FinovateSpring2011: Day One / Session Two

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.

doxo

  • What it is: a consumer focused bill receipt, organization, and payment system.  Biller pays to reduce paper delivery.
  • Presenting the biller dashboard and API capabilities
  • Makes it easy for business to control identity on Doxo network
  • Uses a Facebook-like ease of connecting to customers

Arroweye Solutions

  • Customized card fulfillment
  • Their card printing presses enable photo cards to be created – a card of one or for a small affinity group – like a high school
  • Fulfillment center is in Henderson Nevada
  • Brand logo on demand while personalizing the cards
  • Also use digital barcodes to make sure a personalized carrier ends up with the consumer card as it is delivered to the consumer
  • Supporting banks in targeting affinity markets

Billeo

  • A tool bar for consumers to provide offers during online shopping
  • Launching an IPAD App for a more engaging shopping experience
  • Engage with card members while shopping – plan to launch with 2 of top 5 card issuers summer of 2011
  • Shopping often starts with a search – Shop Smart app is a browser with an offers bar at the bottom
  • Shopping with a user’s loyalty and reward programs, Facebook friends, daily deals, as well as password and eWallet management
  • 3x the conversion rates of other shopping engines

ProfitStars

  • Jack Henry and Associates Company
  • Margin Maximizer Interactive – supporting community financial institutions  in improving credit profitability
  • Supports lender in answering loan and profitability questions
  • Management of profitability at a portfolio level and line level assistance in pricing credit
  • Powerful tools in a hosted environment to reduce cost and create ease of implementation

BillFloat

  • Launched at Finovate 4 as a small dollar lender giving consumers more time to pay their bills with 30 day loans
  • Launching Less is More application
  • Many consumers ask for more credit then they can affort.
  • Propose they pay some cash now and shrink the loan to something they can afford.

Wikinvest (SigFig)

  • A portfolio tracker that synchs with brokerage accounts and provides an advice engine for investments
  • “A second set of eyes on your portfolio”
  • Advisor comparison, fund comparisons, fee comparisons
  • Provide a user advice on which brokerage account to use to save money based on experience in paying brokerage fees
  • Also provide a timeline of when fees will get charged so can make a trade prior to fee deadlines
  • Community financial management tools applied to investments

peerTransfer

  • International student payment solution
  • Traditional wire payments are expensive, poor exchange rates and can get delayed in transit
  • Simplify the process for schools including fraud and follow-up
  • PeerTransfer signs up a US school, provides the students with better exchange rates and tracks payments internationally

Bill.com

  • Organize payments for small businesses
  • Small to mid size businesses still use checks
  • Consumer products are transaction oriented and do not support the documentation, work flow and reconciliation requirements of business payments
  • Cloud based service to stream line bill, invoice and payment processes
  • Relieve businesses from paper.  Synchronize with accounting system.
  • Allows for workflow for authorizations.  Mobile app allows for approvals on the move.
  • Schedule payments to manage cash flow

Mint.com – Intuit

  • Personal financial management going mobile
  • Becoming an increasingly mobile experience to help consumers save with the right offers
  • Mint has ~1M iphone and ~800k Android users
  • Over 50% of Mint.com users have a smartphone linked to account
  • 20-25% of Mint users register from their device and mobile is their dominant device
  • Traditionally leads were driven from the website – now moving to the phone
  • Serving advice via the mobile device
  • Performance based advertising for the mobile device.
    • Example: Monitor what percent of total credit is being used, when meet a threshold that can affect the consumers credit score then provide an alert and links to a credit score monitoring service application form

[BONUS! I listened to an extra presentations from Adobe this morning – JC]

Adobe – Customized Customer Experience

  • Known for Adobe software but also sell $1.2 B in enterprise infrastructure with a major focus on financial services
  • Consumer perceptions of financial services has changed
  • Banks are not providing high levels of customer experience to create loyalty
  • Consumer is mobile and social and looking for trust across multi-channel touch points.  Adobe offers a customer experience management platform across product silos and back office systems.
  • Change the world through digital experience
    • Personalized experience
    • Customized content
    • Dynamic pdf linked to knowledge of consumer from Facebook or other data on the individual or their accounts
    • Reduce online abandonment

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