FinovateFall 2011: Day One / Session 3 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.



  • Mobile gifting and rewards redemption system
  • Facilitates use of loyalty/rewards points immediately at point at sale by turning them into virtual gift cards


  • Use mobile phones as an out of band method of authentication and verification
  • Creates a secure connection between the bank and the customer’s mobile device that allows the customer to confirm pending transactions
  • The verification system can also be deployed as a desktop app


  • Attempting to dramatically upgrade the quality of the user interface for online and mobile banking and provide a uniform experience across channels
  • Allows the user to configure rules and alerts that conform to his needs and preferences (e.g., progress on saving for a particular major purchase)
  • These rules also create marketing opportunities for the bank


  • Its “Fortify” service is designed to combat fraud that occurs during online account opening by looking across their 500 financial institution customers
  • Andera reviews application data against its databases as it is entered and provides real-time information to the bank (e.g., the same customer applied for accounts at two other institutions in the past 15 minutes)


  • A securities trading platform that provides a live feed of trades being done by professional traders that can be copied by others viewing the site
  • Traders are able to post their portfolios and historical results in the hope of getting people to copy/follow them
  • Traders are compensated based on how widely they are followed and copied


  • Yodlee Personalized Finance can provide a customized online banking experience
  • The system uses a relatively simple of questions when a customer first logs on for the first time in order to customize the site to his
  • Numerous financial apps are available to augment websites


  • Service sends notifications of transactions that it flags as suspicious after a user signs up to have his card activity scanned by BillGuard
  • To date, the system has flagged fraudulent transactions on 20% of the accounts it is scanning
  • Card issuers can provide the service to their cardholders
  • Creating an industry-wide database to catalog consumer billing complaints

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