle this challenge? 

Kochetov: The core of our team has a well-balanced mix of background in behavioral psychology, machine learning, product development and in implementing innovative tech and consulting projects for large financial institutions. 

CEO Kochetov and Head of Business Development Kirill Lisitsyn at FinovateAsia 2019 in Singapore.

Finovate: Tell us about a favorite feature of your platform. 

Kochetov: Ha! You know, based on our user surveys and the metrics we track, we figured out that one of the favorite features of our Lifestyle Assistant product is the advice on how to spend one day of a weekend. Users do not have to worry about what to do on their free day; our system will suggest a set of recommendation and ideas coupled with geo-routes, all based on user’s lifestyle, interests, and preferences. 

Finovate: What are some upcoming initiatives from TheWaay that we can look forward to over the next few months? 

Kochetov: We plan to launch several pilot projects of our Digital Family Office product that we presented on Finovate Asia. We successfully delivered PoC projects, and now very much look forward to scaling that success. Also we have prioritized our international expansion and plan to get few international contracts within next 3-6 months. 

Finovate: Where do you see TheWaay a year or two from now? 

Kochetov: We plan continue our rapid growth which will be supported by our presence in 3-4 large international markets and focus on 2-3 industries. Also we aim to sign one or two global mutually-beneficial partnerships which could even speed-up our expansion.

Fintech, Financial Services and the Case for 5G

Photo by panumas nikhomkhai from Pexels

There were more than a few provocative presentations at FinovateAsia last fall. And Celent’s Dan Latimore was the man responsible for delivering one of them. Latimore, who is Senior Vice President of Celent’s Banking group, weighed in on a topic that is increasingly on the minds of technology analysts inside and out of fintech: the impact of 5G (which stands for “fifth generation wireless”) on financial services.

“Banks need to think about the implications of being able to access really heavy compute power remotely and centrally, whether it’s over the cloud or on premises,” he said during his presentation on 5G late last year. “What that does is turn every device into a thin client- which will have some very interesting implications.”

Dan Latimore returns to the Finovate stage next month in Berlin for FinovateEurope. He will host an afternoon interactive Q&A session titled What’s Hot: Money Disrupt on February 11, and later will share his views on “What’s Hot & What’s Not in Fintech” as part of our Analyst Insight showcase on February 12. Check out our FinovateEurope conference page for more details.

Calling 5G “something banks aren’t even thinking about,” Latimore said, “we believe the effects of 5G are going to be subtle and profound over time.” He dared indulge the “superhighway” metaphor – previously coined to describe the rise of the Internet in the late 1990s – to compare the potential of 5G with its predecessor technology 4G (to say nothing of the “dirt road” that was 3G). Relative to 3G, he noted, 5G’s “fiber over the air” approach represents a 26,000x improvement in speed, as well as major improvements in capacity and latency (“the time it takes for the stimulus to create a response”).

For reference, the first commercial 3G networks were introduced in 2000. The first commercial 4G networks were introduced less than ten years later in 2009.

While it is generally (though not universally) acknowledged that 5G will represent major opportunities for innovation in a variety of industries – from entertainment to autonomous vehicles to the Internet of Things (IoT) – many observers have overlooked the potential impact of 5G on financial services. Because 5G will enable mobile devices to serve as thin clients which can simply “point back” to the backend server, Latimore explained, banks will be able to leverage massive computing power to provide everything from centralized updates and better contextual advice to personalized interfaces on ATMs.

To this point, Latimore indicated that 5G would be one of the key avenues toward a post-smartphone future, as well. “Don’t forget about wearables,” he warned, “because that’s now a thin client that can be a much more viable way for people to interact with their bank, probably activated by voice.”

Check out more from Dan Latimore on 5G, including the shift from hardware spend to data spend, how institutions can negotiate the transition from 4G to 5G, the potential for new security challenges, and more. Celent subscribers can access his report. To see his presentations live next month at FinovateEurope, visit our registration page and pick up your ticket today.


Demo spots for FinovateEurope are still available! If you’re a fintech company with innovative, problem-solving technology, FinovateEurope is your opportunity to show the world!

Contact our Event Team today for more information on how to join us on stage as a demoing company at FinovateEurope next month in Berlin!

FinovateAsia Best of Show Winners Announced

Given the diversity of fintech innovation on display this week at FinovateAsia, anticipating which companies would win our coveted Best of Show awards was as much a challenge as ever before.

But with the final votes cast and all the ballots counted, it is clear that two companies stood out from the pack. Here they are – and congratulations to them: the winners of Best of Show for FinovateAsia 2019.

Bereev for its end-of-life planning app that helps individuals and families prepare for the loss of a loved one.

The WAAY for its Lifestyle Assistant that communicates personalized lifesyle content to the bank’s customers based on their deep behavioral profiling.


Thanks to all of the companies that demonstrated their technologies live on stage at FinovateAsia this week – including several fintechs making their Finovate debuts. We had a wonderful time in our return to Singapore, and we are already looking forward to Finovate’s return to southeast Asia next year.

Notes on methodology:
1. Only audience members NOT associated with demoing companies were eligible to vote. Finovate employees did not vote.
2. Attendees were encouraged to note their favorites during each day. At the end of the last demo, they chose their three favorites.
3. The exact written instructions given to attendees: “Please rate (the companies) on the basis of demo quality and potential impact of the innovation demoed.”
4. The two companies appearing on the highest percentage of submitted ballots were named “Best of Show.”
5. Go here for a list of previous Best of Show winners through 2014. Best of Show winners from our 2015 through 2019 conferences are below:
FinovateEurope 2015
FinovateSpring 2015
FinovateFall 2015
FinovateEurope 2016
FinovateSpring 2016
FinovateFall 2016
FinovateAsia 2016
FinovateEurope 2017
FinovateSpring 2017
FinovateFall 2017
FinovateAsia 2017
FinovateMiddleEast 2018
FinovateEurope 2018
FinovateSpring 2018
FinovateFall 2018
FinovateAsia 2018
FinovateAfrica 2018
FinovateEurope 2019
FinovateSpring 2019
FinovateFall 2019

Onward Innovation! FinovateAsia Returns to Singapore

We’re back! After seven years Finovate has returned to Singapore for our annual fintech event in Asia. Singapore is where we first launched FinovateAsia, and we are thrilled to be back in the Garden City to showcase and celebrate the latest in fintech innovation.

Here at rehearsal day on Sunday, our demoing companies are busy practicing their pitches and testing their technologies. And from all indications, we are in store for a fascinating day of live fintech demos covering everything from AI and cryptocurrencies to regtech and wealth management.

We hope to see you at the show. Until then, here are a few reminders and need-to-knows to help you make the most of your time at FinovateAsia this year.

What

This year, our fintech demos will be held on Tuesday, October 15th, Day Two of FinovateAsia. Check out our roster of demoing companies, and learn more about them via our Sneak Peek series.

On Monday, October 14th, Day One of FinovateAsia, we will feature a variety of keynote addresses, roundtables, and power panels discussing some of the key trends in fintech. Day One also will offer attendees the opportunity for deep dives into topics like emerging Asian markets, digital lending and payments, investech, insurtech, and more.

FinovateAsia will also host a special Summit Day on Wednesday that will focus on two of the most potentially disruptive technologies in our industry today: artificial intelligence and the blockchain. Visit our registration page to add this special day to your FinovateAsia plans.

When

FinovateAsia begins Monday morning, October 14th, at 8:50am with opening remarks from the chair. The conference continues all day until 6:30pm with our reception and networking Happy Hour. FinovateAsia resumes Tuesday morning, October 15th at 9:30am with the chair’s opening remarks, and concludes that evening with our reception, networking, and Best of Show awards ceremony.

We will also have a third Summit Day on Wednesday, October 16th. Opening remarks will begin at 9am, and the day will conclude with closing remarks from the chair at 4pm.

Where

FinovateAsia will take place at the Marina Mandarin Singapore on 6 Raffles Blvd. The venue located in Singapore’s Central Business District, and easy to reach via Mass Transit Railway (MTR), bus, train, and taxi.

We are excited about our return to Singapore for FinovateAsia and are looking forward to seeing you at the event. If you’ve got any questions about the conference, we’ve got the answers. Visit our FinovateAsia contact page and touch base with one of our conference representatives for more information.

FinovateAsia: From Digital Transformation to the Evolution of the Customer

A few days ago, we featured the Power Panels that will take place in Singapore at FinovateAsia next week. Today, we highlight the fintech analysts, executives, and entrepreneurs who will share their insights and experience at this year’s event.

FinovateAsia is just days away! To join us, visit our registration page today and save your seat as Finovate returns to Singapore! For more details, check out our full ,two-day conference agenda (including information about our additional Summit Day on October 16.)

Main Stage Presentations

  • The Digital Shift – How Can Financial Institutions Embrace Innovation & Harness New Technologies In The New Digital World? – featuring Scott Bales of Innovation Labs, Asia
  • Results Of The First ASEAN FinTech Industry Survey – featuring Shan Luo of FinTechSpace
  • Challenger Banks – How Will The Rise Of Virtual Banks & Open Banking Impact Business For Incumbents? – featuring Louise Beaumont

Emerging Asian Markets stream

  • The Exponential Rise of B2B & B2C FinTech In China – What Next For The World’s Most Progressive Fintech Market? – featuring Melissa Guzy of Arbour Ventures

Digital Lending stream

  • How New Players Are Harnessing New Technologies To Disrupt The Digital Lending Landscape In Asia – featuring Zennon Kapron of Kapronasia
  • How To Link The Customer Story To The Money Story In Financial Services – featuring Tom Mouhsian of Forrester

Digital Payments stream

  • How New Technologies & Changing Consumer Behavior Are Driving The Payments Race – featuring Dimitris Litsikakis
  • Ecosystem Disruptions and Payments Imperatives – featuring Daniel Latimore of Celent

InvesTech stream

  • Design Thinking & Organizational Change Through 21st Century Ways Of Working – featuring John Gist of Fidelity
  • The Retirement Journey In Asia: Building A.I. Powered Engagement With Your Customers – featuring Fahd Fachidy of ABAKA
  • Investment For Good Is Good Investment – Finance 2.0 – featuring Helene Yi of GoImpact

InsurTech stream

  • Digital Brokers: Shaping a New Era in Insurance – featuring Vivien Chua of Shenton Insurance Brokers
  • What Makes An Insurtech Start-up An Attractive Investment Proposition And Why? – featuring William Bao Bean of China Accelerator
  • Vertical Urban Mobility – How To Earn With It & How To Insure It – featuring Michael Wieser of Helvetia Fund

Main Stage Presentation

  • Where Are The Vulnerabilities In Financial Services Mobile Apps & How Can The Industry Safeguard Itself Against The Threat From Attackers? – featuring Alissa Knight of Aite Group

FinovateAsia is right around the corner! For more information about our upcoming conference in Singapore, check out our FinovateAsia page for details on how to pick up your ticket, plan your visit, and more!

FinovateAsia Power Panels Tackle Key Topics Driving Fintech Innovation in Asia

We are harnessing the collective wisdom of some of the most insightful fintech analysts and observers next week at FinovateAsia in Singapore. Our Power Panels, on October 14 and 15, will investigate key trends that are driving fintech innovation in the Asia Pacific region.

A preview of the upcoming conversation is below. And if you will be in Singapore next week, here’s how to join us for what promises to be a series of fascinating discussions on fintech in Asia.

Off the Record Session with Regulators: What Are Our Priorities & Concerns in Regulating Fintech?

How can we support fintech start-ups and balance risk and innovation – what is “right touch” regulation? Data privacy is on the rise globally – will this impact regulation of the use of data in Asia? How can regtech address compliance and regulatory challenges?

Featuring Scott Bales, Samantha Emery, Pralhad Giri, and Kooi Fei Foong

Power Panel: Mapping Out Your Digital Transformation Journey – Start with the Customer & Work Backward

The battle for customer data and insight – what are the keys to success in the age of hyper personalization? How can financial institutions adopt open innovation to avoid becoming just the infrastructure and losing the customer engagement space?

Featuring Brit Blakeney, Samuel Hall, Dennis Khoo, Ravinder Pal Singh, and Scott Bales

Challenger Bank Power Panel: What Have We Learned On Our Journey to Build a Digital Only Bank

What are the challenges in building a digital only bank in today’s environment? How can companies take advantage of new openness toward challenger bank? Where do digital only challenger banks fit in the financial ecosystem along with traditional banks and financial service providers, as well as fintechs?

Featuring Louise Beaumont, Umang Moondra, Tony Ohlsson, and Jeremy Berger

Power Panel: How Tech Giants, Platform Players and Their Super Apps Are Reaching New Consumers In A Tech-Driven World

Who are the most innovative tech giants and platform players of today? What are these companies doing right to maintain their edge in the market? How do super apps help innovative firms attract and engage new, tech-savvy consumers in an increasingly competitive environment.

Featuring Helen Yi, Samita Malik, Yin Long, Johann Hauswald and Scott Bales

Mentoring Power Panel: What Every Startup Needs to Know about Fundraising, Winning Investors, Marketing, Building Scale, and Overcoming the Hurdles to Form Fruitful Partnerships in Asia

What kind of opportunities do Asian markets present for fintech startups? How important is it for fintechs based outside of Asia to partner with firms inside of the region? What are the biggest challenges that startups face when seeking to partner with financial institutions in Asia?

Featuring Karen Contet Farzam, Dhiritiman Hui, Kuo-Yi Lim, Paul Spronk, and Daniel Ramamoorthy.

In addition to our Power Panels, FinovateAsia will also feature a series of roundtables and debates on the latest topics in Asian fintech.

  • Strategy Roundtable (Emerging Asian Markets Stream): Capturing the Opportunities in Asian Emerging Markets – Indonesia, Malaysia, Thailand, Vietnam, the Philippines, and Korea.
  • Strategy Roundtable (Digital Lending Stream): Retail, Small Business, and Commercial Lending in Asia – Where are the Opportunities for Incumbents and Startups? How Will Regulation Change the Game?
  • Strategy Roundtable (Digital Payments Stream): Payments Innovation – Where Is Asia Ahead of the West and Where Is It Lagging? What Will the Asian Retail and Wholesale Payments Ecosystem Look Like in 2025?
  • Strategy Roundtable (Investech Stream): How Can Incumbents Harness New Technologies and Identify and Collaborate with New Players to Embrace Innovation and Transform Investment Management?
  • Investors Debate: Where Is the Smart Money Investing in Asian Fintech? Will the Consumer Focused Fintech Model Evolve into a Business Focused Model? What Do We Know About the Next Generation of Unicorns?
  • Analyst Showcase: What’s Hot and What’s Not in Fintech? What Has Changed in the Last 12 Months?

FinovateAsia kicks off in Singapore on October 14 through 15, with a special Summit Day on the 16th. For more information, and to pick up your ticket and save your spot, visit our registration page today.

FinovateAsia Sneak Peek: Upgrade Pack

A look at the companies demoing live at FinovateAsia on October 14 through 15, 2019 in Singapore. Register today and save your spot.

Upgrade Pack is a market-first platform for exclusive travel upgrades. The company helps financial institutions reward their most valued customers while also driving incremental card revenue.

Features

  • Brand differentiation by providing customers with exclusive upgrade offers in real time
  • Highly scalable platform technology, no complex integration
  • Purchase data aids future customer segmentation

Why it’s great
Upgrade Pack helps you optimize the latest platform technology to deliver product innovation that will retain and attract the most high value customers.

Presenters

Urchana Moudgil, Co-Founder and Group COO
Moudgil has held senior finance roles in leading consultancy firms. Her experience in financial management and operations has helped Upgrade Pack raise £3 million and scale internationally in just a year.
LinkedIn

Tobias Berger, COO-Asia Pacific
A digital leader with 20 years of experience, Berger has built and led digital innovations within APAC for brands including Expedia and Google, with a recent focus on platforms and commercial strategy.
LinkedIn

FinovateAsia Sneak Peek: fcase

A look at the companies demoing live at FinovateAsia on October 14 through 15, 2019 in Singapore. Register today and save your spot.

Thefcase Fraud Orchestration platform is the future of fraud operations, reducing fraud by 20% and fraud operations overhead by 40%. See the full picture of fraud with fcase.

Features

  • Fraud automation
  • A global view of fraud (case management, compliance reporting, automation, collaboration, APIs)
  • Continuous adaptive risk trust assessment

Why it’s great
Orchestration delivers true fraud automation and collaboration that reduces fraud and customer friction at scale with efficiency.

Presenter

Barry Bowen, Global Head of Sales
Bowen has 25 years focusing on fraud prevention and orchestration in financial markets.
LinkedIn

FinovateAsia Sneak Peek: Libertypool

A look at the companies demoing live at FinovateAsia on October 14 through 15, 2019 in Singapore. Register today and save your spot.

Libertypool is empowering people around the world to achieve financial independence through asset accumulation, especially by cryptocurrency investment.

Features

  • A borderless investment platform for busy investors
  • A diversified portfolio reflecting the entire cryptocurrency market with 99% accuracy
  • Customers need 60 seconds to start investing

Why it’s great
LPx is the first borderless investment platform that enables people to invest with as little as $500 in the entire cryptocurrency market in a few clicks.

Presenters

Yu Yamanaka, CEO
Yamanaka is a high-tech entrepreneur. He worked for startups in security, media, and AI for eight years. He entered the blockchain world as a CTO of an ICO platform that raised $9 million through a token sale.
LinkedIn

Goku Anand, Head of Growth
An author of ebooks on online marketing and growth hacking, Anand has more than five years of startup experience in growth hacking, digital marketing, branding, and video marketing.
LinkedIn

FinovateAsia Sneak Peek: ExchangeConnect

A look at the companies demoing live at FinovateAsia on October 14 through 15, 2019 in Singapore. Register today and save your spot.

ExchangeConnect, from S-Ancial, focuses on incorporating the resourcefulness of data intelligence to empower capital markets. The company effectively integrates the global market ecosystem with its proprietary technology.

Features

  • Pioneers pre-transaction technologies
  • Gathers unstructured data and structures flow of information
  • Provides seamless communication and enhanced outreach between stakeholders

Why it’s great
If all data released into the capital market ecosystem can be structured and machine-learnable, automation can take over, benefitting all stakeholders. ExchangeConnect does this.

Presenter

Pradip Seth, Managing Director
Seth founded S-Ancial in 2014 as a fintech startup. He has broad knowledge of global corporate governance and disclosure practices. He has been spearheading the development of ExchangeConnect.
LinkedIn

FinovateAsia Sneak Peek: ChintaMoney

A look at the companies demoing live at FinovateAsia on October 14 through 15, 2019 in Singapore. Register today and save your spot.

ChintaMoney is proactively easing financial stress for individuals across the globe through a combination of open banking and payments with a personalized suite of financial products and services.

Features

  • Payments merged with budgeting
  • Financial literacy
  • Complete finance products and services in one application

Why it’s great
ChintaMoney is a proactive, turnkey personal finance solution that combines payments with financial products and services.

Presenters

Uday Wagh, CEO
Wagh is an innovator and serial entrepreneur, having launched scientific inventions in botany and physics before delving into theater as an actor and finally beginning his career in fintech.
LinkedIn

FinovateAsia Sneak Peek: FinBit.io

A look at the companies demoing live at FinovateAsia on October 14 through 15, 2019 in Singapore. Register today and save your spot.

FinBit.io, a leading data aggregation and analytics platform, is launching a disruptive credit analytics and scoring product – BankScore – to solve for people suffering with traditional credit scores.

Features

  • BankScore is based on analysis of an individual’s bank transactions
  • Real-time aggregation and analytics using machine learning
  • Solution addresses the large population that struggles with credit scores

Why it’s great
Traditional credit scores are broken and incomplete for developing economies as the majority of people may not have a credit card or loan history. BankScore disrupts just by analyzing a bank account.

Presenter

Prashant Paliwal, Founder and CEO
Paliwal was driving Yodlee’s APAC fintech business before starting FinBit.io to address large pain points in India and Asia. He is a fellow from MIT Sloan, earned an MS from the University of Cincinnati, and holds two patents.
LinkedIn

Ashvi Mittal, Product Manager
Mittal is instrumental in devising core analytics algorithms and products as well as driving sales from Mumbai. She holds an MS in Finance from EDHEC France.
LinkedIn