Alumni News– July 23, 2014

  • Finovate-F-Logo.jpgTaulia raises $27 million in series D funding.
  • CU Service Network partners with Insuritas to generate fee income for credit unions.
  • Cachet Financial Solutions partners with top five commercial bank in the U.S. to implement a prepaid mobile platform for supermarket chain.
  • BioCatch raises $10 million in Series A round. See them demo at FinovateFall 2014.
  • Malauzai Software partners with Trusteer to bring mobile security solutions to Customers Bancorp. Join Malauzai in New York in September for FinovateFall.
  • Place2Give launches MyPlace2Give.com to enable individuals to set up their own charitable giving fund.
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.

Alumni News– July 8, 2014

  • Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgTop Image Systems signs agreement to acquire cloud-based banking solutions provider, EGistics.
  • Prestadero raises more than $670K in series B funding round.
  • ACI Worldwide to bring electronic billpay to Southern Auto Finance Company (SAFCo).
  • P2Binvestor crowdlends $2 million line of credit to fellow Finovate alum.
  • Mike Branton of StrategyCorps discusses the “three big threes of checking” in CB Insight.
  • Lending Club facilitates $1 billion of loans in Q2 2014, which brings it to a total of $5 billion since its inception.
  • ReadyForZero announces two new resource centers: Get Out of Debt and Auto Loan Resources.
  • First American Credit Union hires Insuritas to launch insurance agency to build non-cyclical fee income.
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.

Alumni News– July 1, 2014

  • Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgPuget Sound Business Journal profiles Doxo co-founder and CEO, Steve Shivers.
  • Techcrunch column on the “un-banking of America” highlights a dozen Finovate alums.
  • Mentors International deploying Mambu’s cloud banking platform.
  • Finovate alums raise more than $600 million for second quarter in a row.
  • People’s Trust Federal Credit Union teams up with Insuritas to provide insurance solutions for its 26,000 members.
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.

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.

Alumni News– June 10, 2014

  • Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgFinovate Alums LendingRobot and Wallaby Among 2014 Innotribe New York Winners.
  • TransferWise Announces $25 Million Investment; Support from Sir Richard Branson.
  • Top Image Systems and Cintas Document Management form technology partnership to provide advanced BPO solutions.
  • PayPal President David Marcus leaves for Facebook job.
  • Arxan Technologies will now be sold by IBM as part of its portfolio of security products.
  • Insuritas signs Florida-based Tyndall FCU ($1.1 billion in assets) to provide insurance options to its almost 100,000 members.
  • P2Binvestor reaches $2 million in deals over the past 2 months after providing funding to Colorado-based beverage company.
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– May 27, 2014

  • Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgThomson Reuters adds material modification flags to its FATCA Grandfathered Obligations solution.
  • Top Image Systems teams up with Taulia to provide joint cloud invoice processing and supply chain optimization.
  • Kalixa acquires PXP Solutions for undisclosed sum.
  • Insuritas announces partnership with OSU FCU to create virtual “Insurance Aisle” inside the credit union.
  • SafetyPay releases SafetyPay Direct solution to allow merchants to request payments to customers by email or phone.
  • Holvi announces new million euro investment.
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– May 13, 2014

  • Finovate-F-Logo.jpgYseop expands to New York http://bit.ly/QEtHWx
  • InComm partners with Softgate Systems to enable consumers to make cash bill payments in-store for 12k billers.
  • TIO Networks partners with PSE&G to enable customer payments at 2,000+ retail locations.
  • TSYS chooses ShopKeep to offer POS technology in the cloud.
  • FIS introduces Early Risk Manager, a turnkey, cloud-based risk and compliance solution for FIs.
  • Back to Banno: ProfitStars rebrands Andiamo mobile payments solution; now called Banno Mobile.
  • Mambu wins core banking contracts with financial organizations in Nigeria, Angola, and Kenya.
  • United Community CU partners with Insuritas to create a virtual “Insurance Aisle” inside the credit union.
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– May 6, 2014

  • Finovate-F-Logo.jpgCU Alliance hires Insuritas to build non-cyclical fee income for credit union members.
  • Wade Arnold wins CEO of the Year award from Technology Association of Iowa, weeks after selling Banno to Jack Henry & Associates.
  • Holvi moves HQ to downtown Helsinki.
  • Fidor AG is first bank to deploy Ripple protocol.
  • Lending Club announces partnership with Union Bank.
  • Fiserv’s TradeFlow enhanced to support SWIFT’s GETC.
  • Sonora Bank implements SilverLake core processing platform from Jack Henry Banking.
  • LendUp raises $50 million credit debt facility from Victory Park Capital.
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.

Insuritas Launches SmartCART Technology to Show Bank Clients Insurance Options

InsuritasLogo

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

Next, Insuritas launched its SmartCART technology that helps bank customers shop for and compare insurance products:
“The SmartCART Technology™ platform allows millions of online banking customers to access a supermarket for financial products entirely inside a bank’s online ecosystem. SmartCART provides the same shop, compare, buy, single-checkout, and post-sale online account management experience as Amazon.com but features consumer and small business insurance products from multiple carriers who use SmartCART to compete on coverage. 
SmartCART features buy online, instant issue, online fulfillment for all purchases, takes a single payment from the consumer, reconciles to all carriers providing coverage, and creates an online “Insurance Account” that is available to the customer through the bank’s or e-tailer’s web portal.”
Presenting: Jeffrey Chesky (CEO) and Matthew Chesky (SVP)
Product Launch: April 2014
Metrics: Founded 1998, $10M Series A raise in Q2 2012 from private investors, 60 FTE, $18M+ in sales in 2014, 70+ bank & credit union partners, launched on Overstock.com, 2M+ per month free product impressions, $1.4M supporting sales per month, 76% of product sales revenue renews YOY
Product distribution strategy: Direct to Consumer (B2C), Direct to Business (B2B)
HQ: East Windsor, CT
Founded: 1998
Website: insuritas.com
Twitter: @Insuritas

Finovate Alumni News– April 15, 2014

  • Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgTransferWise announces more than $1 billion in P2P transfers.
  • Insuritas picked by Nutmeg State Federal Credit Union to open and manage its turnkey insurance agency. See Insuritas demo at FinovateSpring in San Jose.
  • Streetwise reports: HelloWallet Signs Another Big Deal with Aon Hewitt.
  • CardFlight wins Electronic Transactions Association’s 2014 Technology Innovation Award.
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.