How they describe themselves: Finovera is redefining how people receive and pay bills and manage their finances online and on mobile. Online Bill Pay growth is flat and the eBill view is disappointing in its current state. However, research has shown that eBill users are nearly 40% less likely to switch their bank and are worth 25% more than just the bill pay customers. Finovera helps banks and credit unions to build a loyal customer base by bringing simplicity, efficiency, and convenience to household bill and account management. Now consumers can say goodbye to late fees, forgotten passwords, and a disorganized bill pile.
How they describe their product/innovation: Imagine Bill Management the way you have always dreamed it could be: simple, attractive, convenient, and mobile. Imagine all your bills automatically delivered to you every month in a neatly organized Inbox on your bank site so you can pay them with the click of a button effortlessly from your checking account or on the biller site with a credit card. Now if you are a banker, imagine being able to transform your bank site into a customer’s Financial Hub that lowers attrition, increases revenue, and reduces cost.
Product distribution strategy: Direct to Business (B2B), through financial institutions, through other fintech companies and platforms, licensed