“Tacfi is a consumer mortgage website that, for the first time, allows mortgage shoppers to truly control their outcomes throughout the mortgage process. Tacfi puts the intelligence of the mortgage industry up front and accessible to consumers where it belongs.The website will also allow consumers to seamlessly connect to select mortgage providers, while providing an easy way to safely and effectively navigate the mortgage process from end to end.”
Here’s a look at another set of companies who showed off their new technology at FinovateEurope in London last month.
If you missed the previous behind-the-scenes features, you can check them out below:
With its mobile tablet app, iStockTrack, Luxoft aims to give premium bank clients a single, powerful tool to compare stocks, monitor their wealth, do daily banking activities, keep up with industry news, and more.
- 7,000+ employees
- 19 offices worldwide
- 130+ clients
- 300+ successful projects
- Public company NYSE: LXFT
The screenshot below, which captures the user experience on the iPad, illustrates the client view of their net worth in the Banking tab. The top of the screen details the user’s individual accounts, while the graph in the middle shows a visual representation of the user’s net worth over time and projected future net worth.
Near the bottom, the user has access to tools such as a calculator, a video chat connection to their advisor, and an ATM locator. The user can customize these to their individual preferences.
This screenshot shows the user’s Favorites section that breaks down an individual stock (in this case, Google). It includes a comprehensive view of the stock, including data, a written business summary, and the ability to compare it with other stocks.
Also noteworthy is the Analyst Consensus section in the bottom right corner, which advises the user on the option to buy, sell, or hold a stock.
The screenshot below shows stock indices along the top, along with relevant events on the bottom right, and news on the left. Written news releases are located along the left side, and are complemented with videos on the bottom help to further inform the user on their trading decisions.
Luxoft can bring iStockTrack to any banking client within 4-6 weeks.The app can be re-skinned to match the branding preferences of any financial institution.
Among Topicus Finan’s many different solutions is its self-serve small business lending product, which it demoed at FinovateEurope. This product-as-a-service provides entrepreneurs with an easy-to-understand view of their business financials along with tools such as what-if analyses to determine the financial impact of possible decisions.
Simultaneously, the lending institution is given full visibility into the business owner’s financials and decisions, and even informs them when the entrepreneur is seeking additional capital.
- 52 full time employees and growing
- Turnover in 2013 was €4.1 million
The below screenshot illustrates the entrepreneur’s view of their small business finances. In this case, after the client logs on via their tablet’s web browser, they see an advisory graph that shows the assessment rating that the business receives on 6 different pillars: Capital, Liquidity, Return on capital, Revenues development, Payment behavior, and Payment credit charges.
The entrepreneur can also view graphs of their solvency rate, gross profit margin, and net cash. Additionally, they have the ability to see how each of these metrics will change with different scenarios such as purchasing equipment or adjusting labor.
The financial institution is given a full view of the small business’ finances. In this case, the business owner tested a what-if scenario about financing a new piece of machinery, and realized he did not have the cash flow to make it happen.
Afterwards, the loan officer was alerted that the client needed additional capital to purchase the new piece of machinery. At this point, the loan officer can easily view the actual business metrics to help make the decision about how much capital to offer.
Topicus Finan counts ING as one of its largest customers. The Dutch bank uses Topicus Finan’s software worldwide.
Jumio’s Fastfill speeds up a bank’s customer acquisition process by extracting data on a customer’s ID document. After scanning an ID such as a passport or driver’s license just once, the new client no longer needs to bother with filling out multiple fields on a form.
- Raised $37 million, $25 of which was from Andreessen Horowitz
- PCI 1 Certified
To open an account, the user is faced with the following 12-field form. In order to expedite the process and decrease friction, the user is presented with the option to scan their ID.
The user scans their ID document, just as they would a check during a remote deposit capture process. Acceptable documentation includes a drivers license, passport, or government-issued ID.
The screenshot below shows what the form looks like after it has extracted the information from the ID.
We hope you have been enjoying our “behind the scenes” look back at FinovateEurope 2014.
In our first installment, we shared with you some insights from our conversations with AdviceGames, Nous, and Yseop. We followed that with a peek at how CRIF, Mobino, and SaaS Markets were helping bring fintech innovation to businesses and consumers alike. And just last week, we presented a behind the scenes look at NF Innova, Vaamo, and Best of Show winner, Tink.
This week we bring you another handful of companies from FinovateEurope 2014. First up for today are three innovators from the fields of mobile app security, big data analytics, and lending to the underbanked in emerging markets.
- Technology is deployed on more than 300 million devices
- Revenue for 2013 increased by 95%
- Enterprise adoption grew by 146% in 2013
- First and only IBM partner to offer validated app hardening, tamper proofing for mobile channel
- Raised $10 million in funding
- Capable of responding intelligently to more than one million financial queries (expected to reach 100 million by end of 2014)
- Natural language interface that lowers barriers to participation
- Cloud computing infrastructure that lowers implementation time to zero
- Software that works “as is” across a variety of channels including tablets and laptops
- Visualization (“we are visual beings. Colors and shapes help you get what the graphs are telling you”)
- Raised S$700,000 in seed funding
- More than $5 million in approved loans
atures like credit scoring, document verification – precisely the kind of functionality that is now helping attract banks to the company’s platform.
If you missed the previous two behind-the-scenes features, be sure to check out:
- $1.5 million in revenue in 2013
- 1 million users in its iBanking suite
- 42 employees
- 15 years experience working with banks
- 150,000 users
- 10 employees
- Average user logs in 3 times per week
- 14 employees
- More than €500K in capital raised
- It is in final negotiations in contracting with a bank in Germany to h
old customer account balances.
Vaamo is a paid product that will target 25-45 year olds who earn a range of €3k to €10k per month.
Stay tuned next week for another behind-the-curtain view of FinovateEurope 2014.
Your plan to binge watch “House of Cards” just got a little more complicated.
The videos from FinovateEurope 2014 are now available in our Video Archive section. Two full days of demos. 67 presentations. More than 470 minutes of fintech innovation. No gorilla suits or no-look, laptop tosses this time around. But the two-day event did feature an entertaining performance by a precocious young investor, a pair of innovators in motorcycle helmets, and a Russian supermodel.
And if all that doesn’t whet your appetite, here’s a look at the demo videos from the nine companies awarded Best of Show honors this year. Click the image to go to the video page.
Here’s more “behind-the-scenes” coverage of some of the companies that presented at FinovateEurope 2014.
If you missed our previous installment from last week, click here to read “FinovateEurope: Behind the Scenes with AdviceGames, Nous.net, and Yseop.”
- More than $106 million in equity
- More than 2,400 financial institutions use CRIF technologies daily
- More than 1,500 employees/associates worldwide
- Total revenues in 2012 were 285 million euros
- Founded in Italy, CRIF recently celebrated its 25th anniversary
ing point about our relationship with our banks:
“(Online banking) was marketed toward us as banking without waiting. But in the end we do all the work, and the bank is not available when we need them. They are there when we need credit or want to buy a house or set up investments. But when we just want to do the basic movements of money that are paired with daily life, the banks are really in the background.”
With any luck, FinovateEurope presenters and attendees were able to rest over the weekend to recover from the demos and networking.
It appears, however, that the media, bloggers, and members of the press were busy polishing up their extensive coverage of the demos. There are still more articles and blogs in the works, so stay tuned for further coverage.
Here’s a rollup of FinovateEurope in the press:
- Feedzai Sifts Through Social Media Posts for Clues to Fraud
by Penny Crosman
- Jumio Aims to Modernize Mobile Commerce with Camera Tech
by Karen Epper Hoffman
- CRIF Debuts its Mobile Lending Platform that Adapts to Any Business, Regulation, or Country Requirement
- Misys wins Best of Show at FinovateEurope
- Show Report: Strike it Rich at Finovate Europe 2014
by Neil Ainger
- GMC Software Technology shows off mobile onboarding app
- Nous trading game app lets users bet on bitcoin price
- Nous unveils crowd-sourced data feeds
- Standard Bank tests current account-linked bitcoin wallet
- How ‘social fingerprinting’ company Trustev uses Facebook to decide if you can have that new phone
by Ben Woods
- The Currency Cloud revamps payments platform with new look and streamlined API integration
by Ben Woods
- Toshl’s incoming update brings more monsters and a beautiful take on personal finance tracking
by Ben Woods
Did we miss anything? Please send additional press coverage from FinovateEurope 2014 to firstname.lastname@example.org and we’ll add it. Thanks!
It’s only fitting that our biggest FinovateEurope ever would feature the liveliest Twitter feed in FinovateEurope history as well.
Maybe you were one of those retweeting support of not just “demos that taste good”, but “demos with good taste,” too. Perhaps you were among the many marveling at those great sketch summaries of FinovateEurope from follower @jonohey of FinovateEurope 2012 alum, Nutmeg.
But however you may have enjoyed FinovateEurope 2014, there is no doubt that social media was a big part of the story this year.
You’ll have to go see some of the saltier tweets on your own. But here are a handful of highlights (click for larger version):
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 nine 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.
“SOON is changing the way everyday banking is done. Mobile banking can be much more than another channel to use the same banking services because mobile handset capabilities enable brand new user experiences. SOON is one of the first bank services to be specially designed for a mobile smartphone, with the objective to make bank services useful, simple, and pleasant. Focusing on design and user experience, we took Apple as an example and used the Nudge marketing theory to develop useful functionalities to manage money.”
“We are demonstrating the next generation of our innovative Shopping Assistance functionality which adds an entirely new level of “big data” consumer profiling and multichannel targeting to our card linked offer bank loyalty platform.The cardholder checks in at the merchant store using the App or logs on to the web shop. Our consumer insight analytics in real time pushes relevant shopping offers and recommendations which match the cardholder’s preferences. The preferences are derived from the cardholder’s profile which we maintain consistently across all merchant sales channels. The cardholder checks out from the store using the Smart Engine App, paying for the purchase and redeeming a discount all in one go.”
Next, Arxan Technologies took the stage with its mobile app shielding for financial services:
“Arxan’s mobile application hardening delivers critical defense and shielding at the application layer with static and active self-defend and tamper-proof attributes. By deploying Arxan protected apps, financial institutions can launch advanced and feature-rich mobile financial services with confidence. Our state of the art ‘Guards’ are small units of object code that “lockdown” applications with multiple and performance sensitive protection against attacks such as malware, fraud, data breach repackaging, unauthorized access, IP theft, removal of security or critical business logic – all of which would have significant consequences for financial institutions.”