FinovateFall 2011: Day One / Session 2 of 4

by Bryan Derman on September 20, 2011

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

Glenbrook’s Bryan Derman is live blogging from Finovate in New York City. This is only one of a series of posts featuring Bryan’s impressions as over sixty payments technology companies perform 7 minute demos (no PowerPoint slides allowed!) over two days. The index for Bryan’s Payments Views coverage is here.

Here is the next group.  Some pretty interesting and different models here:


  • Allows consumer to blend personal savings with a credit line in order to fund a specific need
  • Encourages saving while enabling individuals to also save and reduce borrowing costs

Equifax Personal Solution

  • Direct-to-consumer service with a mobile app providing aggregated credit data
  • Can review average credit scores by neighborhood (for example, when thinking about a place to live), along with average debt levels
  • App can also deliver alerts to their mobile device when something changes on their credit bureau (e.g., inquiry, balance change, bankruptcy, etc.)
  • Unlock and review credit score, for example, while shopping for a car


  •  New approach to dual factor authentication for secure login (e.g., to online banking)
  • Upon login, website invokes an app on the consumer’s mobile device (not just an email or SMS) – uses digital cert on the device – no reliance on the phone number as a token
  • The secure mobile browser will enable authentication through the entry of an encrypted PIN or password and the online banking portal will be opened
  • The same approach can be used to secure high risk transactions such as a transfer or bill payment

Balance Financial

  • Support for consumer financial management, directly or through CPA, bookkeeper, etc.
  • Mobile app allows user to photograph a bill and send it off for payment, either based on a rule set or by arrangement with a bookkeeper
  • Can also photograph receipts (e.g., charitable donation) and sent to an “online file cabinet” so that it is easily available when needed for tax filing
  • On their web portal, the user can upload all their financial accounts and share them with a bookkeeper in order to manage budgets, financial position, asset allocation, etc.


  • Digital marketing company that partners with banks to provide targeted offers (of banking products) to their customers
  • Generally works through the financial institution’s website to find qualified leads
  • Analyzes the transaction flow pattern and customer profile in order to generate relevant offers and then uses email to deliver coupons, certificates, etc. (e.g., $10 gift card if you sign up for electronic bill payment).  Campaigns can be updated dynamically in order to determine what offer works best
  • Includes campaign monitoring tools

Personal Capital

  • First public release after 2.5 years in development – a personal financial advisor for everyone
  • Website provides an integrated view of all financial accounts and provides access to a live, human financial advisor
  • Unified view allows user to drill down within any account to the individual transaction level
  • Particular focus on asset allocation as the key driver of financial returns; drill down continues and even includes viewing the composition of mutual funds
  • Also analyzes fees and returns in order to support a strategy discussion with a live advisor in order improve risk/return, fee levels, tax position, etc.
  • [Editorial Comment]  This service has a very robust but intuitive interface.  Look for this one in the Best in Show voting

Kony Solutions

  • Software tool to facilitate development of apps across the various mobile platforms (Android, Apple, RIMM, etc.)
  • Can incorporate existing online services into the emerging mobile experience (e.g., approving pending payments from a mobile device)
  • Push payments can also be utilized to make sure time-sensitive items are dealt with
  • Already prepared to support HTML5 as it becomes available on more browsers


  • Provider of “Intelligent Avatars” – uses artificial intelligence (AI) with no humans operating in the background
  • More than animated FAQ engine – goals are to deflect customer service calls, generate online sales, and gather business intelligence
  • In use at National Australia Bank since 2008 and has generated higher sales and better customer satisfaction that human agents in the credit card business
  • Can answer questions, guide customers through an application process and conduct intelligent searches of the available data on a bank’s website
  • Avatars can be “emotionally expressive” and conduct a natural conversation via chat that demonstrates understanding of the dialog


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