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.
- National gift network changing direct marketing effectiveness for merchants
- An FI that opts in can have weekly merchant incentives added to their customer’s card
- The consumer gets a weekly gift certificate offer to the phone
- The redemption process is to go to the merchant location and use their registered card which will enable the discount / free money to be applied to their card statement.
- Bank gets to provide their customers incentives.
- Introducing DecisionIQ Premier(SM) on their BusinessIQ platform to streamline commercial credit management
- Demoed the creation of new applications
- The bank can create automated thresholds, decision rules and select key fields for the application form
- DecisionIQ creates the online loan application, receives the application, automates the review, then tracks the workflow and progress of the application until the result is updated in the client’s account
- Known for their mobile check deposit product
- Announcing mobile photo bill pay app – point, shoot and pay
- Consumer takes a picture of a bill and gets it paid
- Can be done on any phone with 2 megapixel camera or above and autofocus capability
- Uses dynamic data capture, pattern recognition, optical character recognition to capture payor, payee, amount and date due and send them in bank recognizable format.
- Also capture an image of the bill for the bank which is not stored on the mobile but can be used by the bank for security and inquiries.
- 2 payment options – standard or expedited (with fees to the bank)
- This is an innovative approach to mobile banking and can enhance the bank’s ability to steer more volume away from biller direct
- Small / medium business banking smart phone application
- A small business owner can set up user authorities from the phone
- Execute positive pay decisions and authorize payroll while checking bank balances
- Expenses with a photo of the receipt can be submitted on the spot and at the time of the expense
- Employees can fill in time sheets from the phone as well
- Wipro is a leading IT consulting firm and sees this mobile application as a revenue generation opportunity for banks – automating the business process and the execution of banking transactions.
- Online wealth building service
- Work on the psychology of money
- Traditionally used with large employers to support their employees create a personalized plan
- Starts with a visualization of a person’s wealth, financial goals and budgets
- Analyze spend and goals and provide targeted advice
- Workers are behind on savings because they tend to make mistakes on the small things and there are many spending recommendations with support for budgeting and comparison to averages
- The recommendations and goals here seemed very specific and less about what others are doing and more about how to stay on track.
- Ranked by Gartner as a leading identity protection service
- Launching free identity protection through partners
- Lenovo computer comes with free identity theft protection
- Lost wallet protection, 3 cards registered for fraud protection, SSN monitoring and credit scores delivered monthly
- Making their money from targeted offers to customers with upsell to value added services (15 of their own) while also serving up offers from the partner
- Fraud forensics and mitigation products for websites that search for malicious behavior in online banking sessions
- Can be used, for example, to detect online activity from “money mules”
- Now announcing: Silver Tail Systems forensics as applied to mobile banking
- Can identify man in mobile attacks where malware is on the smartphone
- Monitor the clicks and actions but the new malware works to make their clicks look normal and wait until the user is logged off so there are not 2 IP addresses at the same time
- The criminal trying to mask their behavior can be identified as different from the modeled usual behavior for that user and across users
- In fraud detection, it is critical to monitor transactions and apply risk analytics to prevent / mitigate losses. Silver Tail adds user behavior modeling and group behavior to prevent fraud.
- Investing made simple – Starting with as little as $25
- Announcing mobile app that allows investing, goal setting and alerts
- Allows the user to set pledges like reducing their coffee purchases to help fund their kid’s college account
- The geo location capability of the phone will send an alert when the consumer goes into a Starbucks
- From the alert they can decide to send $5 to the college fund instead of buying the Starbucks.
- This was more than taking the online application and stuffing it on the phone
- In addition they are announcing their Facebook capabilities that allow friends network to chip in. Users can redeem gift cards from Facebook into real investments against set goals.
- Debt Coach is live for Finovate
- Empowering consumers with debt with transparency of creditor concession and debt resolution rates
- Compares their financial picture to national averages
- Partner with Experian to pull their credit report to auto populate their financial position
- Show the consumer what credit counseling concession rates can do, debt resolution rates from specific creditors and what they can do themselves
- Free to consumer and easy user interface
- Applying personal financial management communities concepts to the debt counseling space
