FinovateFall 2011: Day Two/Session 1 of 4

by Bryan Derman on September 21, 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.

T8 Webware

  • Company serves community banks, many of whom don’t offer mobile banking
  • Their solution (Grip) costs $0.99 per month per active user and requires no core integration
  • Can pull data and provide alerts from multiple accounts at multiple institutions
  • Cool feature:  Take photo of a receipt and tag it with various pieces of information; it can be uploaded to mobile banking as a pending transaction so the user has a more accurate idea of his bank balance
  • Interesting dashboard for use by the financial institution, which can track usage patterns, send messages, etc.

Swipely

  • “Loyalty for Main Street”
  • Helps local merchants put together more sophisticated loyalty and marketing programs without requiring a consumer or merchant behavior change; instead they integrate with issuers and processors (no check-ins or loyalty cards needed)
  • Offers are loaded to a registered card and are redeemed via a statement credit
  • Also provides analytics to the merchant to aid in understanding their returns on various campaigns

CREALOGiX

  • Addressing eBanking security based on a concern that about one-third of PCs will be infected with malware and/or botnets
  • Rather than trying to stop hacked transactions, they are developing a way for infected machines to still transact securely.  I believe this solution will be targeted at high-end commercial banking transactions
  • Involves a USB-connected (plug & play) device that looks much like a mobile phone to allow secure PIN entry
  • Regular and frequent software updates of the device are designed to eliminate or minimize the impact of hack, even when they are successfully perpetrated
  • The device establishes a point-to-point connection between the device and the eBanking server so that they can mutually authenticate

ACI Worldwide & MShift

  • Demoing a tablet solution that replaces desktop-based solutions for enterprise payments
  • Supports push notifications for transactions that require additional levels of approval; users have same credentials across all devices
  • Allows users to see cash flow projections, make transfers, etc. in addition to simply approving payments

Fuze Network

  • Technologies to help banks and card issuers direct their customers to places where they can either get cash or load cash on their cards
  • Allows a POS terminal to be used to process cash bill payments to various accounts or to any reloadable prepaid card (open loop or closed loop)
  • Allows cash deposits to a traditional debit card

FreeMonee

  • While consumers are beginning to suffer from “offer fatigue” from daily deals, they are still looking for programs from their banks to help them save money, particularly cash incentives like gift cards
  • FreeMonee has partnered with banks to use transaction data to deliver relevant, targeted offers via virtual gift cards.  Offers are indexed against a bankcard and when that card is used a credit is issued to the associated account
  • Allows merchants to make an analytical bet that a cash incentive (delivered through a bank) will incent a profitable purchase activity by the consumer

Mitek Systems

  • Mitek uses imaging technology to initiate transactions of various kinds (e.g., remote deposit capture)
  • Latest product lets the consumer send a picture of a credit card statement and send it to another issuer in order to generate a balance transfer offer
  • Mitek’s algorithms scan the statement for various data fields necessary to underwrite the customer and formulate the offer

Truaxis (formerly BillShrink)

  • Uses transaction history to facilitate savings, rewards and recommendations
  • Aggregating data from bank customers to generate recommendations on stores and restaurants based on where people with similar profiles shop
  • Also provides comparison data to the consumer in terms of how much they spend at certain merchant and categories versus people with similar profiles
  • Users can also define a custom set of friends and family members to compare their spending to

LearnVest

  • Targeting money and investing advice for women 20-50 years old
  • 250,000 women have been put through “boot camps”, small online modules on particular topics of interest (budgeting, investing, etc.) that contain action items and seek a behavior change
  • Also provides a PFM tool with aggregation of all financial accounts and ability to categorize and organize expenses
  • Advice Center provides financial planning advice for a fee paid by the user

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