This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.
Tracking fintech, banking & financial services innovations since 1994
More than ten Finovate alums have earned spots on Fintech Global’s second annual Wealthtech 100 roster. The collection of companies is meant to represent the most innovative businesses operating in the wealth and asset space worldwide.
Companies were evaluated based on a variety of criteria ranging from industry significance and technological innovation to growth in capital raised and the ability of the company to save clients money, boost revenues, or increase efficiency. More than 1,200 companies were provided by Fintech Global to its judging panel of fintech analysts and industry experts.
“We’re thrilled to have made the WealthTech 100 list from Fintech Global,” Wealth Wizards said on Twitter after the news was announced. “There are some brilliant U.K. firms included.” Finantix and additiv also tweeted about the announcement this week.
The ID Co.Unveils its Income Verification Solution.
FinicityPartners with Pulte Mortgage to Accelerate Asset Verification.
Around the web
CBANChires Mike Snavely as Chief Commercial Officer.
Congrats to 3rd Eyes,ArthaYantra, aixigo, BaseVenture, Capitalise, Entersekt, eToro, Finantix, Fincite, Finhorizon, ForwardLane, Hydrogen, Scalable Capital, Sentifi, Tradeit, Trizic, WealthWizards, WealthForge, and Xignite on being recognized in the Wealthtech 100.
Xero’s new invoicing experience available for all Xero customers and partners over the next two weeks
Nordigenopens new office in Spain to expand operations.
Yseop’s AI solution for Société Générale wins award for most innovative initiative of the year at this year’s Digital Finance Awards. Come see Yseop at FinovateSpring next month.
Contovista and NDGITexpand partnership, enabling Contovista to be implemented via the German NDGIT API marketplace.
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.
The advice-only model works well as an employer-sponsored benefit. It’s a great way for businesses to encourage their employees to build up their personal savings (both short-term emergency savings and long-term retirement savings) in order to mitigate finance-related stress from the workplace. Offering an advice-only approach instead of a hands-on money management platform reduces the amount of on-the-clock time employees will spend managing their money.
Companies in this category work well in combination with other savings tools because they simply offer advice and do not serve as an account to hold or invest users’ money. These types have been around for at least a decade (think of Mint’s 2007 Finovate demo) but have increased the complexity of their analysis using big data and behavioral analytics. HelloWallet and Wealth Wizards both use complex tools, algorithms, and behavioral data to help users set aside the optimal amount of funds to meet short term and long term goals.
HelloWallet A U.S.-based PFM company, HelloWallet has tools for everything from retirement to emergency savings recommendations. The company takes a B2B approach by selling its product to employers who provide HelloWallet as a tool to their employees as a workplace benefit. In addition to helping users save, HelloWallet also offers general financial guidance and tools to help employees make the most of other workplace benefits, such as health savings accounts. The company debuted its Retirement Explorer tool at FinovateFall 2015.
HelloWallet helps users establish a goal for their emergency savings account
Wealth Wizards At FinovateEurope 2017, Wealth Wizards launchedPension Wizard Contribution Advice, part of its robo advisory platform. Pension Wizard is an employer-provided, workplace pension savings tool that helps users save for retirement. The app guides users toward a sensible amount to contribute each month based on their current salary. It then assesses the user’s contribution, combined with the anticipated U.K. state pension amount, and presents them with how much monthly income they should expect in retirement.
Wealth Wizards’ Pension Wizard gives users a visual representation of their retirement money
To recap, here are the types of savings tech we’ve seen so far: