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Finovate Blog
Tracking fintech, banking & financial services innovations since 1994
The future of finance is being ushered in. And the pioneers of the new era lead the change from the FinovateFall stage this year.
We can’t tell you how exciting it was to welcome so many people back to Manhattan. It was made even sweeter by the fact that we were able to engage so many digital attendees at the same time. It felt good to be able to bring our community together again!
Following the long-anticipated meeting of minds and ideas, we looked back on the themes that emerged and will steer the industry forward into unchartered territory. It’s impossible, of course, to distill so many conversations down to a few high-level takeaways. However, within these pages are snippets and insights from on-and-off-stage to give you a taste of the action and a spark of the knowledge shared.
After two days of live demos from innovative fintechs and financial services companies, today is a day dedicated to discussing the key themes and critical issues facing our industry today.
From our Investor All-Stars presentations to our special focus tracks on Future Tech, Future Payments, SME and Consumer Lending, and Digital Transformation, Day Three of FinovateFall gives us the opportunity to put two day’s worth of fintech innovation into context – and to turn that context into action: to grow and evolve, to improve ROI, and to change the customer experience for the better.
Thank you for spending the week with us here at FinovateFall. Here is the agenda for today. All times Eastern.
8:15am – 9:00am | Registration, Breakfast, and Networking
9:00am – 9:05am | Welcome from Finovate
9:05am – 9:35am | Investor All-Stars
9:35am – 9:50am | Mastermind Keynote featuring Jon Curtis of Samsung Electronics America
9:50am – 10:40am | Seven in Seven: 7 Expert Speakers Tackle Top Issues in Fintech
10:40am – 11:10am | Networking Break
11:10am – 11:25am | Special Address: The Growth of In-Car Intelligent Assistants
11:25am – 11:40am | Mastermind Keynote: The Future of Digital Identity is NOW
11:40am – 12:05pm | Five in Five: 5 Expert Speakers Tackle Top Issues in Fintech
12:05pm – 1:05pm | Lunch and Networking Break
1:05pm – 2:25pm | Finovate Focus Tracks
Future Tech
Fireside Chat: Digital Currencies, Diem, Central Bank Digital Currencies & Blockchain – Are Digital Currencies & Blockchain Finally Gaining Traction with FIs?
Mastermind Keynote featuring Nick Mates of Lendr
Keynote Address: Harnessing AI to Improve Efficiencies, Increase Margins, and Prevent Fraud
Power Panel: The Conversational AI Market is Expected to Reach a $14 Billion Valuation by 2025 – How Can You Leverage It to Deliver ROI-Driving CX?
Future Payments
Mastermind Keynote: Creating a Winning Cardholder Experience
Fireside Chat: The Need for Speed – Where Next with Faster Payments?
Keynote Address: eCommerce and Post-Pandemic Priorities
Power Panel: How Will New Technologies, New Competitors, and New Business Models Shape the Future of Payments? Is Payments Orchestration About to Have its Moment?
2:25pm – 4:00pm | Finovate Focus Tracks
Digital Transformation
Keynote Address: Customer Insights – Sharing Real Life Examples of Best Practices in CX and How to Blend Human and Digital CX
Keynote Address: Financial Services Digital Transformation: Embracing the Next Generation of Technology
Power Panel: How Open Innovation & Strategic Partnerships Can Help You On Your Digital Transformation Journey
SME & Consumer Lending
Keynote Address: PPP Loans – How Community Banks Rose to the Occasion & What Lessons Can We Learn from Their Success?
Mastermind Keynote: Onboard at the Speed of Digital – Flatten Silos, Fuel Lending, and Regain Control
Power Panel: Lending 2.0 – What Are the Problems that Need to Be Solved for Consumers & SMEs in the New COVID-19 World?
The Best of Show winners of FinovateFall this year featured both veterans and newcomers, established companies and bold, Millennial-led startups, fintech innovators from as far away as Europe and Latin America, as well as home-grown talent from right here in the U.S.A.
To be honest, we could not imagine a better way to celebrate Finovate’s return to New York!
So please join us in offering a hearty congratulations to the companies selected by our attendees as the FinovateFall 2021 Best of Show.
Array for its personalized consumer credit, identity, and financial wellness tools available via both API as well as embeddable components. Video.
AutoBooks for its small business digital invoicing and online payment acceptance tools for FIs. Video.
Bambu for its B2B robo-advisory platform for financial institutions and fintech disruptors. Video.
Dreams for its banking platform that leverages behavioral science to boost customer engagement and financial well-being. Video.
Horizn for its platform that helps banks accelerate digital banking knowledge, fluency, and adoption. Video.
Infocorp for its Mobile Native App, that brings hyper-personalized experiences for every user in one single bank app. Video.
Long Game for its gamified finance app that helps banks acquire new customers and increase engagement with their Millennial and Gen Z customers. Video.
Ocrolus for its intelligent automation technology that transforms documents into data analytics, helping lenders make timely, high quality credit decisions. Video.
PwC for its Customer Link solution that turns customer data into smarter action and provides a 360 degree view of your customers. Video.
Thanks to all the demoing companies, our sponsors and speakers, and our attendees for making our return to live fintech conferencing such a resounding success. Keep in touch with us via the Finovate blog for updates on our upcoming events next year in London for FinovateEurope, in San Francisco for FinovateSpring, and beyond!
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 nine 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 2021 conferences are below:
SellersFundinglanded $166.5 million in Series A debt and equity funding this week. The company, which provides working capital to ecommerce marketplaces, now has almost $275 million in total debt and equity funding.
The investment was led by Northzone with additional investments from Endeavor Catalyst and Fasanara.
Founded in 2017, SellersFunding offers working capital solutions, payments tools, and analytics to help online marketplace sellers unlock capital, access invoice payments faster, collect payments, manage taxes, and more.
The New York-based company will use the financing to enhance its technology and payments platforms, grow its team, boost sales and marketing efforts, and fuel both domestic and international expansion. SellersFunding plans to gain more clients not only in the U.S. but also in the U.K., Europe, and Australia.
“We are thrilled to complete our capital raise and have Northzone and Endeavor joining our company, and to see the renewed commitment of Fasanara in supporting the expansion of our portfolio,” said SellersFunding CEO Ricardo Pero. “This underscores our dedication to providing world-class financial solutions for our clients and partners and is a testament to the overall growth of the global ecommerce space.”
Today we’re busting out the virtual confetti to announce the winners of the 2021 Finovate Awards, recognizing excellence in fintech across 25 different categories. This is the third annual Finovate Awards competition, which aims to highlight strong work done by the companies who are driving fintech innovation forward and the individuals who are bringing new ideas to life.
We may not get to congratulate the award winners with handshakes this year, but that doesn’t make the accomplishments any less compelling. These companies and individuals have proven that they have what it takes to capture the attention of the fintech world through standout products, services, and overall excellence.
Judges for the awards include media analysts, board members, bankers, fintech founders, and more. Each were given the difficult task of taking a record number of nominations and distilling them down to just a single winner in each category.
Best Alternative Investments Platform: Pipe
Best Back-Office / Core Service Provider: MANTL
Best Consumer Lending Platform: Salary Finance
Best Customer Experience Solution: TMRW by UOB
Best Digital Bank: Oxygen
Best Digital Mortgage Platform: LendingHome
Best Embedded Finance Solution: ApexEdge
Best Enterprise Payments Solution: GoCardless
Best Financial Mobile App: Simplifi by Quicken
Best Fintech Accelerator/Incubator: Financial Solutions Lab
Best Fintech Partnership: T-Mobile and BM Technologies
Best ID Management Solution: IDology
Best Insurtech Solution: FloodFlash
Best Mobile Payments Solution: Simpl
Best RegTech Solution: Featurespace
Best SMB/SME Banking Solution: Ramp
Best Use of AI/ML: Zest AI
Best Wealth Management Solution: Charles Schwab
Excellence in Financial Inclusion: Airtel Money
Excellence in Pandemic Response: Biz2Credit
Excellence in Sustainability: BlocPower
Executive of the Year: Barbara Morgan, FIS
Fintech Woman of the Year: Jo Ann Barefoot
Innovator of the Year: Jon Schlossberg
Top Emerging Tech Company: Synctera
While only one company can win each category, it’s also worth recognizing the quality of all of the finalists who made it to the last stage in the process.
We owe a huge thank you to the panel of judges, followers, and everyone who took the time to submit a nomination. Congratulations to the winners!
“Wilkommen, bienvenue, welcome …” to Day Two of FinovateFall 2021!
From the smiles on the faces of the hundreds who joined us yesterday at the Marriott Marquis in Times Square to the thunderous applause that greeted virtually every demoing company and keynote speaker, yesterday was a wonderful reminder of both how much we missed hosting live events and how much so many of you have enjoyed attending them.
Today on Day Two we plan to keep the momentum going with another full day of fintech demos, insightful keynotes, and fireside chats. And to finish off the day – in addition to our Best of Show Awards Ceremony – we’re hosting a quartet of free-wheeling, no-holds-barred, Champagne Executive Boardroom sessions held under Chatham House Rules. With topics ranging from New Technology and Fighting Financial Crime to Open Banking and how to take advantage of “the Single Biggest Wealth Transfer in History,” these cocktail-hour sessions are not to be missed.
Here’s the schedule for today. All times Eastern Standard.
8:00am – 8:50am | Registration, Breakfast, and Networking
Credit and risk underwriting firm TransUnion announced plans today to acquire digital identity solutions company Neustar. The deal is expected to close in the fourth quarter of this year for $3.1 billion.
“The credit information and analytics that TransUnion provides make trust possible between consumers and businesses,” said TransUnion President and CEO Chris Cartwright. “As digital commerce continues to grow globally, TransUnion’s powerful digital identity assets, enhanced by Neustar’s distinctive data and digital resolution capabilities, will enable safer and more personalized online experiences for consumers and businesses.”
With the addition of Neustar’s data and analytics to enable consumers and businesses to transact online with greater confidence, TransUnion expects the purchase will expand its digital identity capabilities.
Specifically, TransUnion’s acquisition is expected to help the company break out of the traditional credit scoring space by leveraging Neustar’s OneID platform, which will help TransUnion unify its digital identity capabilities. This includes TLO data assets and fusion platform, the iovation device reputation network, and the digital marketing capabilities of Tru Optik.
As part of the purchase, TransUnion will acquire Neustar’s employees, data, and products.
The day we’ve been waiting for is here. After more than a year and a half of all-digital events, Finovate is LIVE!
With more than 75 innovative fintechs scheduled to demo their latest technologies and 1,100+ registered attendees (900+ in person), we could not be more excited for the start of FinovateFall this year.
Our return to the live stage begins bright and early Monday morning and continues through Wednesday afternoon with live demos, dynamic panel discussions, and keynote addresses from some of fintech’s most insightful and accomplished analysts and entrepreneurs.
For those who are joining us in New York at the Marriott Marquis Times Square, we look forward to seeing you in person this week. We also want to assure you that we take the challenges of COVID-19 seriously, and have taken a number of steps to comply with local guidelines and requirements to provide the safest possible environment for this week’s event.
To this end, please review our FinovateFall 2021 At-Event Safety FAQ, which provides information on vaccination requirements, masking policy, and other additional measures we are following.
And if you can’t make it here, you can still enjoy Finovate anywhere you’ve got an internet connection via our Digital Pass offering.
However you plan to join us, here are the essentials for Day One of FinovateFall 2021 that all attendees – in-person and virtual – need to know. All times Eastern Standard.
8:00am – 8:50am | Registration, Breakfast, and Networking
We have 70+ demo companies at this year’s FinovateFall event, taking place September 13 through 15 online and in-person in New York City. These demos, combined with a full lineup of keynotes and panel discussions, will bring a wide variety of themes. To get an idea of what’s trending this year, we’re taking a look at the key themes repeated throughout both the demos and the discussions.
For the demos, we’ve distilled the themes into five major categories, as outlined below.
Data
Today’s data discussions transcend the conversations of Big Data that were en vogue in 2015. This year, data is everywhere; it touches everything. Companies will be looking at how they can help gather, clean, and analyze data; how they can place the customer in charge of their own data while allowing the firm to leverage consumer data; and how they can collaborate with others around data. They will also be discussing specific use cases such as receipt data and pulling data from paper documents. At this year’s event, seemingly everything is data-driven.
Fraud prevention & compliance
We can expect to see solutions to prevent financial crime at pretty much every event. Fraud is ubiquitous in financial services because bad actors consistently benefit from it. This fintech sub-sector is continuously evolving as hackers become more and more cunning. And this year, we’ve noticed the addition of more compliance tools to assist with regulations and audits around fraud.
Digital assistant
With the Delta variant in full force, we still have not entered a post-COVID world. Given that our social distancing habits must persist, companies are investing more energy in developing digital assistants. No matter how you may feel about chatbots, they have proven to be a viable way to communicate with clients when in person discussions are no longer an option. And this theme goes beyond chatbots. Digital assistants including AI-powered call centers and automated customer interactions of all types are rising up to help take the burden off of customer service agents during a time when in-branch conversations are not possible.
Customer engagement
Another byproduct of COVID’s aftermath, customer engagement technologies continue to be front-and-center on the minds of banks, fintechs, and (of course) consumers alike. Because so much of our lives currently takes place online, customers now expect an engaging, personalized customer experience.
One of the ways financial firms are tackling this challenge is by creating a gamified user experience. By taking wha typically is viewed as a chore and making it into something fun, customers are more likely to use and return to an app or an online experience.
Another key to customer engagement is, of course, personalization. By leveraging data to center the user experience around the customer’s needs, fintechs and banks can ensure to captivate their existing client base and reign in new ones.
Financial planning and investing
The roboadvisor craze of 2015 has matured, and has left a number of powerful fintechs in its wake. This is thanks to increased popularity combined with enabling technologies of the new decade. Unlike the first wave of roboadvisory tools, today’s offerings tend to take a more holistic and personalized approach. At this year’s event, we’ll see tools that look at consumers’ financial wellness as a whole, not just their retirement savings.
Another difference from early wealthtech tools is that more of today’s offerings are B2B instead of strictly B2C. At FinovateFall 2021, we’ll see tools that help advisors create more value for their clients and products for employers to help their workforce build better financial health.
What’s missing?
Notably absent from this list are two major themes I would have expected to see. The first is Buy Now, Pay Later (BNPL), the payment technology that allows customers to pay for purchases in installments after receiving the product. Companies like Afterpay, Affirm, Klarna, and Sezzle have popularized BNPL, and many retailers and payment companies alike have implemented various versions of this model. Given the seemingly viral nature of BNPL, it’s surprising that only a single demo company, Zeta, offers BNPL technology.
The second missing piece this year is AI, which has been a top trend for years. So how can discussions of such a pervasive theme be so absent? The answer is in the question; AI is so pervasive that it has now become table stakes for every fintech sub-sector. In other words, AI has blended into the background. If firms want to compete and offer worthwhile products and services, they must, at a minimum, be leveraging AI.
FinovateFall won’t just be about the demos. We have an impressive lineup of keynote speakers, panelists, and fireside chats to share a range of perspectives on today’s hottest fintech topics. While you’re at the event, keep an eye out for the following themes:
Cybersecurity & financial crime
Neobanks
ESG
Financial inclusion
Leadership
Automation
Open finance
Wealth management
Digital transformation
Cryptocurrency
Faster payments
Customer experience
We’re so excited to return to New York this year! We’ll see you either online or in person starting September 13 at 8 a.m. Eastern time and continuing through the 15th. Book your tickets here.
Founded in 2015, CipherTrace offers security and fraud monitoring activities for clients’ crypto-related programs. As CipherTrace CEO Dave Jevans states it, the company helps “banks or cryptocurrency exchanges, government regulators or law enforcement to keep the crypto economy safe.”
Mastercard will combine CipherTrace, which offers insights into more than 900 cryptocurrencies, with its own cyber security solutions to provide customers “the same trust and peace of mind that consumers currently experience with more traditional payment methods.”
CipherTrace’s solutions will help Mastercard differentiate its card and payments offerings and help the company’s clients protect their own clients, comply with regulations, and build their own digital asset products. Additionally, Mastercard’s purchase will help the payments company increase its presence with new clients such as fintechs, crypto-wallet providers, and governments.
“Digital assets have the potential to reimagine commerce, from everyday acts like paying and getting paid to transforming economies, making them more inclusive and efficient,” said Mastercard President of Cyber & Intelligence Ajay Bhalla. “With the rapid growth of the digital asset ecosystem comes the need to ensure it is trusted and safe. Our aim is to build upon the complementary capabilities of Mastercard and CipherTrace to do just this.”
Today’s move isn’t Mastercard’s first foray into the crypto realm. The New York-based company already holds partnerships with Uphold, Gemini, and BitPay to create crypto cards; has created tools support CBDCs; and has launched programs to support blockchain technology, NFTs, and stablecoins on its network.
The Road to Greater Financial Inclusion in Latin America
This week’s Finovate Global Reports takes a look at the drive for financial inclusion in Latin America. BN Americas this week featured a research survey conducted by Peruvian financial services company Credicorp and research firm Ipsos. The study queried approximately 8,400 households in seven Latin American countries: Bolivia, Chile, Colombia, Ecuador, Mexico, Panama, and Peru.
The key takeaways from the study underscored both the need for more aggressive efforts to boost financial inclusion, as well as the concern that those most in need of financial services are also those who are the most marginalized in society overall. The survey highlighted special challenges when it comes to better engaging women, seniors (people over the age of 60), as well as people living in rural locations and those with “limited education and income” in the mainstream financial ecosystem.
Credicorp Head of Corporate Affairs Enrique Pasquel said that promoting financial inclusion was a critical component of improving the business climate in Latin America. “If Latin America continues to have societies where not all enjoy the same benefits,” Pasquel said, “it’s difficult to see how a business can be viable in the long term.”
Education is one of the tools Pasquel sees as especially valuable in driving greater financial inclusion in the region. Many of the study’s respondents who had low levels of engagement with their country’s financial system pointed to a number of issues – from a lack of interest to an inability to see the benefits to a sense that the services available were not necessary to them – as chief obstacles.
Nevertheless, Pasquel believes that the benefits of financial inclusion – such as the increased safety in enabling individuals to reduce their use of cash – are significant enough to overcome many of these reservations. He called on the private sector to play a greater role in financial inclusion efforts.
Checking In on Fintech Innovation in the Middle East
IBS Intelligence took a look at the fintech industry in Egypt and highlighted a quartet of companies – Fawry, MoneyFellows, Paymob, and Yomken – that it believes represent the pinnacle of fintech in North Africa’s most populous country.
The article noted that recent changes in the financial services industry in Egypt are likely responsible for what has made fintech one of the fastest-growing sectors in the country. The Arab republic passed major new banking legislation in 2020 that, in addition to mandating new minimum capital requirements for Egyptian banks, also provided new guidance for both the Egyptian banking sector, as well as for the country’s growing population of e-payments startups, fintech companies, and cryptocurrency firms.
With a tip of the hat to the four major Egyptian fintechs noted by IBS Intelligence, this week’s Finovate Global Lists is sharing eight other fintechs from the country that have made recent Finovate Global headlines. While not as well known as the quartet highlighted above, we think the eight Egypt-based fintechs below are worth keeping an eye on in the months and years to come.
Cassbana: Helps underserved communities obtain financial identities via micro-lending and an AI-powered, behavior-based scoring system.
Dayra: Provides financial services to un- and underbanked gig economy workers and micro-businesses.
Digital Finance Holding: Supports and promotes fintech innovation in Egypt’s non-banking financial services industry
Flextock: Offers technology-enabled, fast, and affordable fulfillment solutions for businesses.
Hollydesk: Provides a SaaS platform for SMEs that supports daily expense and accounts payable management.
Khazna: Serves underbanked communities in Egypt with a solution that provides convenient and secure smartphone-based financial services.
MoneyHash: Offers a single platform to enable access to payment and financial services across the Middle East and Africa.
Telda: Provides a P2P payment service designed for Egypt’s Millennial and GenZ population.
Here is our look at fintech innovation around the world.
FinovateFall 2021 is right around the corner (Monday, September 13th through Wednesday, September 15th). That means there’s no better time than the present to pick up your ticket and save your spot as Finovate returns to New York City for its first live fintech conference in more than a year.
We’ve already shared a ton of Sneak Peeks into the innovative technologies our demoing companies will have on display next week. To further whet your appetite, here’s a quick look at some of the keynote speakers and fireside chatters who will share their insights on the hottest topics in fintech.
The Transformative Role of AI in Financial Services – Tuesday, 9.14.21, 10:20am
Jeremy K. Balkin – Managing Director, Global Head of FinTech and Innovation, J.P. Morgan. LinkedIn. With Maria Gotsch – President and CEO, Partnership Fund for New York City. LinkedIn.
The Platform Economy is Coming – How Much of a Threat are the Tech Giants to Incumbents? – Tuesday, 9.14.21, 10:35am
