FinovateSpring2011: Day One / Session Four

by guest on May 10, 2011

in Conferences & Meetings, Finovate, Innovation, Jacqueline Chilton, Technology

Glenbrook’s Jacqueline Chilton is blogging from FinovateSpring 2011. This is one of several posts; you can find an index of our coverage here.

The format for Finovate is fast and furious.  No PowerPoint – all demo.  Each company has seven minutes. This is the fourth and last session for Day One.


  • Small business lending simplified for the business
  • Qualify leads for banks and credit unions
  • 50% of businesses that get declined – could have been accepted by the right product and lender
  • Ask quick questions about the business financial situation
  • Calculate the best fit among 12 different loan types with a proprietary score type
  • The business owner can select their preferred type of loan
  • The tool then asks more questions – partnered with Equifax for soft pull of business and consumer credit rating data
  • Match to lender preferences, geography and preferred lender partners pay for preferred access to the business
  • Focus to the highest matched lenders and business can select the loan and lender to whom they would like to apply
  • Lender can see the match criteria and the data from the client for the application
  • Approval email is sent to the borrower


  • Took their online loan origination platform and moved it to mobile
  • Customer provides name, address, social and oFlows provides fraud check while looking for pricing on loan requested as well as cross-sell opportunities
  • Pdfs of existing loan or insurance documents are presented on the tablet with easy field fill capabilities
  • The app accepts a wet digital signature
  • Locked pdf becomes a legal file
  • Use the camera on the mobile device to upload images of supporting documents including things like pay stubs or driver’s license
  • No sensitive information stored on the device
  • The lender receives the application, credit report, red flag rules or fraud flags s required by core systems.
  • Use cases: Sign up students on campus, work with a customer from the couch at the branch or go to a corporate client and sign them up in their office.

ID Analytics

  • “When your identity is stolen – seconds count!”
  • My ID Alerts .com – Puts the consumer in control of stopping fraud with technology that responds in real time
  • Connect consumers to enterprises during the transaction to allow the consumer to validate the actions
    • An enrolled consumer gets alerts of new account opening in their name or address / account changes
    • They push to call the fraud alert customer service line
    • Account can be shut down before any losses occur
    • Provide consumers visibility to their level of risk through an identity score and alerts / recommendations to manage identity
    • Protect over 2 million consumers


  • Did not end up presenting their online banking pilot, in which consumers can customize where account information is located on the site, similar to a personalized iGoogle or My Yahoo page
  • Spoke to them about the application of their person to person payments platform in the space of micro-merchant payments

Balance Financial

  • A dedicated personal bookkeeper to manage finances for consumers
  • Everyone gets assigned a bookkeeper – nationwide network of bookkeepers
  • Work with seniors or busy individuals who pay a monthly fee based on complexity
  • Send the bills and receipts to Balance financial where they are filed and stored online.  They have automated most of the process to review the bill as to whether it should be paid and to assess the impact on cash flow and then pay the bills.  Bookkeepers intervene on more complex transactions.
  • For those who have automated bill payment they can use the tools kept up to date by the bookkeeper.
  • Bookkeeper is focused on high value added activities – not the monthly $20 payment, but a sudden spike to $2000 they will follow-up.
  • Automate much of the process with rules and alerts and experience across multiple customers
  • Can provide report access to accountant for tax reporting
  • iPhone Bill Pay App to capture Bills from mobile device available May 2011

Lend Street

  • Social lending debt restructuring platform
  • Focused on problem of card charge-offs and distressed borrowers
  • Distressed debtors can have their debt restructured while the tool incorporates financial literacy and social network interaction
  • The investor can track their Committed / Available Balance / Watching deals
  • The consumer’s debt is posted and investors can choose to lend money or not based on the restructured bank loan.  Investors can provide as little as $25 to support the debtor.
  • Lend Street does not provide additional debt
  • Enables banks to recover more capital than if they charge off.


  • Create an online banking portal using the latest in web 2.0 capabilities
  • Address the needs of online bank and online merchants to create a compelling user experience
  • Innovation is the app store which provides the latest in PFM, chat, content and data feeds e.g. Reuters
  • The banks can add these Web 2.0 services to their online banking portal by selecting the widgets and adding them to their customer potal
  • Deutsche Bank, UBS and others use this technology to enhance their online customer experience

We’ll be back in the morning with more.

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