Finovate Fall 2011 New York, NY Day One

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

Finovate Fall New York 2011

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 william@williammills.com 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

NETWORK SESSION/DEMOS

I’m sorry I won’t be here tomorrow. For Wednesday’s presentations check out

http://www.finovate.com

William Mills III

 

Finovate Spring San Francisco Live Blog

Presentation Hall

Finovate Spring is in a BIG hall, kind of old but interesting.

9 Eric and Jim introduce the conference

9:06 Tom and Doug from Clover Media are speaking 9:07 Doug markets to FI’s – 16 years experience 9:10 It looks like Clover Media is the combination of an advertising model and payment at the POS payment Consumer has web site to see loyalty offerings on a web site.

9:12 Clover Media ends 9:13 Bundle is now here: Jaidev, CEO – using data to show trends/facts on spending – PFM Launched “Everybody’s Money” last year. We dug the merchant data of spending against specific merchants. It seems like another loyalty play – comparing merchants by how much people that you know are spending at a merchant. Bundle is over; it’s a little confusing. Find a merchant from how much your friends spend I guess.

9:20 Intellaegis John Lewis and Shawn. It sounds like a collections solution. It appears that they have some type of program to gather data – the product is called masterQueue. Looks web-based, workflow, no software to install. Integrates with Bing and other maps. Pretty slick all in one collection system. Helps collectors work much faster.

9:28 Xero from New Zealand, online accounting, CEO Rod Drury is speaking, looks like a web-based accounting system. “Cloud” based accounting system. I guess the benefit is that if a bunch of companies used the system each other company could have each others vendor data already in the system. It SOUNDS like he said that 1/2 of all accountants in New Zealand use it. A HUGE BELL RANG to end the demo.

9:36 Gold Bullion Internation Savneet (CEO) and Peter (CTO) Is this a virtual trading exchange/storage for gold and other metals? Looks like it. Again, web-based application.

9:43 Kabbage Robert (Founder and CEO) and Kathyrn (COO) – they were here last year. They give working capital to small businesses. Use merchant data and can get cash to merchant very fast. “Fastest working capital on the planet” They are now working with Amazon merchants. Reminds me a little bit of Capital Access Network.

9:48 Code Green – Jason Green (CEO) marketing, technology company? RATECAST: banks and CU’s need loans. Empower marketing with rates in a simple, central way. Editing rates on a web site is hard (normally), slow, error prone. They have a centralized rate manager, marketing material and channels. He is doing a demo of using the technology through Facebook. I could see this help a community bank or credit union. Jason seems to be a good marketing executive that REALLY knows technology and social media.

9:55 BancBox Sanj (EVP) and Praveer (Chief Engineer) – We are the API of the banking system. Say you have an app you sell to a bank, but it’s hard to get the core vendors integrate with core providers. EXPENSIVE for new fintech companies to integrate with banks. “We have created a banking services platform.” For example, open a bank account, second, move money or through a UI (web site, mobile app, etc.). BancBox has some kind of interface with a credit or other data provider to validate users so it’s fast and easy. They are cash flow positive; something you don’t hear much. NOTE: So far, everyone is showing web-based applications. I’m surprised there hasn’t been one mobile app yet.

10:03 HOYOS Jeff Carter (Chief Development Officer) and Tracy Hoyos (Marketing Director). HOYOS GROUP is a type of security/identification system. Mobile iris scanning solution. User name and password screen. It’s a HANDHELD eye recognition system. Logged into system using your eyes. Jeff is talking about Sony breach that might cost $1 billion. It’s pretty cool.”The user name and password will go away” I’ve heard of hardware identification but have never seen anything like this. Logged into her computer, Facebook and Paypal with her iris. I think the eye reader has to be plugged into a computer. The hardware is $99.

END OF MORNING SESSION ONE – BREAK

Presentation Hall

10:44 am We are coming back from break doxo – Steve Shivers (Co-Founder & CEO) and Roger. Paperless is only 15% used by folks in the U.S. Why isn’t it simple to connect to business like I connect to friends? It’s a My personal file cabinet. Set up companies you do business with. Businesses have signed up. Part two is how can companies make it easy to connect to their customers. doxo control panel for business announced today. If I’m a biller I can be paid through here.

10:54 Arroweye Solutions Steve Shiveres (Co-Founder and CEO) Highly customized card programs for FI’s. For credit and debit issuers, you can get your card to the “top of the wallet”. People can put their own photos on their cards on the web and Steve’s company does the fulfillment. 11:01 am Billeo is launching iPad app today. Murali (CEO is speaking) Wants to work with FI’s. He had connection issues.

11:09 PROFITSTARS Dan Roderick and Ashley Messer. Division of Jack Henry & Associates. Today we are launching an app called Margin Maximizer to help FI’s make better decisions. Showing customer relationship the bank has with the consumer/business. In an instance, every lender can see the FI’s profit for the deal and how it compares to targets. Web-based control system for the user at the bank/FI.

ProfitStars executives speak at Finnovate

11:16 BillFloat – Ryan Gilbert, CEO speaking with Robin O’Connell (VP) 36% APR for 30 days has helped consumers “keep their lights on” and they don’t have to go to alternatives. LESS IS MORE is their new product today. Smaller payment towards a larger debt, like a co-pay. Simple, easy to read fees/payments/rate information quickly. METROPCS example.

11:23 Wikinvest (new name will be SigFig) Parker Conrad (Co-Founder) Talked about upcoming name change and what they did with interfacing with brokerage accounts last year at Finovate. We have incredible data about their users. The new version will be simpler. It sounds pretty complicated but in the end I suppose this could help fairly sophisticated investors if they use these tools. They have only a splash web page

11:30 peerTransfer Iker (Founder and CEO) Transfer students transfer BILLIONS of dollars to/from the U.S. They are launching here today. He is from Europe and went to MIT. Went to bank and hit by fees and exchange rates. It sounds like a good alternative to WESTERN UNION.

11:35 Bill.com Mark Ortung (COO) and Jeff Schultz (VP, Sales and Marketing)
Added tens of thousands of businesses as billers and new feature. They relieve the burdens of paper in billing. They are demoing on a phone but I don’t think it’s an app, I think it’s in the iPhone browser.

11:43 am Intuit (Mint.com) Aaron Forth (VP Product) “Mint has become more of a mobile solution. 1 million installs on iPhones and hundreds of thousands on Android.

50% use on phone, 25% come direct from the app store. Only 20% of their users even GO to the web site. Most of ad dollars were coming from the web but with so much smart phone usage we now have an IOS ad platform for the mobile device. The app/ads seem a little like “lowermybills”

11:50 BREAK FOR LUNCH

Tuesday Afternoon Session One

1:03 pm Afinate Ram Singh (Co-Founder) and Brian Briggman (Co-Founder) – On The Go! iPhone application mobile banking. Showing fraud alert function. Integrates with bank back end in order to provide customer ability to specify personal finance goals, helps bank ID products to offer customers and match products to the right customer. Provides payment alerts. Can suggest a mortgage or even balance a stock portfolio. Technical issues with phone, app or connection.

1:10 Ready Receipts David Crossett (CEO and Shawn Schnitker – Based in Idaho, this company helps consumers securely manage their purchase receipts from merchants. Getting consumers closer to their data. Online platform to manage a consumer’s receipts. Not working with images but data but can upload scanned or emailed receipts. Can send offers based on actual purchases. “If you want to market to me you have to know what I buy in detail.” Patent-Pending, built with security and privacy. No customer ID required at POS, loyalty programs are not required and no credit card data is stored so it’s PCI compliant. Consumers want to be closer to their data. Launching at Finovate. “We are looking for a level 2 data provider, partners and investors”

1:18 p Kiboo – Lisa Halpern (Founder & CEO) and Jacob Apelbaum (CTO) Banking/Social/Commerce – connecting FDIC products to customers through API’s – retail, banking, mobile and more. Personalize experience to the customer. “Know your money” is their motto. Today they are doing a demo of their mobile app. Using an example of an 18 year old at a mall shopping. The phone camera can scan an item bar code and it will tell the consumer that he or she can’t afford it and set a financial goal. Geo locates an item cheaper at another store and provides directions to the store. Makes payment on the phone through NFC. Probably an Android phone. Merging Geolocating, NFC and FDIC products together.

1:25 o Braintree Dan Manges (CTO) Living Social example. Reducing PCI compliance in a “revolutionary way.” Living Social is a “daily deal” site. TRANSPARENT API. The consumer doesn’t know he or she is going to a different site. Consumers abandon purchases when there are more steps to buy a product. Using their API it’s transparent to consumer and the merchant is in PCI Compliance. The user experience is superior. The merchant maintains the brand through the purchase process. PCI compliance is expensive. Working with Braintree merchants can reduce compliance costs by 90%.

1:32 pm Figlo – Sam Vassa (CEO, North America) “Financial planning tools that clients love.” Web-based. Most financial planners create reports that people don’t use. We build tools to help collaborate and help clients and financial planners set goals. First multi-language, multi-currency and multi-country. Announcing today an iPad version.

1:40 Dwolla – Ben Milne (CEO) and Jordan Lampe (Director of Communications) Send and receive money API at 25 cents per transaction (not based on dollar amount). Sending money through social networks, not phones or bank accounts. 45 days ago set up a physical location payment system but is NOT NFC. Dwolla “Spots” accept the payment system. “We have signed up 10 banks so far. As a FI, how can we use the data to better market to customers.” Geolocation data with purchase and transaction data. Dwolla Dashboard debuts today.

1:47 Bankons – Joshua Greenough (Founder) and Cameron Geisser (Lead Engineer) “Banks and Coupons”

Geolocation and purchasing. Merchant funded offers have to be presented at the time when people want to buy. Built a platform. Geolocated offers with geolocated actions. Partnered with Yodlee to bring bank transactions to special merchant offers when someone is near a merchant. “We can launch a white label version right away or use our software through the API.” Easy to launch, builds a better customer relationship. Today is the launch day and available in the app store.

BREAK

2:34 p Lendio – Brock Blake (CEO) and Trent Miskin (CTO) “We make small business loans simple.” 25 years experience in small business lending. Web-based form for small business owner (credit card/AR, etc.). Won’t impact personal credit score. System calculates best fit among 12 loan types (i.e. SBA, Peer to Peer, etc.). More loan app information is gathered. Integrated and partnered with Equifax. After info sent from Equifax to Lendio their platform matches the small business to the right FI’s. Started with a thousand banks; after going through the LOS it has narrowed the list to six best fit lenders. We make it simple for small business. We make small business lending easier for banks and credit unions.

2:41 p oFlows – Scottt Pitts (CEO) plus one. Bankers are having to out in the field and get new customers. oFlows was built as online, branch and call center and now have a mobile application for iPad. Will also work with Android; it looks like it’s Safari-based, not a native iPad app. Run through oFlows decisioning system. Can sign locked PDF’s using your finger on the iPad. Built-in cameras can capture papers and other documents for the loan. No sensitive information is stored on the device.

2:49 p ID Analytics – Larry McIntosh (CMO), Eric Rosado and Cooper Bachmann Identity protection. Looks web-based. Consumer enrolls in the service and receives an alert that someone is trying to use your ID. My ID Alert shows kind of a credit score model of a consumer’s potential to have their ID taken. I believe they get much of their data from wireless carriers but am not sure. Patent pending and protect 2 million consumers.

2:56 FISERV was scheduled to present but cancelled.

2:57 Balance Financial – Devin Miller (CEO) “Dedicated Personal Bookkeeper” Appears to let you outsource your personal finance. Every client gets a personal bookkeeper. Usually a monthly fee. All your bills go to Balance Financial. Pays any US-based bill. Your CPA can have access to the system. Uses lots of automation and workflow. Next month launching iPhone app with photo bill pay.

3:04 Lead Street Financial – R. Jerry Nemorin (Founder & CEO) and Jason Mars Leverages social networks to help consumers, especially distressed borrowers by letting retail investors buy the debt at a discount. Web-based. Seems like it helps people in debt to keep from going into bankruptcy by micro-lending.

3:11 Backbase – Herber de Ruijter (General Manager) and Jonathan Wright (Senior Consultant) – Final demo of the day. It looks like is a platform on top of a bank’s core system to be seamless across all channels. Demo is showing a generic banking portal. Now the demo is showing a wide variety of widgets and apps that can be added, such as financial planning.

3:20 pm NETWORKING SESSION

32 more presentations tomorrow

WEDNESDAY MORNING
FreeMonee 9 am
Founder Joe Salesky (and with him, Chief Marketing Officer Jim Taschetta) announces the “world’s first gift network.” Gifts bring consumers to merchants. Joe asks why merchants spend so much on ads as opposed to gifts. Distribution is the problem. Instead of gift cards, with FreeMonee, banks send emails or text messages to customers announcing gift cards attached to the bank card. Card is swiped at merchant, for “free money.” FreeMonee shares a “success fee” with bank. Joe calls it “customer friendly revenue.”
The “secret sauce” as Joe says is optimizing merchant objectives and “customer surprise and delight” This method is notable because banks aren’t a channel. Banks are the bearer of good gifts, revenue at no cost.

Experian 9:08
Experian’s Allen Anderson presents Decision IQ. It manages a businesses commercial credit portfolio, collection campaigns
The online system sets up automated credit decisions. Can adjust auto declines, decision rules. Showed how rules can be tweaked, approving all loans under 5k, for instance.
Another feature, customizable credit application with 80 options
Allows clients to monitor credit app volume, and view aggregate data from apps.
Fast credit decision processing.
DecisionIQ operates thru Experian’s BusinessIQ portal.

9:16 a.m.
Mitek Systems
Half of top 10 banks use Mitek’s mobile deposit technology.
Today, SVP Drew Hyatt and Director Diane Morgan demo mobile bill-pay feature. Diane takes photo of bill coupon, the first step in the payment process. “It’s point, shoot and pay.”
Drew then explained how the technology works in the background to grab fields from
the bill coupon so the customer doesn’t have to enter that information when paying by smartphone.

9:24 a.m.
Wipro Technologies
Wipro’s Sushankar Daspal demonstrated technology that helps employees of small and medium size businesses handle routine tasks with their smartphones, such as expense reports and timesheets.
Daspal said Wipro isn’t just creating smartphone forms to streamline bookkeeping.
“We are going to provide the whole ecosystem around it.”

9:32 a.m.
HelloWallet
CEO Matt Fellowes announces that HelloWallet is now available online to public. Previously, it was
distributed solely as tool for wealth management by companies to their employees.
Fellowes explains that the program has been built using artificial intelligence that helps customers make decisions about money. Collaboration with neuroscientists and psychologists gives program a behavioral element. Users are encouraged to look at what their peers are spending, for instance, and overspenders are given recommendations for getting back on track.

9:40 a.m.
TrustedID
CEO Scott Mitic opened by citing $1.5 billion spent by consumers on identity protection, and the rising fear of identify theft.
TrustedID, a monitoring tool, is now free, but offered through partners, not direct to consumers. Scott showed example of how Lenovo offers it online. TrustedID also has premium, paid benefits. For example, identity theft protection offers. The program
also refers customers back to the partner by highlighting promotional offers (in this demo, a Lenovo laptop) and other security cross-sells. The program has revenue-share potential with customer.

9:48 Silver Tail Systems
Silver Tail’s Forensics product protects online retailers and others against fraud. Debuting today is an upgrade which allows detection of fraudulent activity through population and user behavior analysis. User-specific monitoring is crucial as more sophisticated criminals attempt to mimic “normal” online behavior. Two IP addresses in two different countries, for instance, isn’t normal.

9:56 a.m. GoalMine
CEO Rimmy Malhotra explains the concept of microconcepts, called a pledge, for purposes of investment goal-setting for consumers. A customer can set an investment goal equal to a morning coffee purchase.
When he walks into a Starbucks, Rimmy says, the app can “nudge” the customer, who can immediately move money to his bank.
“With this app, we turn impulse into action”
This instant investing can show up on Facebook. A generous Facebook friend can buy an investment gift card for the customer, through Facebook. “It’s real money,” Rimmy says.

10:04 Bills.com
With CEO Brad Stroh and Jon Pedley, VP of product development.
Debt Coach is an online debt management tool that helps consumers prioritize their goals, such as protecting their credit score. Bills.com
has partnered with Experian, so the online tool is populated with information from a person’s credit report, using info about actual creditors. DebtCoach shows options such as debt consolidation loans, debt settlement, cash out re-fi. For the first time, consumers can see actual figures, not estimates. “Pure transparency to the consumer, for free,” Brad says.

10:45 PayPal and Discover
New collaboration. Discover’s cashback program will now work for customers who want to send money through PayPal using Discover.
With a PayPal debit card, a customer can pull out the money from an ATM.
Mike Bousch from Discover demo’ed on an iPhone and a laptop, explaining that during development some customers preferred sending through a browser window as opposed to a smartphone. I’ll bet those were older customers.

10:53 Q2ebanking

Q2ebanking from Austin Texas says that commercial account takeover is large source of fraud. Company serves approx. 275 community banks with risk and fraud analytics. Ward Howell played the role of bad guy, attempting a fraudulent transaction as shown on audience screen, to demonstrate how activity can be identified and intercepted. CTO Adam Anderson emphasized their employees are dedicated to developing software that stops bank fraud before transactions can be completed.

11:01 RobotDough
Online analytical tools for investors.
Users can subscribe to Investment strategies with daily updates. Software has info in its database on every publicly traded company, more than 45,000 companies around the world.

11:09 BillShrink
Company touts 97 percent satisfaction rate with customers. Helps customer save money on monthly bills.
CEO Schwark Satyavavolu and VP Samir Kothari announced today a reward level that customers can unlock through additional spending. Customers spending at merchants is tracked and purchases can be rewarded, similar to a merchant loyalty program but without the need for customers to show cards at time of purchase. iPhone app demo showed Chase and merchants info, as well as social media links.

11:17 eWise
Alexander Grinberg demonstrated Secure Vault Payment with US Bank, online payment without disclosure of personal information, in real time. “Putting the bank back in the middle of a transaction,” Grinberg says, echoing other presenters seeking to shake hands so to speak with banks.
The demonstration of POS payment option using mobile explained it was a software download but didn’t explain how merchants would jump on.

11:25 Currensee
CEO Dave Lemont says Currensee’s technology will democratize the $4 trillion (daily) world currency market. Allows investors to view “trade leaders” for a self directed program to diversify their portfolio.
Portfolio Builder, previewed today, allows investors to “test drive” different risk levels.

11:33 Liqpay.com
Head of Web Marketing Mykhailo and VP Maia Gurina debuted Pay to face, an online payment system, usable through Facebook. The premise is that mobile payments can be sent quickly using a person’s mobile number as ID.

11:41 TILE Financial
TILE has developed an identity profile, similar to a Facebook profile, for developing spending, giving and saving habits of young people.
CEO Amy Butte said this product is for major financial institutions that want to connect to Gen. Y.

11:49 BancVue
Demo of MoneyIsland. an online product to teach children about money. Credit unions and community banks can teach financial literacy through the program, and bring parents and teachers as well into the bank as customers. “This is so much more than a game,” says Felix Brandon Lloyd, general manager.

LUNCH BREAK

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12:59 p Afternoon sessions getting ready to start.

1:01 p Expensify -  David Barrett (CEO) and Tom Jacobs “Expense reports that don’t suck” (that’s what he really said) -Launched here in 2009, presented in 2010, new product today.  Showing using a phone to capture a receipt. They just passed 1 million receipts processed.  True receipt scanning, no typing require. Can match credit card info reconciled. Now showing web dashboard. Able to make receipts go to a category automatically. Android, Apple, Blackberry and Palm phones.

1:08 p Openfinance  (from Spain) David Gomez and Sara Edo -  “The leading provider of financial advising technology in Europe” Looks web-based.  Allows integration from a variety of portfolios. Showing an iPad app of their technology. Used by 60 clients.

1:16 p Adobe – Erik Larson and Ashish Agrawal -  Customer experience application for financial institutions. All types of channels and products. Speaker is going so fast it’s hard to to get a handle on what Adobe is really talking about here. Everything is web-based and lots of screens are flashing quickly.  Showing a live chat applications which I didn’t know Adobe had. Showing universal account opening application. It looks like some kind of a unified application.  “Banks can use Adobe to leverage social channels” but it’s unclear how. Now showing a mobile application on a Samsung phone.  Last version is the unified web space through an iPad app.

1:25 ChargeSmart – Jake Cunningham (VP, Operations) and Kimathi Marangu (VP, Plastic Jungle)

Showing a gift card that someone doesn’t need.  Founded in 2008, ChargeSmart was founded to help customers pay the best way online. Through Plastic Jungle’s partnership with ChargeSmart you can use gift cards to make payments, like utility bills.  There is 1/4 million dollars in unused gift cards with consumers today.  Pacific Gas & Electric bill is being paid in real time using ChargeSmart.  Traditionally ChargeSmart has been used by traditonal cards but now can use Gift cards. I think this is BIG deal as I don’t know anyone else that can do this.  Can combine using gift card values with credit card values. First of series of innovations to be announced later in the year.

1:31 – Kony – Bjorn Hildahl (VP) and Ali Razi (Marketing Programs Manager) 45 global customers going live. Cash flow positive. Why KONY? “We wanted to solve the problem of an ever-changing mobile environment.” KONY Studio lets you author your apps.  It sounds like a platform that is device independent.  Showing native Android app. I’d say of all the mobile demos almost 1/2 are Android over the past two days.  Showing a check capture with the phone (front and back) to submit the deposit. Now showing it on an iPhone. Now showing  a Blackberry app.  Showing how it integrates with other vendors (like VASCO). Supports iPad and Android tablets.

1:39 p PayDivvy – Mike Melby (CEO) and Ray Tamblyn (VP, Product) ” Bill pay for groups” Simple, social way to pay, send, share bills for free (like for families, a room mate, etc.) Web-based. Patent-pending group bill pay solution.  I could see this as a solution for an association, like the Association for Financial Technology. You wouldn’t need a central manager to get all the checks and pay for conferences; the group could pay the bill. Showing room mate example now for a Comcast bill. Sounds like a good idea.  Can be used for membership dues; etc. Closed a seed round but looking for investors. Going live today.

1:46 edo Interactive – Alex Gershman (GM, Strategic Partnerships) and Jonathan Dyke (COO) – Sole focus of “last mile” of advertising – digital advertising and incentive technology. Showing “Prewards” -  from Fifth Third Bank (one of their partners).Capturing data from the processing infrastructure. It seems like a lot of companies are getting detailed data on transactions from banks and their processors.

BREAK UNTIL 2:30 pm

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2:31 p Enloop Cynthia McCahon and Rob Peters – scoring technology. Web-based.  In beta for 60 days. 22% conversion rate to members. 25% traffic flow from international sources. Looking for partners.

2:36 p Aptys Solutions Eric Dotson and Debbie Smart. Aptys helps eliminate silos in financial technology. Introducing mobile solution. How can FI’s maintain and monetize mobile payment offerings. How to attract new customers and retain? Showing Motorola tablet with Google platform.  Showing an example of how an HVAC tech can come to a home and check schedule on my tablet. Integrates with back end and can settle payment by cash, check, credit, etc. Example now is paying by check. Helps with least cost routing. Allow’s FI to be the central trusted provider to their customers.

2:47 Mybanktracker.com – Alex Matjanec and Jason Reposa, 3 year old company, 1/2 million unique visitors a month. Conversion of 10% of customers on their banner advertisements. Adding social communications. Launching Plentifi mobile app. It sounds like a social network and Yelp for people to find FI’s.

2:52 p Ideon – Matt Murphy and Inigo San Martin. A new way to use CD’s.  Consumer goes to bank web site and sees alternative products like a cash back CD. Web-based. Consumer custom chooses CD. Now can offer custom CD products. Also has patent-pending solution for a value added CD so a bank can attract new customers.  Web-based system can store sales sheets and other marketing documents. Marklink CD’s example. Can bring new bank products to market fast.

2:57 p – OpenCuro Ian James. Launching new payment system.  Sender/receiver doesn’t have to share confidential data. “Privacy and security by design”. Web-based, showing account page. Curo code is a one time code to make a payment online, phone, email, etc. The code is the payment, does not have to share any private information. Can log in to existing bank account if part of network. Might can integrate with accounts that are not part of the network.

3:05 p Corduro – Mike and Robert.  iPhone app wallet. Put banking and other information. Take and receive payments like Square.  Square is not good for the enterprise application. Corduro lets business take mobile payments for an enterprise.   Showing using mobile app to make donations to a non-profit.  Just went live today.

3:18 p PayNearMe – Danny Shader and John Minor – Cash payment network. 7/11 store example. “No credit card? No problem?”  Yesterday Greyhound announced putting in PayNearMe at stations?  Making easier to make payments with cash. Showing paynearme paper slip to be provided to the 7/11 POS with bar codes.

END OF FINOVATE SPRING PRESENTATIONS

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