FinovateSpring Celebrates International Fintech Innovation

FinovateSpring Celebrates International Fintech Innovation

Finovate Global extends a special thanks to the demoing companies, keynote speakers, and attendees that joined us for FinovateSpring this week via our digital platform. On Demand video from the conference will be available soon.

And for Finovate Global readers with an interest in innovators from outside of the U.S., here are some of the companies to look out for when the On Demand video is made available in the coming days.

Aisot Technologies (Switzerland) with its technology that provides next-generation, real-time analytics and forecasts, allowing financial services to enhance returns, reduce risks, and increase efficiency.

Coconut Software (Canada) with its customer engagement platform for financial institutions that want to improve their digital and physical engagements.

DigiShares (Denmark) with its white-label platform for tokenization of real estate to provide automation and liquidity to the real estate markets.

Dreams (Sweden) with its technology that leverages cognitive and behavioral science to help banks increase their end users’ financial wellbeing and engagement, and attract new audiences. Best of Show winner.

Flybits (Canada) with its customer experience platform for the financial services sector, delivering personalization at scale.

FormHero (Canada) with its SaaS solution that enables rapid creation of digital front-end experiences to solve for complex data collection needs.

Expect an even greater international representation next month at our all-digital FinovateAsia event!


Here is our look at fintech innovation around the world.

Sub-Saharan Africa

Central and Eastern Europe

Middle East and Northern Africa

Central and Southern Asia

Latin America and the Caribbean

Asia-Pacific


Photo by NastyaSensei from Pexels

W.UP Launches Money Stories to Win Consumers’ Divided Attention

W.UP Launches Money Stories to Win Consumers’ Divided Attention

Customer-focused banking tools provider W.UP revealed its latest development today. The Hungary-based company is launching Money Stories.

The new embeddable tool enables banks to offer their customers bite-sized snapshots of their financial lives. These easily consumable bits of content combine data analytics with digital storytelling to make it even easier for banks to help users to understand their financial standing in a fast-paced way.

The new tool takes the concept from millennial-friendly mobile apps such as Snapchat, Instagram, Facebook, and Twitter. Each of these social media platforms are notorious for enabling users to quickly publish and view life updates and ideas, share new songs, and even exchange gossip. The micro-content requires little attention from viewers, who are easily distracted and prone to multi-tasking.

Similarly, Money Stories leverages transactional and behavioral analytics to show users daily highlights, weekly and monthly forecasts, and yearly summaries. Overall, these updates take the form of unusually large transactions, double charges, sharp balance drops, recurring transitions, top spending categories, changes in spending or credit card usage, and more. In addition to showing users their historical data, Money Stories can also help users plan for the future by showing options to pay off credit card debt, avoid overdrafts, and more.

All of the graphics appear on a single screen for seven-to-ten seconds, so the user does not need to scroll or set aside much time in their day to understand the analyses.

W.UP is keeping the integration easy for banks. “When all is said and done, the only decision for banks to make remains what product and service offers to slide into the story stream to boost targeting accuracy, conversion, and customer satisfaction levels,” said W.UP Head of Product Gellért Vinnai.

Founded in 2014, W.UP takes PFM to a personalized level by leveraging AI and real-time data. These product offerings have obviously struck a chord in the banking crowd; the company has won Best of Show awards at FinovateEurope 2018, 2019, and most recently for its demo in 2020.


Photo by Karolina Grabowska from Pexels

Intuit’s $7 Billion Bid for Credit Karma; FinovateEurope Salutes its Best of Show

Intuit’s $7 Billion Bid for Credit Karma; FinovateEurope Salutes its Best of Show
Photo by Tirachard Kumtanom from Pexels

How’s $7 billion for good karma? One of Finovate’s earliest alums Credit Karma is reportedly the target of what would be Intuit’s biggest acquisition to date. According to The Wall Street Journal, the cash and stock deal could be announced as early as Monday.

Credit Karma will continue to function as an independent company with founder and CEO Kenneth Lin at the helm. The acquisition gives Intuit, maker of online tax filing service TurboTax, another contact point with the online personal finance world. Credit Karma provides its members with access to their credit scores and borrowing histories, helps them monitor their accounts for security breaches and, perhaps most relevantly, has offered a free online tax preparation service since 2017.

If the deal holds up, Intuit will be paying a significant premium for Credit Karma. The personal financial wellness company was last valued at $4 billion, based on a 2018 private market transaction.


With another Finovate conference in the books, our Finovate Best of Show ranks has a new set of members. Congratulations to Dorsum, Glia, Horizn, iProov, Sonect, and W.UP for taking home top honors earlier this month at FinovateEurope!

The victory may have been especially sweet for Sonect, whose Best of Show award-winning demo was also the company’s Finovate debut. The Switzerland-based start-up offers what it calls “the world’s first social cash network” that enables consumers to access cash without having to visit a bank branch or ATM. Sonect offers merchants the ability to grow their business via increased traffic and gives financial institutions a way to extend their ATM networks without the cost of additional hardware.

The Best of Show win was also a first for Horizn. The company, which made its Finovate debut three years ago at FinovateEurope, offers a platform that helps employees and customers maximize the opportunities of digitized financial services. Horizn uses simulator microlearning, as well as gamification and advanced analytics, to promote digital adoption across channels.

And last but not least, a special tip of the hat to Dorsum, Glia, iProov, and W.UP, all of whom won Best of Show honors at FinovateEurope for a second year in a row.


Here’s a round up of recent news from our Finovate alumni.

  • Larky enters reseller agreement with Access Softek.
  • Bison Bank in Lisbon, Portugal selects PSD2-ready software from ndigit.
  • Techround interviews Tradeshift co-founder Mikkel Hippe Brun.
  • Bremer Bank leverages Backbase’s digital-first banking platform to fuel digital transformation.
  • Paysend’s multi-currency global account launches in Europe.
  • Kinetica launches Kinetica Cloud.
  • Futurex taps ISARA to bring quantum-safe cryptography and crypto-agility into its Key Management Enterprise Server (KMES) Series 3.
  • With new FCA license, Meniga seeks to expand product offering.
  • StrategyCorps and Digital Onboarding partner to help banks grow checking account relationships.
  • Baker Hill renews partnership with Washington Trust Bank to streamline loan origination and portfolio risk management.
  • Aire launches Credit Insight Suite to improve access to credit.
  • Coinbase becomes Visa principal to offer more feature for Coinbase Card customers.
  • InComm partners with Eezi to launch Poundland’s gift card program.
  • Enveil secures $10 million in Series A funding for secure data collaboration.
  • Trulioo adds image capture SDK to Trulioo GlobalGateway.
  • Amaiz taps ValidSoft for voice authentication.
  • OurCrowd expands focus on growing early stage tech companies.

Finovate Alum Features and Profiles

eToro’s Evolution – Social trading and investment platform eToro has never been one to stand still for very long. The company’s development cycle is fast enough to make even the most sprightly fintech jealous.

Lending Club Snaps Up Radius Bank for $185 Million – When Lending Club was founded in 2007, the startup aimed to serve as a place to help borrowers avoid dealing with banks. In a somewhat ironic move today, that same startup is becoming a bank itself.

Breach Clarity’s New Offering Provides Consumers Personalized Protection – Fraud detection and prevention company Breach Clarity announced this week it has developed a new platform to help financial service providers offer personalized protection for their customers.

New SumUp Card Empowers SMEs as Business Payment Makers and Takers – The company that has helped bring fintech innovation to e-commerce with its mobile point-of-sale (mPOS), card reading solutions now offers merchants a card of their own.

FinovateEurope Best of Show Winners Announced

FinovateEurope Best of Show Winners Announced

The votes are in and the people have spoken! Congratulations to the winners of Best of Show at FinovateEurope in Berlin, Germany!

Dorsum for its Communication HUB that provides real-time, private, banking customer engagement through automated notifications and instant human and AI chat possibilities.

Glia for its digital customer service platform that connects financial institutions to their customers using chat, voice, video, cobrowsing, and AI.

Horizn for its focus on equipping frontline employees and customers directly with the knowledge to improve customer experience and increase digital adoption.

iProov for its solutions – used in production globally by governments and banks – that use biometrics to authenticate users online.

Sonect for its easy-to-use and accessible for everyone, everywhere global platform for cash transactions.

W.UP for its banking personalization platform that turns data into better banking.

Thanks to all the demoing companies that took the time and effort to demonstrate their innovations live on stage. Thanks also the City of Berlin for being such a wonderful host for our first conference of the new year and new decade. We are already looking forward to returning in 2021!


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 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
FinovateAsia 2019
FinovateMiddleEast 2019

Stop Looking at Your Customer Base as a Faceless Mass

Stop Looking at Your Customer Base as a Faceless Mass

If you ask Balázs Vinnai, president of W.UP, one size does not fit all when it comes to banking. In fact, his company’s entire premise is built around creating a personalized user experience.

Earlier this month we chatted with Vinnai about the struggle that banks face when it comes to tailoring their user experience to suit each customer individually.

Balázs Vinnai

Finovate: Why do you think banks have such a difficult time creating a personalized user experience?

Vinnai: There are several reasons: patched-up IT systems, outdated vendors, a lack of entrepreneurial spirit, just to name a few. But legacy thinking is by far the biggest culprit. Many incumbents still think that digital transformation is about buying the right technology and streamlining a few processes. That’s part of it, of course, but mostly it’s about understanding customers as much as possible and catering to their very needs.

Finovate: What is one small step banks can take to improve their customer experience?

Vinnai: Stop looking at their customer base as a faceless mass. Banking customers are individuals with unique needs and problems, goals and habits. With the help of advanced data analysis, banks can do much more than segment or micro-segment them. They can create segments-of-one and laser-target each and every customer with the right financial solutions.

Finovate: How does improving the customer experience ripple out to add value into other areas of a bank, such as fraud prevention?

Vinnai: Personalization in general is becoming a means of survival instead of added value. Completely rethinking how customer experience is delivered might seem a bit radical today but, in the long run, failing to do so will have more severe consequences. A Gartner study says that by 2030 as many as 80% of traditional financial service providers will go out of business if they can’t catch up with digital-savvy competitors.

Finovate: Tell us about what W.UP does and what sets the company apart from its fintech competitors.

Balázs Vinnai: W.UP is a personalization platform that allows banks to understand and meet their customers’ needs in real time. It comes with pre-built use cases that are easy to set up and tailor to banking systems, processes, and goals. What makes it different from other AI-driven tools is that not only does it give customers a better insight into their finances, but it can also spot and offer solutions for key money moments and complex life situations.

Finovate: Last year was considered to be “the year of the customer” in fintech. Do you think that mentality will continue into 2020?

Vinnai: I think every day should be about the customer in banking and fintech alike, no matter what year it is. And it shouldn’t just be an empty motto or mission statement. It’s time incumbents and challengers teamed up and walked the talk together.


Check out W.UP’s Best of Show-winning demo at FinovateEurope 2019 and don’t miss the company’s upcoming appearance at FinovateEurope on 11 through 13 February in Berlin.

FinovateEurope Sneak Peek: W.UP

FinovateEurope Sneak Peek: W.UP

A look at the companies demoing at FinovateFall on September 14-16, 2020. Register today and save your spot.

W.UP is an AI-powered banking personalisation platform that allows banks to understand and cater to customer needs in real time.

Features

  • New concept of financial well-being
  • Contextual offers to help achieve sustainable spending
  • Customer-bank relationship evolving and engagement boosted through personalisation

Why It’s Great
We help banks unleash the power of real-time data to understand and serve their customers better.

Presenters

Tamas Braun, Sales Director
Braun has worked in the retail banking technology industry for the past 15 years. Most recently, he worked at technology vendors such as IND and Misys before joining W.UP.
LinkedIn

József Nyíri, VP of Bus. Dev.
Nyíri is a hands-on innovator and growth leader with more than two decades of fintech experience. He is a visionary and speaker on digital transformation of the banking industry.
LinkedIn

Finovate Alumni News

Around the web

  • New partnership between Starling Bank and SumUp to provide faster settlement to U.K. merchants.
  • ACI Worldwide unveils its strong customer authentication (SCA) toolbox.
  • Payoneer announces deal with Indian payments processing firm Paytabs.
  • Launchfire’s Lemonade named to 2019 Top Training Companies roster for gamification companies.
  • GoodFirms features bpm’ online among its list of top business process management (BPM) software providers.
  • Insuritas to power digital insurance agency for Marquette Bank.
  • Herald Extra highlights Lendio’s role as a “matchmaker” for small business lending.
  • Flybits to open a New York office in the city’s financial technology hub.
  • W.UP now a member of Five DegreesOpen Banking Marketplace.
  • Personetics opens R&D center in Nazareth.
  • Nvstr earns a spot in the Financial Venture Studio’s incoming cohort.
  • CREALOGIX introduces new Chief Financial Officer Daniel Bader.

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.

FinovateEurope Demo Videos Are Live!

FinovateEurope Demo Videos Are Live!

Just in time for your weekend viewing, the demo videos from FinovateEurope 2019 are now available for free in our video archives.

Whether you joined us in London at the Tobacco Dock last month, or will be watching the show for the first time, we think you’ll enjoy our high quality videos of each company that took the stage.

As a sampler, here are the demo videos from the eight companies that won Best of Show awards at FinovateEurope this year.

CREALOGIX

Dorsum

Glia (formerly SaleMove)

iProov

Launchfire

PayKey

Voca.ai

W.UP

FinovateEurope Best of Show Winners Announced

FinovateEurope Best of Show Winners Announced

The votes have been tallied and the people have spoken! Here are the winners of our Best of Show awards for FinovateEurope 2019.

CREALOGIX for its TimeWarp insights platform that enables banking customers to simulate various scenarios in their financial lives. Video.

Dorsum for its My Wealth solution for hybrid advisory processes in wealth management. Video.

Glia (formerly SaleMove) for its technology that creates digital-first moments that simplify and transform communications between businesses and their customers.  Video.

iProov for its solutions that assure the genuine presence of your user by leveraging controlled illumination with uniquely powerful anti-spoofing. Video.

Launchfire for its leadership in game-based employee and customer engagement for financial institutions. Video.

PayKey for its technology that bridges the gap between banks and social apps with a unique smartphone keyboard that enables frictionless access to key banking services. Video.

Voca.ai for its intelligent virtual assistant for call centers that enables businesses to reach their customers at scale with a personal, human touch. Video.

W.UP for its technology that transforms the way banks generate digital revenue and interact with clients through AI-powered experiences. Video.


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 eight 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 2018 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 Sneak Peek: W.UP

FinovateEurope Sneak Peek: W.UP

A look at the companies demoing live at FinovateEurope on February 12 through 14, 2019 in London, U.K. Register today and save your spot.

W.UP transforms the way banks generate digital revenue and interact with clients through AI-powered experiences.

Features

  • Understand customer data, set up profiles and identify new segments
  • Use pre-built customer insights in real-time to predict life situations
  • Interact with clients and suggest new personalized products

Why it’s great
Using advanced analytics, artificial intelligence and machine learning algorithms, Sales.UP builds customer insights that enable meaningful interactions between banks and their clients.

Presenters

Jozef Nyiri, VP of Business Development
Nyiri  is a hands-on innovator and growth leader with more than two decades of fintech experience. He is a visionary and speaker on digital transformation of the banking industry.
LinkedIn

 

Tamás Braun, International Sales and Business Development Director
Braun has worked in the retail banking technology industry for the past 15 years. Most recently, he worked at technology vendors such as IND and Misys before joining W.UP.
LinkedIn

 

Remco Veenenberg, Head of Alliances
Veenenberg has worked in startups focusing on emerging technologies, and established more than 40+ applied AI communities worldwide before evangelizing the use of data and ML for retail banking with W.UP.
LinkedIn

Finovate Alumni News

On Finovate.com

  • Feedzai and DataRobot Team Up to Tackle Financial Crime.
  • Revolut Turns to ClauseMatch to Streamline Compliance.

Around the web

  • Identity verification specialist Onfido partners with augmented identity innovator IDEMIA.
  • NICE Actimize unveils new integrated fraud management platform, IFM-X.
  • Open banking platform provider Token hires new Chief Technology Officer, Gaurav Kohli.
  • RightCapital taps Pietro La Greca as VP of Enterprise Sales.

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

On Finovate.com

  • ID.me Offers Retailers Eligibility Verification for Discount Programs.

Around the web

  • Bill.com announces its automated international business payments solution, piloted in July, is now generally available.
  • Finastra’s former chief digital officer, Balazs Vinnai, joins W.UP as an investor and president.
  • ZeroReveal, the security solution from data-in-use cybersecurity specialist Enveil, earns international Common Criteria security certification.
  • Thailand’s Bank of Ayudhya chooses NICE Actimize to transform its AML compliance capabilities.
  • ACI Worldwide introduces new offerings to enable banks to take advantage of SWIFT’s global payments innovation (gpi) service.
  • Sberbank launches new Seven Minute loan offering for large businesses.
  • Thomson Reuters teams up with augmented intelligence solution provider, Squirro.

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.