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.
CashStar
- Mobile gifting and rewards redemption system
- Facilitates use of loyalty/rewards points immediately at point at sale by turning them into virtual gift cards
Authentify
- Use mobile phones as an out of band method of authentication and verification
- Creates a secure connection between the bank and the customer’s mobile device that allows the customer to confirm pending transactions
- The verification system can also be deployed as a desktop app
Backbase
- Attempting to dramatically upgrade the quality of the user interface for online and mobile banking and provide a uniform experience across channels
- Allows the user to configure rules and alerts that conform to his needs and preferences (e.g., progress on saving for a particular major purchase)
- These rules also create marketing opportunities for the bank
Andera
- Its “Fortify” service is designed to combat fraud that occurs during online account opening by looking across their 500 financial institution customers
- Andera reviews application data against its databases as it is entered and provides real-time information to the bank (e.g., the same customer applied for accounts at two other institutions in the past 15 minutes)
eToro
- A securities trading platform that provides a live feed of trades being done by professional traders that can be copied by others viewing the site
- Traders are able to post their portfolios and historical results in the hope of getting people to copy/follow them
- Traders are compensated based on how widely they are followed and copied
Yodlee
- Yodlee Personalized Finance can provide a customized online banking experience
- The system uses a relatively simple of questions when a customer first logs on for the first time in order to customize the site to his
- Numerous financial apps are available to augment websites
BillGuard
- Service sends notifications of transactions that it flags as suspicious after a user signs up to have his card activity scanned by BillGuard
- To date, the system has flagged fraudulent transactions on 20% of the accounts it is scanning
- Card issuers can provide the service to their cardholders
- Creating an industry-wide database to catalog consumer billing complaints
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.