Finovate Fall 2011 New York, NY Day One William Mills III, CEO William Mills Agency
The Nation’s Largest Public Relations Agency in the Financial and Payments Industry
I started my first live blog at Finovate Spring 2011 just for fun and it’s what I’m doing here today. I’m here today only so I’ll only have 1/2 the presentations. If you are at the event you can email me at firstname.lastname@example.org or TXT 678-694-7213.
9:00 am Introduction
9:05 am First presenter, Weemba.com, borrower web site – not prosper or eloan
Two speakers. Borrower inverts the borrower relationship; borrower is in control of the information. Runs an Equifax check first. He or she will accept or deny a review by the lender. Don’t match borrower or lenders; social network dynamic means the community changes the action.
9:12 Mark and Kevin from demyst.com Deploying your API. Underwriting model, with credit card offers, etc. Data aggregation with social networks and more. Private beta. “removing information asymmetries”.
9:18AM GOOGLE. Dan Shapiro to show Google Advisor. Built to search for everyday consumer financial products.
9:25 Betterment Set financial savings goals. We invest with the market. Last year invited everyone to open a Betterment account and won best of show last year. Set up in 2 minutes.
9:31 am Rob and Nate from segment. Technical issues; demo not showing. Now demo working. KLI: Key Lifestyle Indicators to target financial product marketing. Integrates your bank with your consumer through Facebook. Helps your bank’s social media team communicate with your customers and cross-sell products.
9:39 Kabbage - Mark and Kathryn speaking. Help online sellers growing through underwriting process and put money in payday account in 10 minutes. Use non standard data information to determine risk. New concept that appeared in BUSINESSWEEK: Crowdscore? We are looking at a store’s “likes”, SEO, Twitter, etc. Twitter is a great indicator of the depth of a relationship a business has with it’s customers. Some day, Kabbage scores will be more important than your credit score. Main market is small business.
9:45am ROBOTDOUGH Milton, CEO speaking and head of product. New portfolio monitoring tool notifies you of action you need to take. Early warning system for financials. This seems really tuned to individual active stock investors. Nice, clean site but I don’t manage my own portfolio. We are trying to bring a new level of insurance to protect your investments.How do they make money?
9:53 am Last two companies of this session
9:54 am REBIRTH Financial. ”Small business owners are tired of not being able to get loans.” ”Jazz” rating system – Neural network evaluation system for small banks. Chonchor and Xavier speaking. Using a small paint store trying to get funding. Example store show’s a “95″ score in financial health. Compares data to peers. Tested thousands of times. Passionate speaker: “This is the Real Deal – This Works!” Says much better than any small bank lending system on the market. Clean screen. Have GAAP funding product for SBA loans. See demo at booth. Are they looking for funding? “If you have a check book stop by booth.” “We think we can save billions of dollars.”
10:00 am creditsesame – free online, personal finance tool. Two speakers, Adrian is speaking. Social media is changing our world and how we do business online. There is a lot of sharing online like what they read, where they eat and more so how does that help with the sharing of financial information. Today we are launching the first CREDIT BADGE program which shows financial responsibility. Explaining how to get a badge and what it means. Badges are not shared by default. Individuals can share their badge, sort of like a “Good Housekeeping” seal to improve your personal branding for getting a job, or credit and more. A person with a CS Badge Financial Guru shows they have good credit and are financially responsible. Went over on the 7 minute time limit.
SHORT BREAK NEXT DEMO AT 10:45am
11:45 am TandemMoney Trent (President) and Nicole (Director of Marketing). Was at the first Finovate 5 years ago. Take simple savings account and line of credit for a “raining day” fund. Pre-paid card or other payment line of credit. You have to be a SAVER to be a BORROWER. Web-based. Example of person using part of savings for a purchase.
SOMETHING OF INTEREST: In the Spring San Francisco Finovate you saw a lot of mobile application presentations with social media payment functions. So far today, almost ALL the presentations are NOT mobile but web-based and much of it revolves around saving, PFM, budget and trading. While these companies are from all over the world it seems like here on the East Coast it’s web-based, trading/saving and West Coast is mobile and social media.
11:54 Equifax (note: our company represents a unit of Equifax). Trey and Peter are showing a mobile application that looks pretty good. Equifax Personal Solutions markets to consumers as opposed to financial institutions or merchants. Peter about to walk through application.
Equifax “places” from the credit files aggregates location data and credit scores. ZIP CODE 10036 has average debt of $62,000 and an average mortgage payment of $2,000. Second demonstration shows credit alerts to YOUR credit file – inquiry, balance, lock, unlock, etc. Integrated contact information with the alerts. This makes it EASY to lock or unlock your credit file and shows your three bureau scores in real time and risk ratings. Also shows credit report summary on an iPhone.
11:01 am Transecq – Jim and Christian speaking. Two factor security for Internet banking. Uses message to your mobile phone sending message which I assume will be used to log into the Internet banking. Not SMS message to phone number. Sending message via app to a specific phone. Want to be “out of band” for the consumer. Can be used for “Card Not Present” transactions.
11:09 am Balance Financial – Devin Miller (CEO) – Leverage tech for PFM. Support CPA, FA and book keepers. Showing iPhone app. Using FaceTime to to live video conference to your personal book keeper to pay a medical bill. Showing image of Warren Buffett for good humor on the their balance account.
11:16 am Micronotes – Christian described his company as a digital marketing company with an emphasis on Hispanic community with Jim Craig, First Advantage Credit Union (his customer). Helps his CU generate leads through online banking portal. Showing how it works from the customer prospective. Once logged in, offered products or take a looks at a micro survey to help ID best financial products for the customer. Engage customer by giving a Starbucks gift card if they apply for this loan. Works for bill pay as well. Track marketing campaigns and leads.
11:23 am INSIDE Secure Cancelled
11:24 am Personal Capital – Bill and Jim speaking. Personal Financial Advisor. BusinessWeek covered the company. Combine high tech/high touch with web and mobile apps. Dedicated personal advisors. Nice web dashboard. Looks like a super PFM hooked into payments and investments. All of this is free. How? Fees from the portfolio management? Showing a portfolio that is only 79% US stocks. Very nice graphics in each asset class. Investment check up with your portfolio vs. peers. Also compares costs and fees. “We can eliminate mutual fund fees.” Launching iPhone and iPad apps. BELL RANG
11:30 am KONY – Bjorn showing full PC app on a Mac in Parallels to build mobile applications. Select all channels from the same code base. iPhone, Android, Windows Phone 7, etc. Also has mobile emulators. Showing “pre-built” mobile banking Commercial Banking application on an iPhone. Supports remote deposit. Only company has an SLA promise to support all new devices/platforms in 30 days.
11:37 am MyCyberTwin uses Avatars, all computer-based, which looks like a real person. It looks so real it looks fake, I don’t think the “Sarah” avatar is really an actor John and Todd are now showing an online assistant that uses neural net computer intelligence which helps answers customers questions and claim their response rates are better than real humans answering questions and helping customers. The avatar can even do a search on a web site based on the questions the person types in. AI, no human on the back end. I think they shot video of an actress and various actions are played based on the questions asked by the bank customer.
While I like the icon, graphic-based automated, intelligent online assistant I think the real, video “twin” is a little creepy.
BREAK FOR LUNCH
GETTING READY TO START AGAIN
1:02 CashStar – David and Phelps speaking. Digital Gifting and Incentive Company. Gift cards are #1 or #2 method for reward points. Working for four years for consumers or business to send a gift incentive instantly. Turning gift cards into making a payment at POS with credit or points. Very nice, GIS iPad app.
1:10 pm Authentify – Peter and John speaking. Outsource service to use telephone for out of brand authentication. 2CHK is new product, real time verification. Pretty cool that your phone is way to authorize transaction. Another company showed something like this earlier today. Sounds like a good idea to me. It might put an app on your computer or run 2CHK on you computer via a script. FFIEC encourages broad use of transaction identification.
1:17 pm Backbase – I believe William and Jonathan are speaking. Jon is speaking – providing engaging social media interactions with their customers. Very nice graphics. Different calculators for different savings plans. Going back to online dashboard. Really slick dashboard. Users can use sliders to change settings instead of typing in numbers.
1:23pm Andera – I know these folks; they have a really nice account opening system. They are showing an Internet-based online account opening system. Launching “FortiFI” product to stop fraud. Showing an iPad app integrated with Offlow (I’m not sure on spelling) that stops the fraud at new account opening. Now showing using it on BankSimple.
1:33 eToro – Yoni (CEO) speaking. Presented in London. See live trading feeds of other traders around the world so you don’t have to figure out what to trade; you just copy other trader’s investment trades. Copy.me let’s you open account, invest, copy and trade on their activities. Like I said, I don’t manage my own portfolio but for those people that do this is something I’d look at. It’s like online trading merged with Facebook.
1:39pm Yodlee – Peter Hazlehurst plus two more folks. Showing a dialogue with a consumer. “Eric” is logging into his bank account with specific financial goals. “Totally different Internet banking experience.” “Amy” has the same bank as “Eric” but her Internet banking site looks totally different; based on financial goals/needs. Personalized online banking experience. “35 million consumers agree.”
1:37pm BILLGUARD launched three months ago. Yaron and Raphael speaking. Alerts you to hidden charges, billing errors and more. Nice clean web site. “Easy to set up your accounts.” Lot’s of press coverage; TechCrunch likes them. It sounds like a good idea. I’m not sure how it makes money. “Not a social network; we are a security company.” One click review each transaction. “It would be great if my BANK offered this service.” Here’s what they are launching; an extension to the consumer browser from the bank so the user can their card transactions without having to sign up direct. Launching new working group.
AFTERNOON BREAK 2:22 pm
2:33 pm ModoPayments – Bruce and Aaron speaking. Use your phone for POS payment easily.
Merchant on boarding process: American Retro (business name) location information, etc. to put in a virtual one time prepaid card, verify by GPS and Google Map. Adds payment card on the merchant side and later third parties. Video of person at the business getting the merchant kit and distributes signage. Nice humor in demo. The video is showing the consumer used a checkout code (number) and receipt for purchase. Reminds me of Bling Nation without special hardware or RFID.
2:38 pm cbanc Network – Myers Dupuy (President) speaking (note – our agency does not represent cbanc but does represent a sister company). He is showing how a banker shares Dodd-Frank Act compliance documents where she receives “points”. Next time she needs compliance documents she can buy peer content from other banks using her cbanc points. While compliance might not be the most exciting topic I know from personal experience that being in compliance is one of the most important things bankers think about each day. The web presentation is nice but not really graphical; I don’t know if they have it but would like to see an iPad and iPhone app for cbanc.
WIFI NETWORK CRASHED – Lost notes on SigFig and Mootwin; will try to recreate later.
3:00 pm Experian – Hue Rhodes and Conor Swanson. Credit monitoring; nice web design/graphics. It monitors your credit as well as things like social networks. Can monitor online privacy. I could see this being helpful. If you have ever seen Spokeo you know how much information people can find out about you and makes it easier for ID theft. You can easily opt out of ALL ad tracking. I like this service. What if you have ID theft? New account ID theft is really going to be a problem. Can be notified via phone or TXT. Myid.com can be “skinned” for your brand by selling private label.
3:06 pm Plastyc – Patrice Peyret (CEO) is speaking. Split pre-paid card virtual online and a savings “pocket” virtual card. Invisible to the credit/debit networks. So, you can can spend OR save using virtual cards. Looks all web-based.
3:14 pm Dynamics – Jeff Mullen, CEO raised $47 million in funding company. One “Best in Show Payments” at Consumer Electronics Show in Las Vegas. Can’t change infrastructure so this is how they solve the problem. Smart card? It’s very thin. Batteries last four years. He is showing a card with TWO account numbers on it. You press a button and it changes the magnetic stripe on the back of the card. Pretty card. Showed another card. Third card is a Redemption Card. Push a button on at the front and you pay with credit, press another button and you pay with loyalty points. New product to address EMV problem.
END OF TODAY’S PRESENTATIONS
I’m sorry I won’t be here tomorrow. For Wednesday’s presentations check out
William Mills III