I am live blogging Finovate2009 from NYC.
MORNING SESSION #2
Outright.com – Kevin Reeth, CEO
- Online tools for tracking small businesses and self-employed people for records like business expenses
- Imports and classifies expenses from credit card statements
- Integrates with FreshBooks (free, open source small business accounting software)
- Also integrating to PayPal API for those who receive payments that way
- No storage of login credentials — uses tokenization
- Various reporting tools fed by inputs from FreshBooks or other accounting software
- Can also sign up for Outright within eBay seller tools; could also do it through a small business banking portal
Intuit (Digital Insight) – Al Ko, SVP FI Division
- FinanceWorks provides integrated view across accounts and institutions and provides unified analytics
- Automatically flags tax deductible items and sends them to TurboTax
- Also now providing TurboTax through bank websites; can pull down 1099s and W-2s
- TurboTax imports bank account and routing number to facilitate electronic receipt of refund
- Coming next — personalized tax tools for home buying, retirement savings, etc. based on personal info from bank account and tax return
iPay Technologies – Dana Bowers, Co-founder and Jennifer Roth, SVP of Product
- Provides bill pay for 3,600 small banks and credit unions
- Offering new suite of services for small businesses through online banking: creating invoices, receiving payments, making payments, generating payroll with direct deposit
- Integrates to mobile as well
Strands – Atakan Cetinsoy, VP of Personal Finance Products and Anna Codina, Business Development Manager
- MoneyStrands – free consumer facing PFM site. Aggregates all accounts using highly customizable widget interface and/or manual upload of data. Supports multiple languages and currencies. Allows various kinds of analytics and comparisons.
- Now partnering with savings.com to deliver offers targeted based on spending history.
- Private label implementation for BBVA in Spain (“tu cuentas”, for you polyglots)
- Analytics include future projections of income and expense
- Recommendations on travel, services, etc.
Silver Tail Systems – Laura Mather, Founder and VP of Product marketing
- Proactively detect website attacks
- Focus today is “man in the browser” attack, which stays dormant until the user logs into his online banking site, when it activates
- Two ways to detect intrusion: (1) hour of the day; (2) unusual activity by a given user with odd patterns
- Next product does mitigation — lets the bank write rules to block bad behavior
PayByMobile – Liam Lowe, CEO
- Mobile phone wallet to ease payment
- PayByMobile appears as a checkout option on web pages
- It assigns a code to your particular shopping cart and you text to that address from the mobile wallet
- Wallet is topped up the same way that prepaid mobile is topped up (appears as mobile operator in all the usual systems)
- Launching in October in Germany and UK; Spain and Italy shortly thereafter
Credit.com – John Ulzheimer, President and Ian Cohen, COO
- They believe people grossly misunderstand than their credit standing
- Analyzes credit report to generate concrete suggestions for improving credit score
- Bases rankings on all credit scores, not just FICO
- Drills down into the key components of credit scores to determine what is being done well and how they can be improved
- Also ranks credit standing within your state and country
SimpliFi – Bryan Link, CEO and Bill Grizack, COO
- Online financial planning services for middle class people
- Connecting financial plan to budgets and actual spending
- SimpliFi is a registered investment representative
- Users are 80% women (interesting!)
- Provides actions and recommendations for achieving plan goals
- Key is interaction between PFM service and financial plan, e.g., how much do I need to save for kids’ college? Turn that into a recurring payment
More of my Finovate2009 coverage:
- Intro
- Morning Session 1
- Morning Session 2 (this post)
- Afternoon Session 1
- Afternoon Session 2
- Best of Show
During his 30-year career in financial services, Bryan has developed new strategies and innovative business models for banking technologies ranging from mobile payments deployment and online payment security to remote ATM operations and healthcare payments. Before becoming managing partner at Glenbrook, Bryan served as vice president of strategic development for Cyota and worked for First Data Corporation (FDC) as senior vice president for deposit access products at First Data Merchant Services.
Earlier in his career, Bryan established the Electronic Banking Division as a senior vice president at NatWest Bancorp in New York and worked as chief financial officer and head of strategic planning for NatWest’s retail bank. He performed similar duties within Citibank. Bryan began his career as a consultant at McKinsey & Company, where he managed strategy development engagements for large financial institutions. He also worked as an equity research analyst covering large capitalization bank stocks at Morgan Stanley.