FinovateSpring 2011: Day Two / Session One

by guest on May 11, 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.


  • National gift network changing direct marketing effectiveness for merchants
  • An FI that opts in can have weekly merchant incentives added to their customer’s card
  • The consumer gets a weekly gift certificate offer to the phone
  • The redemption process is to go to the merchant location and use their registered card which will enable the discount / free money to be applied to their card statement.
  • Bank gets to provide their customers incentives.


  • Introducing DecisionIQ Premier(SM) on their BusinessIQ platform to streamline commercial credit management
  • Demoed the creation of new applications
  • The bank can create automated thresholds, decision rules and select key fields for the application form
  • DecisionIQ creates the online loan application, receives the application, automates the review, then tracks the workflow and progress of the application until the result is updated in the client’s account

Mitek Systems

  • Known for their mobile check deposit product
  • Announcing mobile photo bill pay app – point, shoot and pay
  • Consumer takes a picture of a bill and gets it paid
  • Can be done on any phone with 2 megapixel camera or above and autofocus capability
  • Uses dynamic data capture, pattern recognition, optical character recognition to capture payor, payee, amount and date due and send them in bank recognizable format.
  • Also capture an image of the bill for the bank which is not stored on the mobile but can be used by the bank for security and inquiries.
  • 2 payment options – standard or expedited (with fees to the bank)
  • This is an innovative approach to mobile banking and can enhance the bank’s ability to steer more volume away from biller direct


  • Small / medium business banking smart phone application
  • A small business owner can set up user authorities from the phone
  • Execute positive pay decisions and authorize payroll while checking bank balances
  • Expenses with a photo of the receipt can be submitted on the spot and at the time of the expense
  • Employees can fill in time sheets from the phone as well
  • Wipro is a leading IT consulting firm and sees this mobile application as a revenue generation opportunity for banks – automating the business process and the execution of banking transactions.


  • Online wealth building service
  • Work on the psychology of money
  • Traditionally used with large employers to support their employees create a personalized plan
  • Starts with a visualization of a person’s wealth, financial goals and budgets
  • Analyze spend and goals and provide targeted advice
  • Workers are behind on savings because they tend to make mistakes on the small things and there are many spending recommendations with support for budgeting and comparison to averages
  • The recommendations and goals here seemed very specific and less about what others are doing and more about how to stay on track.


  • Ranked by Gartner as a leading identity protection service
  • Launching free identity protection through partners
  • Lenovo computer comes with free identity theft protection
  • Lost wallet protection, 3 cards registered for fraud protection, SSN monitoring and credit scores delivered monthly
  • Making their money from targeted offers to customers with upsell to value added services (15 of their own) while also serving up offers from the partner

Silver Tail Systems

  • Fraud forensics and mitigation products for websites that search for malicious behavior in online banking sessions
  • Can be used, for example, to detect online activity from “money mules”
  • Now announcing: Silver Tail Systems forensics as applied to mobile banking
  • Can identify man in mobile attacks where malware is on the smartphone
  • Monitor the clicks and actions but the new malware works to make their clicks look normal and wait until the user is logged off so there are not 2 IP addresses at the same time
  • The criminal trying to mask their behavior can be identified as different from the modeled usual behavior for that user and across users
  • In fraud detection, it is critical to monitor transactions and apply risk analytics to prevent / mitigate losses.  Silver Tail adds user behavior modeling and group behavior to prevent fraud.


  • Investing made simple – Starting with as little as $25
  • Announcing mobile app that allows investing, goal setting and alerts
  • Allows the user to set pledges like reducing their coffee purchases to help fund their kid’s college account
  • The geo location capability of the phone will send an alert when the consumer goes into a Starbucks
  • From the alert they can decide to send $5 to the college fund instead of buying the Starbucks.
  • This was more than taking the online application and stuffing it on the phone
  • In addition they are announcing their Facebook capabilities that allow friends network to chip in.  Users can redeem gift cards from Facebook into real investments against set goals.

  • Debt Coach is live for Finovate
  • Empowering consumers with debt with transparency of creditor concession and debt resolution rates
  • Compares their financial picture to national averages
  • Partner with Experian to pull their credit report to auto populate their financial position
  • Show the consumer what credit counseling concession rates can do, debt resolution rates from specific creditors and what they can do themselves
  • Free to consumer and easy user interface
  • Applying personal financial management communities concepts to the debt counseling space


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