Glenbrook’s Jacqueline Chilton is blogging from FinovateSpring 2011. This is one of several posts; you can find an index of our coverage here.
The format for Finovate is fast and furious. No PowerPoint – all demo. Each company has seven minutes. This is the fourth and last section for day two. All that’s left after this is Best In Show and Wrap up.
- Predict success for business ideas while generating better business plans
- Core is a scoring algorithm to assess a business plan
- Gather data through simple question and answer process
- While collecting the answers, the tool generates full financials and ratios compared to industry averages
- Provides advice to improve ratios
- Provide the user with a report card and success score
- Produce an official business plan to be shared with the bank
- Looks like a great concept – the test will come as they can correlate their score to lending and business success over time!
- Allow financial institutions to redefine how their business banking customers manage payments transactions in the field
- Announcing a mobile product with electronic invoice and payment with least cost routing
- Tablet has on it a work schedule, the technician then performs service and then create invoice
- Preloaded with pricing, inventory and synchs with back-office accounts receivables and inventory management
- Offers remote deposit capture of checks, card payments or the option to invoice for customers with terms
- Accepts wet electronic signature and emails invoice to customer
- Offering Financial Institutions a mobile invoice and payment solution
- Three year old business to evaluate banks for consumers on which banks can now respond to the consumer reviews
- Announcing Plentifi – peer group of do it yourself financial advice
- Can ask financial questions and get peer responses
- Believe in niche social communities for specific goals and don’t think Facebook is the right place for financial questions
- Looks like a developer forum or other question board – the success will be determined by the quality of the peer comments
- Reinventing Certificates of Deposit
- “Choice savings solution” to allow personal configuration of certificates of deposit
- Offers customer the ability to set terms for a Cash Back or traditional CD
- Enables a bank to deliver the solution to customers in 7 easy steps – a menu driven solution for the bank including time, interest, ranges and third party brokerage fees if not offered in house.
- Reports are created with dynamic tags for brochures and sales documents
- There is also a tab to track penalties for early redemption
- Who thought there would be something new in CDs?
- Payments system with new approach to security and privacy
- Integrate to banking system
- Solving the problem of fraud using a one time code to represent the person and the payment
- No personal information is exchanged
- This can be implemented within the bank online portal
- Requires receiver and sender to enroll
- Curo code is good with anyone at the same bank, any other bank that is enrolled and anyone registered directly on OpenCuro.com
- Like all payments systems they are going to have to build the ecosystem
- Payments on the go from a mobile device
- Cloud wallet services coming to the mobile phone
- Aim to be integrated to the core banking
- For mobile card acceptance, they offer an enterprise account that takes Square to the multi – user level. If you have multiple employees or sales reps accepting payments they go into a single account.
- They demonstrated the example of a charity. Creates a social army of volunteers to accept donations that all end up in the same enterprise account.
- Cash solution for bill payments or cross-border payments
- Use a bar code that enables 7-11 to direct cash payments at their POS to be applied to a bill or loan payment
- Using over 6,ooo 7-11s as cash accepting locations with the same process as the purchase of a gift card
- Ria is third largest money transmitter after Western Union and MoneyGram also enabled with PayNearMe
- Consumer receives details of their financial transaction from their receipt
- PayNearMe was a very strong finish for Finovate – you should have seen the shirt changes during the demonstration!
