FinovateFall 2016 Best of Show Winners Announced

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Innovations in automobile financing that leverage mobile technology to empower buyers. Omnichannel solutions that enable customer onboarding in less than a minute. Intelligent personal assistants that hear and respond in natural, conversational language.

The Best of Show winners of FinovateFall 2016 are a compelling tribute to the diversity of our industry. From new strategies that help financial institutions leverage their data to provide better services, to platforms that transform the gift card from a present-of-last-resort to the perfect gift, to a multifaceted identity-solution capable of securing everything from your email account to SWIFT wires, it is an exciting time to be a part of this dynamic fusion of finance and technology.

And while we give due credit to those demos that drew the most enthusiastic praise from our record-breaking FinovateFall audience, know that our Best of Show winners represent the tip of the spear, the vanguard of a movement whose innovations will shape the way we save, spend, invest, and engage the financial world for years to come.

Here are our Best of Show award winners for FinovateFall 2016 (in alphabetic order):

AutoGravity Logo copyAutoGravity for its app that harnesses the power of the smartphone to enable users to take control of the automobile buying and financing experience.

Backbase---Hi-ResBackbase for its omnichannel banking platform that leverages optical character recognition and facial recognition to deliver 60-second onboarding.

clinc-logo-finovate-new copyClinc for its personal assistant for mobile banking, “Finie,” that uses advanced artificial intelligence and deep learning to communicate with users in natural, conversational language.

 

MX Logo copyMX for its innovative technology that enables FIs to acquire new data, as well as better and more effortlessly understand and analyze the data they already have.

 

Swych Logo copySwych for its mobile gifting platform that makes it easy for users to buy, send, upload, redeem, and exchange gift cards instantly and conveniently from their mobile devices.

Trusona Logo copyTrusona for its insured cloud identity suite with offerings that run the gamut from securing everyday logins to protecting the world’s most sensitive assets.

We had a great time at FinovateFall 2016 and hope you enjoyed our two-day conference, as well. A thousand thanks to our sponsors, our partners, our presenters, and, last but not least, the 1,600+ attendees who made this year’s FinovateFall our biggest event yet. We’ll see you again 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 six 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 and 2016 conferences are below:
FinovateEurope 2015
FinovateSpring 2015
FinovateFall 2015
FinovateEurope 2016
FinovateSpring 2016

Finovate Alumni News

On Finovate.com

  • Four Fintech Companies Featured in Forbes 100 Most Innovative Public Companies

Around the web

  • Mambu announces plan to double staff to support 10% month-on-month growth.
  • NCR teams up with MX to bring data-driven money-management to FIs. See MX at FinovateFall in New York this week.
  • Expensify opens new office in Melbourne, Australia.
  • Online currency exchange b-Sharpe chooses Mobile Verify from Mitek for identity verification.
  • Leading hedge fund Logica Capital Advisors selects Vera to manage critical business information and internal collaboration files.

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.

Mobile: Going All-in with PFM in Mobile Banking

becu_mx_mobileThe ongoing migration to mobile provides financial institutions a chance to reboot their approach to delivering information digitally. Digital banking v1.0 (desktop online banking) was primarily about porting paper-based statements into an online format. It was a huge change and made banking more convenient, though not really any more effective than the paper-and-call-center system it replaced.

Digital banking v2.0 (mobile banking) is where modern processing power and machine intelligence pays off. Banking becomes not only more convenient, but much simpler, less time consuming, and helps consumers make better financial decisions. But to get to those payoffs, FIs need to provide advanced features, that we in the industry call PFM (personal financial management).

But it’s hard to transition entrenched desktop-banking users to the more powerful PFM platforms. Many customers have been happily using desktop-online banking for a decade or more. And it’s a painful process to move them into what looks initially like a more complicated system.

So some FIs are gently pushing users into the future by offering ONLY a PFM-based native app. The largest U.S. financial institution to use that approach is Seattle-based BECU, the fourth largest credit union in the nation, with nearly 1 million members and 350,000 using mobile banking (up 75% in the past year).

A year ago, the credit union replaced its simple mobile-banking app with a fully PFM-integrated version powered by MX (see them at FinovateFall next week). CU members using native apps (Apple, Android, Windows) now do all their banking through a full PFM interface.

becu_mob_money_homeIt’s a good long-term move. Users expect, and need, more functionality than simple balance lookup and funds transfer. But making such a big change all at once carries risks too. With more than 200,000 users at conversion time, there ensued some initial member grumbling, inevitable with such a big change. But the latest version released in May 2016 carries the highest 5-star rating, so apparently users have come to grips with the change. You can see the reviews in the iTunes and Google Play stores. Check out the MX case study for more details.

The full-conversion approach used by BECU may be the fastest way to move customers into the future. But to minimize initial pushback and work out any UX hiccups, grandfathering the old app could provide some breathing room. Or call the new version “Pro,” charge $1.50/mo for it (waived for a few months), and let both versions live side by side indefinitely. TD Bank in Canada offers the Moven-powered MySpend app as an add-in to its regular mobile banking app (see Moven at FinovateFall next week).

Alternatively, users turned off by a the full-featured app can be referred to the mobile website with instructions on how to save it as an icon on their phone. As long as you have a reasonably responsive, well-designed site, non-power user customers will be satisfied.

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The BECU Money Manager has a start page (inset) that includes links to a tour, FAQs, new member application, online banking enrollment (required for mobile banking), location finder, and a link to the full mobile website.

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Here’s a 3-minute MX-produced video of BECU exec Howie Wu discussing the desktop PFM platform and integration:

BECU on MX

FinDEVr APIntelligence

FinDEVrSV16-withdateOur FinDEVr New York developer showcase was a success! FinDEVr Silicon Valley will be held 18/19 October 2016 in Santa Clara. Register today and save.

On FinDEVr.com

  • From the Tech Side: Interview with Checkbook.io CTO PJ Gupta

The latest from FinDEVr New York 2016 presenters

  • Q2 Leverages MX Technology to Launch Contextual PFM
  • France’s Groupe BPCE Acquires Munich-based Fidor Bank
  • Venmo named a Breakthrough Brand on Interbrand’s 2016 report

Alumni updates

  • Pennsylvania State Employees CU implement account origination module from Temenos.
  • Envestnet | Yodlee Forges Strategic Partnership with United Capital
  • Token opens new London office.
  • Trulioo earns top honors for ID verification in 2016 Global RegTech report.
  • PC Magazine labels Xero the fastest accounting-software innovator.
  • Entersekt to bring its 2FA technology, Transakt, to Nigeria via partnership with First Authentication Services Ltd (FASL).

Stay current on daily news from the fintech developer community! Follow FinDEVr on Twitter.

Ready for a Sneak Peek? How to Best Prepare for FinovateFall

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To give you a sense of the many new ideas at the upcoming FinovateFall conference in New York, we’ve launched our Sneak Peek series. Eight companies are featured each week leading up to the 8/9 September event (tickets now available).

In the meantime, here is a quick summary of the 66 announced companies (six more are in stealth mode). It’s a lot to take in; pace yourself!

  • Agreement Express offers an an end-to-end platform that helps traditional financial institutions automate labor-intensive parts of the customer onboarding process to remain compliant while quickly opening customer accounts.
  • Aleo’s marketplace uses e-procurement, e-commerce and supplier financing bundled in a single open platform to offer small and medium enterprises an online procure-to-pay solution.
  • AutoGravity’s mobile-first digital marketplace helps digitally minded customers, looking to buy and finance a vehicle, circumvent the inefficiencies of the auto-financing process by leveraging the full potential of their smartphone.
  • Avoka’s customer-acquisition platform integrates multiple fintech services to help banks, wealth managers and insurers use mobile and digital channels to onboard customers.
  • Backbase offers 60-second onboarding for financial services companies to accelerate customer acquisition with a simple, fast, and seamless omnichannel onboarding journey.
  • Bankjoy offers developers a banking API for a modern, real-time, holistic interface for credit unions and community banks.
  • Bitbond’s automated, international credit-scoring mechanism compares small business-loan applicants from different countries by using machine learning and data from the applicant’s business accounts.
  • Bluescape offers large financial services companies a highly interactive, visually collaborative platform that uses real-time, cloud-based architecture that’s ultra-scalable, all-capturing, and accessible anytime from any device.
  • BondIT offers financial advisers and portfolio managers a data-driven solution that uses machine learning advanced algorithms to manage fixed-income portfolios and solve optimization challenges.
  • brandCrowder has developed an alternative investment platform focusing on branded franchises. It leverages 45+ years of franchise-operations experience to help retail investors finance franchises, helping to bring them to market quicker.
  • Clinc’s mobile, voice-activated personal financial adviser uses artificial intelligence to help consumers get answers to financial questions and tasks.
  • Consdata offers banks and financial institutions a comprehensive platform for e-form management and customer-communication complexities.
  • Currencycloud’s dedicated API services use intelligent APIs to help businesses with the cost, limitations, and boundaries of existing payment infrastructure.
  • Daon bridges convenience and security by offering financial services companies a mobile biometric authentication platform that turns a smartphone into a mobile capture device.
  • Divy’s app and social investing community uses an approachable interface and engaging content to help first-time and emerging investors access direct marketing and financial literacy material.
  • Dynamics offers issuers and their cardholders interactive payment cards and an authorization-based, real-time loyalty processing system.
  • ebankIT’s platform offers financial institution clients an omnichannel experience.
  • Econiq’s Conversation Hub uses color-coded conversations to help bank and insurer frontline staff, and operational management and executives avoid disconnected customer conversations in branches and contact centers.
  • Envestnet | Yodlee offers millennials a solution for measuring financial health and promoting a healthy financial lifestyle.
  • Experian CrossCore is a single platform that helps manage customer identities, fraud-prevention tools, workflows and decision strategies in an easy-to-use and scalable format.
  • EyeVerify’s Eyeprint ID offers banks and other financial services companies eye biometrics via smartphone cameras for convenient, secure and private authentication.
  • Featurespace’s ARIC Engine helps financial services clients spot and prevent fraud attacks in real time using adaptive behavioral analytics.
  • Finicity offers an API for companies to build financial apps.
  • Fiserv helps financial institutions enable social finance by providing customers access to a safe, collaborative bank-secured social funding product.
  • Full Profile uses the blockchain and smart contracts for real-time settlement and reporting of physical agri-commodities to help farmers, buyers, banks and government counter party and credit-risk exposures.
  • FutureVault’s cloud-based filing cabinet helps financial service providers and their clients organize asset documents and accounts using a secure, structured and collaborative B2B2C cloud environment.
  • GainX’s SaaS platform uses decades of market research and leading-edge technology to help large financial institutions overcome innovation and adaption failures.
  • GoodData helps large banks, credit-card processing and insurance companies commercialize and monetize their data using a scalable, manageable and secure platform that is exclusively designed for data products and embedded analytics.
  • iBank Marketing offers millennials a multifunction digital wallet to help them achieve personal goals around life events by using its local eco-system that bridges consumers and small- to medium-sized enterprises.
  • identitii uses tokens and blockchain to help financial institutions with KYC, CTF and AML compliance using an information layer over legacy systems.
  • InSpirAVE’s social e-commerce platform curates advice and financial support from the user’s friends and family, financial institutions, and merchants. It helps multiply savings, for big-ticket purchases for customers who otherwise may not be able to afford them, by placing important goals for life’s special moments within reach, without the crushing burden of debt.
  • KORE’s platform transforms enterprise applications, online banking and mobile apps into personalized, conversational engagements to help financial institutions meet customer-experience expectations using the power of bots and simplicity of messaging.
  • LendingFront’s lending platform leverages a cloud-based system that furnishes small businesses with capital using their cashflow data.
  • Lidya offers African small- to medium-sized enterprises access to finance using online receivables-based lending and proprietary credit scoring.
  • Liferay’s Digital Experience offers banks a richer understanding of customers by orchestrating personalized customer experiences.
  • M1 Finance places assets held in low-yielding cash accounts into an asset-linked bank account and intuitive investment platform.
  • MapD’s Immerse helps quantitative hedge fund and asset managers query datasets with billions of rows in real-time by applying the parallel processing power of GPUs to the challenges of databases, visualization and analytics.
  • MarketX’s cross-border investment platform helps international investors with the lack of liquidity for U.S. startup shares and limited access to U.S. pre-IPO investment opportunities.
  • ModoPayments offers financial companies a digital payments hub to connect disparate sources of value to diverse destinations using Modo’s COIN technology.
  • Moonraft Innovation Labs helps banks innovate and evolve by rapidly adapting to changing market needs using Catamera, its unique customer experience delivery framework.
  • Moven’s growing platform reaches the millennial, mobile first, digital native audience by bringing banking (specifically savings) into the moment.
  • MX helps financial institutions become true advocates for their account holders by using analytics to power a revolutionary category of data-driven money management.
  • nanoPay offers a payments and loyalty solution for merchants.
  • Overbond’s digital platform offers transparency, efficiency, and liquidity in the fixed income market for corporate issuers, investors, and dealers.
  • Personetics offers financial services providers a digital personalization platform that uses real-time, ultra-scalable predictive analytics to keep customers engaged in the digital age.
  • ProActive FinTech uses a phone app and debit card featuring unlimited mini bank accounts and pre-purchase categorization to help millennial moms with cash-flow management.
  • QE Data offers commercial banking systems a real-time predictive model for net cash-flows that uses machine learning, rich visualization, speedy deployment and real-world banking experience.
  • Qumram uses 100% real-time, video-like recording of every mouse movement, keystroke and button click to help financial services organizations with compliance and transparency issues relating to digital business.
  • RightCapital’s financial and tax-planning platform helps advisers deliver unbundled, quality financial planning and tax-planning services. It works to efficiently and digitally help consumers with the lack of viable business and technology solutions.
  • SaleMove offers financial institutions a live engagement platform to help sell and service complex financial services products online. The platform uses instant video chat and guided browsing with no downloads or installations.
  • Sindeo’s self-directed consumer rate quote and prequalification tool simplifies home financing and refinancing using an integrated platform that offers consumer, real estate partner, and adviser tools that conform to CFPB regulation and ensure a simple and easy consumer experience.
  • SpeechPro’s customer onboarding solution offers multichannel access to help CTOs, developers and other technologists focus on KYC, identity and verification.
  • Swych’s mobile gifting platform offers gift-card recipients a better way to buy, gift, and manage gift cards.
  • Tango Card’s RaaS API 2.0 uses simple-yet-complete delivery technology and domain expertise to help enterprises deliver incentives efficiently and effectively.
  • TokBox’s Financial Services Accelerator Pack offers banks and financial organizations secure and easy-to-embed, real-time communications technology.
  • TransUnion’s interactive data-visualization solution uses big data and analytics to connect and interpret consumer financial data for lenders.
  • Trulioo’s GlobalGateway uses traditional and cyber ID data sources to offer banks, financial services providers, and online marketplaces secure access to reliable, global data sources for instant ID-verification.
  • Trusona’s anti-replay and TruToken technology offers an insured identity platform for sensitive assets.
  • Unbill’s API enables companies to offer bill pay in their app or technology platform without complicated integration or high costs.
  • Uniken’s REL-ID, a card-not-present approval solution, uses mobile API tool kits and DMZ software appliances to help enterprises secure mobile communications.
  • Urban FT’s enhanced, white-label digital banking platform gives financial services organizations, wireless carriers, and other consumer-facing organizations a long-term, competitive advantage that makes their brand integral to customers’ daily financial and online social activities, financial tools, and social features.
  • Xentral Station’s supply-chain funding app helps vendors of all sizes receive cash for trade financing within 24 hours.
  • Zenmonics uses a single, common platform to help banks and their customers minimize friction in customer engagement with channelUNITED.
  • Zooz offers an agnostic, cross-border payments platform to help merchants act on payment processes and save money to maintain their client base.

Stay tuned on the blog for more detailed descriptions. And don’t forget to register now to reserve your spot.

Q2 Leverages MX Technology to Launch Contextual PFM

Q2_homepage_August2016

Q2 + MX = CPFM.

With the “always-on aggregation” and UX/UI of MX, the newly launched Contextual PFM from Q2 is designed to make actionable financial insights a part of every customer’s mobile banking routine. “As account holders continue to make heavier use of the mobile channel and seek to optimize their financial lives,” Q2 CTO Adam Anderson said. “Q2 Contextual PFM can give them the most accurate picture of where they stand and what actionable decisions they can make from any device.”

Q2 Contextual PFM uses APIs from MX to provide account aggregation, transaction cleansing, and transaction organization, delivering a data-driven money-management solution to help customers spot, understand, and respond to trends in saving and spending. MX’s data aggregation and innovative visualization technology provide accurate information in an engaging way that “makes it easy for people to manage their finances,” according to MX founder and CEO Ryan Caldwell, who underscored the technology’s “intuitive, innovative UI.”

MX_homepage_August2016

Q2 Contextual PFM can help FIs improve customer engagement and loyalty, as well. Directed at regional and community banks and credit unions, the solution gives them the kind of the technology customers are increasingly expecting, and getting, from larger FIs. This is in addition to the role the solution provides in helping customers become better banking consumers. Tye Jones, SVP of Digital Services at AimBank, where the technology is live with the employees, says the deployment “demonstrates how much we care about our customers’ financial health and providing them with the best possible banking experience, helping us compete with other larger financial institutions.”

A multiple Best of Show winner, Utah-based MX demonstrated its cross-platform fintech framework, Helios, at FinovateFall 2014, showing its technology at work on nine different devices from an iPhone to a Windows tablet. Last month, the company added a new feature, Cash Flow, to its MoneyDesktop platform, and in June, MX announced that it would power the Homeownership Preservation Foundation’s digital money-management app. MX signed a multiyear aggregation agreement with USAA in March and, in January, MX announced that former Intel and Fiserv executive Don MacDonald would become MX’s first CMO.

The company is also a FinDEVr alum. MX CTO Brandon Dewitt presented “How You Build Something Is More Important Than What You’re Building,” at FinDEVr San Francisco 2015. MX has raised $50 million in funding and its investors include USAA, TTV Capital, and North Peak Ventures, among others.

Q2 demonstrated its Risk and Fraud Analytics platform at FinovateSpring 2011. The company launched its cloud-based, open API developer platform, CorePro, in May. In December, Q2 acquired Social Money in a $10 million deal, the same month the company opened offices in Lincoln, Nebraska, to better accommodate their acquisition of Centrix Solutions. Based in Austin, Texas, Q2 trades on the NYSE under the ticker QTWO and has a market capitalization of more than $1 billion.

Categories: MX, Q2

Finovate Alumni News

On Finovate.com

  • Q2 Leverages MX Technology to Launch Contextual PFM
  • PTIN Gives Members Access to BizFi’s Aggregation Marketplace

Around the web

  • iSignthis to verify ultimate beneficial owners (UBOs) for fellow Finovate alum, Ixaris.
  • ABA Bank leverages TranzWare from Compass Plus to launch new Cash by Code service.
  • Top Image Systems earns spot as sample vendor in Gartner Hype Cycle for Digital Banking Transformation 2016.
  • Coinbase to extend its Bitcoin, ether services to both Canada and Singapore.
  • The Economist reports how EquityZen is catching on.
  • PC Magazine labels Xero the fastest accounting-software innovator.

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.

FinDEVr APIntelligence

FinDEVrSV16-LogoV2(wdate)Our FinDEVr New York developer showcase was a success! FinDEVr Silicon Valley will be held October 18 & 19 in Santa Clara. Register today and save.

On FinDEVr.com

  • Markit Agrees to Acquire Prism Valuation.
  • Goldman Sachs Leads $44 Million Investment in Plaid.
  • Mambu Unveils FinTech Startup Program.

The latest from FinDEVr New York 2016 presenters

  • Personal Capital Brings on Former Yodlee CFO.
  • FICO acquires cybersecurity firm QuadMetrics, announces plans for “enterprise security scores.”

Alumni updates

  • Let’s Talk Payments asks if fintech startups should be able to access bank data in the wake of Plaid’s $44 million Series B.
  • MX Adds Cash Flow Feature to MoneyDesktop Platform.
  • Trulioo expands to South America as part of Canada’s Fintech Mission to Brazil.
  • Thomson Reuters named 2016 European Tax Technology Firm of the Year by International Tax Review.

Stay current on daily news from the fintech developer community! Follow FinDEVr on Twitter.

MX Adds Cash Flow Feature to MoneyDesktop Platform

Screen Shot 2016-06-21 at 1.31.55 PM

Money-management solutions provider MX launched a new feature to bolster its suite of MoneyDesktop offerings, which include budgeting, account aggregation, transaction history, etc. The new addition is called Cash Flow and offers a better way for users to visualize how money moves in and out of their account throughout the month.Screen Shot 2016-06-21 at 4.11.37 PM

Cash Flow combs a user’s transaction history for deposits into and payments out of their accounts that occur on a regular basis. Both the calendar and line graph views of the tool show a future-cast of their projected balance each day and help them see the impact of additional recurring payments. The Utah-based company’s CEO Ryan Caldwell said that the new technology offers customers “the ability to not only track data, but also take action on their own financial data.”

MXCashFlow

Highlights of Cash Flow include:

  • Quickly capture recurring debits and credits (rent, mortgage, utility bills, paychecks)
  • Match transactions to specific events to help predict account behavior
  • View transactions on a line graph or calendar
  • View financial trajectory on a monthly or yearly basis

Founded in 2010, MX is a five-time Best of Show winner at Finovate. The company most recently demoed at FinovateFall 2014 where it launched Helios, a cross-platform framework for fintech. The company partners with 650 financial institutions and 35 digital, online, and mobile banking providers.

MX has also been successful in presenting at the FinDEVr developers conference. At FinDEVr San Francisco 2015, the company’s CTO Brandon Dewitt gave a presentation titled, How You Build Something Is More Important Than What You’re Building.

Categories: MX

Finovate Alumni News

On Finovate.com

  • Best of Show Winner Quid to Open London Office.
  • Reverse Takeover IPO Places ayondo on the Singapore Exchange.
  • Sezzle Scoops Up $500,000 Investment from Brussels-based E-Merge.
  • MX Adds Cash Flow Feature to MoneyDesktop Platform.

On FinDEVr.com

  • Markit Agrees to Acquire Prism Valuation.

Around the web

  • Australia’s Bendigo and Adelaide Bank to deploy cloud development platform from IBM.
  • itBit and Euroclear announce plans to use blockchain technology to provide a settlement service for the London gold market.
  • Trulioo expands to South America as part of Canada’s Fintech Mission to Brazil.
  • IBS Intelligence features Yoyo Wallet as startup of the month.
  • Payworks extends Stripe POS integration effort.
  • Trustly opens London office and hires General Manager from Worldpay.

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.