FinovateFall 2010: Day 1 / Session 1

by Bryan Derman on October 4, 2010

in Bryan Derman, Conferences & Meetings, Finance, Finovate, Innovation, Technology

Glenbrook’s Bryan Derman is live blogging from FinovateFall 2010. This is the first of several posts; you can find an index to his coverage here.

Credit Sesame:

  • Consumers can create a free account and Credit Sesame will attempt to “optimize” their credit position based on lenders’ pre-qualified credit offers
  • Provides a free credit score and details an outstanding loans; updated monthly
  • Site will calculate recommendations; uses patent pending technology for lowering monthly payments across all loans
  • Naturally, consumer can apply for suggested loans right on the Credit Sesame site (and they get paid by lenders for providing the leads)

BillShrink:

  • These guys have been a regular at Finovate — they provide savings suggestions on complex purchases
  • Announcing today that they will be available on the websites of their payment card partners
  • Java script insert adds relevant offers to a consumer’s online card statement (e.g., save money on wireless bills by analyzing bill details, TV, gasoline, etc.)
  • With some bank integration, offers can be purchased from the bank site (and charged to the card) and get a coupon that will allow them to redeem the offer at a store
  • Consumers can “like” or “dislike” various offers in order to train the system
  • The host bank can also use BillShrink to promote its own products

Yodlee:

  • Welcome to Yodlee 10!  Beginning to certify new “fin apps”
  • Currently running in 200 banks around the world with millions of users
  • Expanding from email and web access to social networking — connect Yodlee identity to Facebook identity (can also link to Twitter)
  • Allows consumers to share their spending (selectively) with their friends (a la Swipely and Blippy).  [Tell me again why I’d want to do that?]
  • Can also publicize your savings goals and Yodlee will also move the money accordingly  — e.g., transfer from checking to savings — but also suck the money out of friends’ accounts once they’ve indicated they’d like to help you out (panhandling goes online!!)
  • Have an app store called MoneyCenter to find apps from partners like BillShrink and H&R Block

Accredited Capital Exchange (ACE):

  • Accredited Capital Exchange — the hub for private offerings (private placements, PIPEs)
  • Helps small, new funds see more private investment opportunities
  • Deals are initially blind until investor qualifies itself through the site
  • Once qualified, the investor can review details on the company and the offering; it can also send in due diligence questions and ultimately submit an indication of interest

FIS Payments:

  • Followed consumers from the mailbox to their online banking site
  • Developed a virtual payment management environment featuring:  a bill rack, a tour, a localized list of billers, an ordered list of bills to be paid, a list of ebills
  • Can also get date-based view of payments and income
  • Will also store payment receipts virtually (via partnership with Billeo)

Wonga:

  • Announcing release of Android app for making loans (in the UK)
  • Already have iPhone app that can take user from loan application to good funds in account within 15 minutes
  • Small (<UKP1,000) and short-term (<35 days) loans
  • Cash can be immediately withdrawn from an ATM
  • Will I actually read a loan agreement on my iPhone

Kiboo:

  • Platform integrates with financial institutions in order to help parents and kids understand their money
  • Parent dashboard lets adult view kids accounts and work with them to understand their money — set up budgets, set goals, plan for the future, donate to charity
  • Nice user interface for young people trying to understand their budget and where they stand against it today (including programmable alerts)
  • Also integrates retail partners that can help them save money
  • Bank can provide education and services, while users get a customizable experience featuring user-generated content
  • Beta test will start in a few weeks

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