Finovate Alumni News

On Finovate.com

  • The ID Co. Unveils its Income Verification Solution.
  • Finicity Partners with Pulte Mortgage to Accelerate Asset Verification.

Around the web

  • CBANC hires 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
    • Nordigen opens 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 NDGIT expand 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.

    A Look at the Savings Tech Horizon: Advice-Only

    IMG_0274

    This is part five of a six part blog series about savings technology. Last week we discussed how savings technology works in goals-based PFM platforms and standalone, automated savings platforms and so far this week, we’ve looked at solutions targeted to Generation Z and crowdfunded savings technology. Today, we’re examining advice-only solutions.

    Missed the other five savings categories? Check them out:

    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.

    Advice-only

    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.
    Screen Shot 2017-03-17 at 11.04.34 AM
    HelloWallet helps users establish a goal for their emergency savings account
    • Wealth Wizards
      At FinovateEurope 2017, Wealth Wizards launched Pension 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:

    Stay tuned tomorrow for the final category.

    Finovate Alumni News

    On Finovate.com

    • A Look at the Savings Tech Horizon: Crowdfunded Savings with Spiff and InSpirAVE.
    • LendingTree Launches Student Loan Comparison Tool.
    • Check out this week’s FinDEVr APIntelligence.
    • A Look at the Savings Tech Horizon: Advice-Only with Hellowallet and  Wealth Wizards.

    Around the web

    • Malauzai Software launches Fingerprint Authentication and Touch ID technology for Android 7.0 this year.
    • VISA to enable electronic business payments for SME clients of B2B electronic invoicing network, Viewpost.
    • Fiserv reports nearly 30 banks and CUs deployed its digital banking technology in 2016, taking the total number of FIs using its online banking solutions to 3,500.
    • PurePoint launch leverages Zenmonics’ channelUNITED.
    • Bitpesa partners with Bitbond to financially assist SMEs.

    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

    • BioCatch Teams Up with Nuance Communications.

    Around the web

    • Worldcore Payment Institution teams up with BioID and presents face recognition authentication at FinovateEurope 2017.
    • Standard Chartered launches banking API portal.
    • Tink now helps banks empower their customers to take control over their finances by leveraging the Tink platform.
    • NetGuardians joins Swiss academic institute HEIG-VD to develop fraud-seeking AI tools.
    • BioCatch brings continuous online and mobile authentication to Nuance Communications’ Security Suite solution.
    • Wealth Wizards launches New mobile version of Pension Wizard.
    • Virtual Piggy launches beta test of its mobile payment platform for children under 17.
    • iSignthis enters agreement to provide KYC services to Calforex and GoInterpay.
    • The Beast Apps joins Symphony Software Foundation.

    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 Sneak Peek: Wealth Wizards

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    FE2017-V2-wdateA look at the companies demoing live at FinovateEurope on 7 & 8 February, 2017 in London. Pick up your tickets today and save your spot.

    Wealth Wizards is the U.K.’s first independent online financial adviser. It is here to revolutionise financial advice and make it accessible to everyone.

    Features

    • Gives the user a manageable plan for retirement
    • Checks whether new pension contributions are affordable
    • Fully-regulated advice, online

    Why it’s great
    It is making planning for retirement a lot less daunting thanks to the use of tech.

    screen-shot-2017-01-03-at-2-54-10-pmPresenters

    Andrew Firth, Chief Executive
    Part of the founding team of Egg, Firth is passionate about pioneering the development of automated financial advice in the U.K.
    LinkedIn

    screen-shot-2017-01-03-at-2-54-32-pmPeet Denny, Chief Technology Officer
    Denny is a pragmatic and business-outcome-driven senior technical consultant and champion of achieving business agility through technical excellence.
    LinkedIn

    Finovate Alumni News

    On Finovate.com

    • Finovate Debuts: Sindeo Revamps the Mortgage Application Process.
    • NetGuardians Brings Real-Time Fraud Protection to Nigeria’s Keystone Bank.

    Around the web

    • Flybits CEO Hossein Rahnama interviewed in TechRepublic feature on IoT trends in 2017.
    • AFK Insider lists Craft Silicon’s Uber-challenging app, Little, in its look at major technology developments in Africa in 2016.
    • FinDEVr alum Streamdata.io joins Google Technological Partner program.
    • ScientiaMobile recognized by CIOReview as one of the most promising CDN solution providers of 2016.
    • PYMNTS: BBVA Buys Openpay To Boost Digital Business Portfolio.

    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.