Live Blog at FinovateFall 2014: Day 1

William Mills Agency and Beyond the Arc will be live blogging at FinovateFall 2014. Check back for new updates throughout the day.

William MillsWilliam Mills III, Chief Executive Officer of William Mills Agency is live blogging today at FinovateFall 2014. He has more than 30 years of experience in financial technology and is a recognized leader in financial and technology marketing. He has personally advised more than 300 chief executives on marketing strategy, business development, mergers and acquisitions, company branding and public relations. You can contact him via email at or on Twitter @williamemills.

Steven J. Ramirez

Steven J. Ramirez is CEO of Beyond the Arc, Inc. The company helps clients to strengthen customer experience and to deploy data science and Big Data analytics to make marketing and operations more effective. Their social media data mining helps clients improve customer experience across products, channels and touchpoints. For more information about Beyond the Arc visit, call 1-877-676-3743, or email Insights on social media, financial services and more are shared on their blog, or follow them on Twitter at @beyondthearc or on Google+.

06:15 pm

FinovateFall Video Interview: Jonathan Rowe, CMO of nCino

Steven Ramirez speaks with Jonathan Rowe, CMO of nCino, to discover his thoughts on his first Finovate experience.

05:11 pm

The photo of the drone shown earlier was Toopher doing a demo of the geofence capabilities of the application. Very creative, but I think the audience was a little nervous.

04:35 pm

Exhibit Hall now open. Look for video update later and all day tomorrow!

04:03 pm

Finovera – Purna Pareek (CEO) and Amanda Zepeda (Marketing Manager) From BIC: Finovera is an innovative internet and mobile app service that will automatically receive, organize and manage your Bills, Statements and important documents in one safe and secure place. Finovera gives you your very own digital filing cabinet allowing you to access your documents anytime, anywhere. “Your entire digital file cabinet is now on your phone, in your pocket.” Showing a bill pay screen using their IOS app. From their web site: Finovera is ABSOLUTELY FREE, and always will be. How does Finovera make money? They have not gotten to that part yet. Again, another great looking app but what is their marketing strategy? They have desktop, IOS and Android versions of their app. Perhaps they offer additional services. It’s got to cost a bunch of money for all the bill payment, so I’m sure there is a lot more there I’m not quite grasping. I’ll try to visit their booth later this afternoon. From their web site: Finovera was founded by Purna Pareek when he couldn’t find a good solution to transition from paper to digital. Purna is no stranger to financial technology companies, having founded AdviceAmerica, a leading financial planning and advice platform that was acquired by Fiserv, where Purna served as GM and Senior VP. At Finovera, Purna has built a team of developers, designers and experts dedicated to making people’s lives easier by solving the problem of bill and document management.

Bill Pay can be so much more. With Finovera, it can fuel a PFM solution. They have both desktop and mobile versions. ^SR

03:53 pm

BlueVineBlueVine – Eyal Lifshitz (CEO) and Edward Castaño (VP Operations) From BIC: BlueVine allows small businesses to get paid immediately on their outstanding invoices. With BlueVine, companies can free up their cash for paying expenses and growing their business. The company is backed by leading venture capital firms, and based in Palo Alto, CA.

80% of all SMB’s can’t get a business loan and 10% close each year. We give SMB’s cash advances on their invoices. So far, it reminds me a little of OnDeck, but I need to get more info. They work with QuickBooks and other accounting systems.  This is a HOT market category as I THINK regulatory requirements at banks can be very challenging for small business lending.  Decisions within 24 hours for a first time user. For a regular user you can get a decision within “minutes.”

Eyal Lifshitz (CEO) and Edward Castaño (VP Operations)  With cashflow management for small business, Blue Vine addresses one of the biggest pain points for SMBs. They bring the age-old practice of factoring into the modern era. They evaluate each funding request, no more than 24 hours, and as quick as just a few minutes. They actually set a credit limit for each business customer. ^SR

03:44 pm

EversafeEverSafe – Howard Tischler (CEO & Founder) and Elizabeth Loewy (SVP Industry Relations & General Counsel) “Protecting Seniors AgainstFinancial Exploitation”  Boy, this is a big problem: folks exploiting senior citizens out of their savings, stealing from the elderly. The founder started this company because this happened to his own mother. There was an elderly family member in my family that was convinced that she had one million dollars and all she had to do was to provide her DDA account number and all kinds of personal information. The scam artists used UPS instead of US mail to try to avoid mail fraud charges, if ever caught. I think I’ve seen these folks before, perhaps in New York last fall. Using this system sets alerts to family members of suspicious activity that might indicate fraud.

Eversafe helps to protect seniors against financial exploitation and fraud. Desktop application with alerts that are sent via email. ^SR

03:36 pm

SelfScore – Kalpesh Kapadia (CEO & Co-Founder) From BIC: The app is a measure of users’ potential based on their biography, personality and activity derived from social profiles and a questionnaire and provides feedback across various dimensions of life, e.g. social, intellectual, financial.  I believe it is an “offers” platform based on social media networks.

Kalpesh Kapadia (CEO & Co-Founder)  The company says credit scores are outdated, don’t predict behavior well, and don’t give good results for millions of people– particularly millennials. Their score includes a wide range of data elelments, including social media profiles. They are compliant with lending regulations. ^SR

03:30 pm

Finovate Fall 2014

Finovate Fall 2014

03:28 pm

Toopher – Josh Alexander (CEO & Co-Founder) and Evan Grim (CTO & Founder) – Uses location-based information on your mobile phone for authentification. Josh is going so fast it’s hard to keep up with what they do, but I think it’s authentication technology based on location. Invisible to the user. Now showing fingerprint ID on a newer Apple phone. Getting ready to show proof of concept with a drone. VERY CREATIVE DEMO.

Toopher has a solution for multi-factor authentication. They emphasize that their technology is invisible, and does not get in the way of the user experience. They now have biometrics. ^SR

03:22 pm

MaxMyInterest – Gary Zimmerman (CEO & Founder) and Richard Wu (Director, Engineering) – From our friends at BIC: Max is an intelligent cash management solution that helps you earn more on FDIC-insured bank deposits, automatically. Max makes it easy by helping spread your cash across multiple accounts, keeping your balances below the FDIC-insurance limits. Check your balances at any time, all on one screen.

I could see how this would be of interests to a lot of people, companies and FI’s. I remember an Atlanta-based company but can’t remember the name (CD – something) that called banks daily to identify CD rates/terms for FI’s to move money around as needed to ensure FDIC coverage. This looks like a cash balancing platform designed with a 21st century design. This is the only cash management/interest rate platform that I can recall ever seeing at Finovate. Very cool stuff. I need to learn more about their business model as well who exactly they are selling to and their main reason to buy. One more time, another great looking browser-based financial technology platform. I bet there are a lot more trained artists and user experience experts employed at financial technology companies today. Up until now it was invitation only; now open to everyone.

Helps consumers to earn better interest on their cash deposits. The platform moves money between accounts for you, to optimize the interest. They are not an FI, the consumer holds the accounts in their own name. They also make sure you stay below FDIC account insurance limits. Their secret sauce is the algorithm that allocates cash across the accounts. Big Data powers the offering, with simple visualization. This service is built for high-income people with a ton of cash on hand. When you need to transfer money, Max draws the money from the lowest-yielding accounts. They work with 5 top banks, including Bank of America, Wells Fargo, and American Express. ^SR – See more at:

03:15 pm

BCGSBCSG – John Davis (Managing Director) and Andrew Garney (Commercial Manager) “Partners with large FI’s to support SMB’s” Showing a browser-based app that is being using in Europe and will go live with one US bank in the year. I’m not quite sure what they do yet. They are showing business apps for SMB’s on their platform. I’m interested in hearing more as I’m having a hard time figuring out why a SMB would turn to their FI on help on choosing computer applications. Perhaps payroll or payment apps would make sense. Showing live online chat function support. I suspect they can offer lower prices for SAS with bulk buying power. Showing screen of their platform with Santander Bank.

John Davis (Managing Director) and Andrew Garney (Commercial Manager)   The company supports small businesses, and the banks that serve them. “The power to be more productive.”  One service is curating a set of apps for small business (like marketing, accounting, etc.). All of the apps are integrated under a single sign-on. The apps can also share the same assets, like a scanned receipt used in accounting software or stored in a secure online vault. This is a way for banks to provide a value-add to small business customers.  I do agree that it can be hard to shop for the right services for your business, I don’t know if I trust my bank to help me with that challenge. ^SR

03:05 pm

mCASH – Daniel Døderlein (CEO & Founder) and Anders Nicolai Bakke (COO) “Pay with ease using your mobile phone in real time.” Merchants in Norway using this technology. I’m not sure if anyone is using this in the United States yet. Free app. Showing IOS app where someone selects the payee and funding source (i.e. credit card).  It SEEMS like sending cash via SMS. By the way, in Kenya 90% of smart phone owners use their mobile phone for P2P payments as well as consumer to merchant payments. I’m wondering if mCash works because it MIGHT be carrier-based. I’m not sure but I’ll find out more. I think they want to reach US banks and credit unions. I suspect via white labeling their app from a FI. 80% merchant penetration in Norway. Announcing new product called mCash mobile merchant; I think like Square but does not require a card reader. Showing a demo using a QR code for a sample merchant payment.

Daniel Døderlein (CEO & Founder) and Anders Nicolai Bakke (COO)  mCASH is a payments platform for banks. They support a number of different customer use cases, and you don’t need any new hardware with their mobile offering. It uses QR code, and you can scan from the mobile device screen. ^SR

03:01 pm

Video Recap: FinovateFall 2014 Day 1 Morning

William Mills, CEO of William Mills Agency and Steven Ramirez, CEO of Beyond the Arc discuss how Finovate has changed over the years and what makes this Finovate different from those in the past.

02:58 pm

TickSmith – Francis Wenzel (CEO) and David Côté (CIO) “Managing six years of FI data” “What does Google do to attack this problem?” Used by hedge funds, brokerage firms and others. Launched in 2013. Showing a browser-based platform. They take in thousands of files a day. To me, it kind of reminds me of Google for stock data whether it is historical data or news. From BIC: This is the first commercial big data platform for financial data that is offered as a cloud-based service. I’m sure for the right person this is a pretty cool product.

TickSmith provides a commercial Big Data platform for financial services. Cloud infrastructure that they have built, with API access or web interface. The platform can also manage unstructured text data. There aren’t a lot of details on what sets them apart. This is the first Big Data pitch of the day.  The use cases are interesting, would like to hear more about the tech! ^SR

02:35 pm

Folks, it’s the mid-afternoon break now but presentations should start back shortly.

02:35 pm

Presentation at Finovate Fall 2014

Presentation at Finovate Fall 2014

02:15 pm

02:15 pmMisys- József Nyíri (Director, Innovation & Digital Channels LABS), Tamás Grünzweig (VP & Head of Innovation, Digital Channels LABS) Viktor Balint (Head of Customer Insight & Evangelisation, Digital). MISYS is a huge player but I’m not quite getting their presentation. I’m glad they are using humor and the crowd seems to likes it. Two of the three presenters are in costume as super hero’s. NOW we are getting to the demo. Again, another beautiful product but I have no idea what they do. I THINK it’s a mobile banking app for IOS but I’m not sure. I’ve got to research this. Our friends at BIC say: Disruptive digital innovation to 2,000 financial services customers worldwide – making banking “frustration-free” for consumers.

While MiSys gets points for trying to be creative, I really have no idea what they are offering. Their Finovate skit featuring two superheroes really went nowhere. I think there is something about better understanding customers and making relevant offers. Perhaps voice-activated services for banking? They have an “experience engine”, whatever that is. ^SR

02:14 pm

WorkFusion – Max Yankelevich (CEO) and Adam Devine (VP Product Marketing) – SAS platform around massive data collection for FI at 1/2 the cost. The way they do it is by pairing freelance workers with machine learning. 7 of the top 10 data providers for FI use their platform.  Adam showing demo now using a web browser as if he is the data manager for an FI. He is using an example of collecting how often a dividend announcement might be collected. Showing an earnings release from a company distributed on Business Wire and copying three fields of information (price and dates). I’m not an expert on “big data” collection and management but thankfully my associate Steven Ramirez, CEO of Beyond the Arc is THE EXPERT in big data for financial institutions. Showing a data collection and report that was done in 15 seconds from one minute. NYC-based company focused on FI’s and are offering a free pilot upon request.

This offering is a crowdsourced platform, that enables a company to outsource repetitive tasks. Sounds like they integrate with Amazon’s Mechanical Turk and eLance. WorkFusion also enables you to assign some tasks to your own staff. The software-as-a-service (SAAS) offering is powered by machine learning. As you assign more tasks, you can improve your performance (work gets done faster, more accurately) over time. There is a workflow tool and dashboard to manage and report on tasks. This tool helps you to automate previously manual-intensive activities. ^SR

01:58 pm

iBillionaireiBillionaire – Raul Moreno (CEO & Co-Founder) and Emily Stewart (Head of Communications & Content Strategy) They are showing an IOS app that I believe mimics the stock portfolios of billionaires so that investor can hold similar (although much smaller) investments much like Larry Ellison or Bill Gates.  Low cost investment technology. They have 150,000 investors using their product today. iPhone app is free. They are looking to partner with FI’s and advisors.

Want to party like a rockstar?  Can’t help you with that. Want to invest like a billionaire? Now, you can. iBillionaire tracks the public filings of the world’s leading investors like Buffet, Soros, etc.  Those disclosures are near-impossible to read through on your own. This app makes it easy to see. Retail investors can also look at a stock, and see which heavyweight investors own it. What are the top 30 stocks owned by billionaire investors? “You don’t have to be a billionaire to invest like one.” 150,000 investors using the platform currently. I’m going to download this one! ^SR

01:52 pm

Verify ValidVerifyValid – Paul Doyle (CEO & Founder) – Full disclosure, William Mills Agency provides public relations for VerifyValid.

I first met Paul a year ago at Finovate Fall 2014 when Paul did a presentation with Deluxe check printers. “This month, so far million has been authorized and sent through our service.” Paul is showing their app on an Apple iPhone. When I first saw this last year I could not believe no one had thought of this before; it makes so much sense. Paul is now showing how he uses VerifyValid’s mobile app so he can manage/approve/send checks for his business using his own application. Now getting ready to discuss a new product launching today at Finovate.

New consumer app is called MagicMoney and he is giving a demo now of his real personal checking account that he shares with his wife and can use the contacts in his phone to create a new payee. This is very slick and I would imagine that VerifyValid is a contender for best in show. Paul now showing a recipient’s lockbox via browser.

Paul Doyle (CEO & Founder)  The company provides a digital checkbook from your mobile phone.  This may be what we need in the U.S. to wean us off checks. The U.S. is the last market on the planet where people still write checks. Today’s announcement is about their consumer mobile app. They acknowledge that consumer’s don’t think about, or care about payments; they just want payments to work. It has to be simple, and this offering looks like it is. When you use the service to receive payments, you can deposit the digital check you’ve received into your choice off accounts. ^SR

01:44 pm

FlexScoreFlexScore – Jason Gordo (CEO) and Jeff Burrow (COO & President) “Today we launch our new mobile app: beautiful, sleek and full of advice and easy to figure out (unlike our wives)” FlexScore is “Financial Advice for the Rest of Us”. I believe they “white label” their app to FI’s for PFM/mobile banking which is a HOT category. You can download the app from either mobile platform without having to enter all your banking information. VERY EASY GUI. I’m wondering about their go-to-market strategy. Is it revenue from FI’s from white label software offering OR direct to consumer and selling that data to others? From our friends at BIC: FlexScore provides users with a view on their financial position and position compared to peers and also provides recommendations on how users can improve their scores.

Folks, PFM has been around for years and years but I believe it’s hot now because consumers are much more likely to actually use a PFM if it’s on their phone and ESPECIALLY if it is integrated with their mobile banking application. FlexScore the MOST consumer friendly presentation so far today so that anybody could use it, no matter their level of education.

Jason Gordo (CEO) and Jeff Burrow (COO & President)   They provide a “financial success score”, they offer both online and mobile app.  This can be white-labeled for the bank. Consumers can get a quick score, without even having an account established. Mobile app shows consumers how a few small changes today, can have a big impact on your financial goals, and your life. Customized action steps, and a clear path forward, are what customers say they want. FlexScore enables you to take a closer look at both assets and debts.  The application looks very good, both on iPhone and iPad.  ^SR

01:37 pm

P2BInvestorP2Binvestor – Gabriella Krista Morgan (President & Co-Founder) and Clay McIlrath (CTO) “Portable, flexible capital loans and call it crowd lending”.  This is a HOT category. There are several technology companies leveraging technology for better short-term lending. I believe she said the data comes from an company’s QUICKBOOKS data.  “We have originated million in loans so far this year.” They are showing the loan app via a Google Chrome browser via the Quickbooks API. Once loan is submitted by the  borrower (probably an SMB) they do the evaluation and do a go/no go response but I wasn’t sure how fast it is. I believe she said this was in beta. I like it and would like to learn more.

Gabriella Krista Morgan (President & Co-Founder) and Clay McIlrath (CTO)  They believe that “modern business lending” is enabled by their online portal.  The offering is integrated with QuickBooks, so has a rich store of data on the applicants. They are a crowdfunding model, so also have an investor platform. There is a beta for all Quickbooks online users . ^SR

01:30 pm

Global Debt RegistryGlobal Debt Registry – Todd Veale (Chief Marketing & Product Officer) and Charlie Moore (Chief Commercial Officer) “It’s the DMV of consumer debt”. Did I hear that correctly? I might be wrong but this MIGHT be a kind of of Mortgage Electronic Registry Services (I think, also known as MERS) for consumer debt.  This sounds like a really good idea. There is a TON of debt that is charged off and various agencies value and collect the debts. “This industry has been traditionally been offline.” I’d agree with that. Once again, another great browser-based but very graphical presentation of the data. For someone like me I really like how almost all of these companies have really stepped up with their customer experience. It’s like the entire financial technology industry finally realized the value of easy to use dashboards and graphics. I can’t stress enough how much this has changed in the last two years. As I referenced earlier, I call it the “Apple Effect”, business users have now come to EXPECT outstanding visuals whether it is usable icons to excellent presentation of data.  I know of no other organization like Global Debt Registry.  They make money by getting fees for docs from collectors as well as fees from FI’s. I like it.

Todd Veale (Chief Marketing & Product Officer) and Charlie Moore (Chief Commercial Officer)  Helping financial institutions manage debt collection, ensuring compliance wherever the debt may live — on the issuers books, or in the secondary markets. Documents the history of the account, and full chain of ownership. They also have addressed the issue of consumer transparency. Consumer can look up the debt, and the debt collector.  ^SR

01:22 pm

BizEquityBizEquity – Michael Carter (CEO) and Semyon Fishman (VP Engineering & Technology) – What’s the business worth? Platform to evaluate how much a company is worth. I think I saw their presentation either last year or last spring and it looks interesting. Michael was doing private equity work and realized there was a need to launch a technology platform for business equity.  Announcing new version of their platform today.  I’m interested in hearing HOW their valuation engine calculates the evaluation. I THINK he said “so far we have pre-value more than 27 million SMB’s” I did a quick test of the system and I didn’t have time to enter all the data but I think it’s VERY cool. I’m assuming they keep the information private.

Michael Carter (CEO) and Semyon Fishman (VP Engineering & Technology)  A business valuation engine to estimate the value of small businesses. In addition to the value, BizEquity now can track and measure the performance of the business. Simple, interactive, visualization with real-time profiles on more than 17 million companies. ^SR

01:15 pm

DieboldZenmonics & Diebold – David Dye (VP Sales, Zenmonics) and Shelly Ewing (Director, New Business & Solution Incubation, Diebold)- Talking about a NEW type of branch model that leverages existing branch systems. They are showing a video demo. Think this is a JV between Diebold and Zenmonics (for the software) as a full teller experience at a branch using large tablet-like devices and cash dispensers. Now shooing the ID authentication with a real CSR via teleconference. We’ve been seeing “self-service banking” for more than 20 years. I think this type of solution would BEST be used in really low volume branches or areas that a bank would like to serve but can’t afford a full-time branch staff and building.

David Dye (VP Sales, Zenmonics) and Shelly Ewing (Director, New Business & Solution Incubation, Diebold)  Banks can enable self-service transactions within the branch. This helps banks to refocus their branch strategies. This application ties into the bank’s branch  systems; so through a tablet in the lobby, the customer is able to make a wide range of transactions. This solution, with the tie into the branch systems, allows the customer to do more than they would at an ATM. ^SR

11:52 am

Getting ready for break, check back soon for a quick video update.

11:52 am

Money DesktopMoneyDesktop/MX – Ryan Caldwell (CEO & Founder) and Matt West (Account Executive) – (Full disclosure, WMA has provided PR services for MoneyDesktop in the past.) I’ve watched this company prosper and grow for years. and they often win a “Best of Show” at Finovate events. I think Ryan is very talented and working with him in the past I know they are very forward thinking. “1/2 of all online banking vendors utilize MoneyDesktop”. Presentation showing the problems with HTML5.  Today launching new fin tech application development platform that is usable among Apple, Android, Windows and Amazon devices using native code. I believe the platform is called HELIOS. Now showing the exact same app on a Windows 8 PC and a MacBook Pro using the same native code.  Now showing a HELIOS app on the Amazon TV. That’s something we have not seen before.  Changing company name from MoneyDesktop to MX. Not just PFM.  I am betting they will win another “best of show” this time around.

Ryan Caldwell (CEO & Founder) and Matt West (Sales)  Very impressive cross-platform demonstration. Industry-leading Personal Financial Management (PFM) solution works flawlessly across every device conceivable. They demoed on iPhone, Android, iPad, iPad Mini, Mac laptop, PC laptop and at least 6 others. The company also unveiled their new name, they’ve dropped the “Desktop” and have become MX. They are now offering their technology as a platform, Helios. This is an important move for the company, and it changes their position in the market. In some cases, their former competitors become potential customers of the platform. This move is not without some risk for MX, they’ve gotten to where they are by being tremendously focused and providing a flawless product. It is important that they don’t dilute their message, or slow their pace.  ^SR

11:43 am

My Virtual StrongBoxMy Virtual StrongBox – Ron Daly (CEO) and Samantha Thrift (Sales Associate). 1.4 million consumers using online safe deposit box with 16+ FI’s. From their LinkedIn Page: The Online Answer to Safe Deposit Boxes. My Virtual StrongBox is the perfect blend of online convenience and safe deposit security. Customers get as much space as they need to save all their important documents – wills, mortgages, tax documents, and much, much more. Over-the-top security as well as multi-factor authentication. Available for banks, credit unions, wealth management firms and insurers. Ron was once the CFO of a major credit union and serves on the board of Callahan and Associates so I would imagine they are being used mostly (at this time) with credit unions and their members. I like their offering; it’s like DropBox but higher security and geared toward very important financial documents. It looks like they have an eSign function via a mobile web browser which is pretty cool.

Ron Daly (CEO) and Samantha Thrift (Sales Associate)  They consider their product to be an online safe deposit box. How do I upload my grandmother’s wedding ring? Banks can use this as part of their lending platform, to securely exchange documents. The product has an interactive wizard that prompts you with ideas for what documents you might store. Ron asks rhetorically, “How is this different from DropBox, Box, and other data storage options?” Good question! Not sure there is a good answer, except that the product is customized for use in the banking industry. ^SR

11:36 am


11:35 am

iQuantifiiQuantifi – Tom White (CEO & Founder) and Karen White (CPO & Co-Founder)  “ROBO ADVISOR” and they are not ashamed to admit. I’ve been reading about ROBO advisor software and I’m sure there is a place for it’s use but can’t imagine the market category can work for every investor every time.  iQuantifi has a great interface (like so many other companies here) and seems easy to use. Now showing IOS very. I THINK it’s an IOS Web-based solution but might be an app.  One theme we are seeing is the importance of financial planning, saving, investing and overall PFM.  Regarding the great user interfaces, I call it the “Apple” effect. Consumers and now business users EXPECT a better, graphical, easy to understand experience; whether it is via a browser, desktop app (not many here), browser or mobile app.

Tom White (CEO & Founder) and Karen White (CPO & Co-Founder)  This company embraces the “robo-advisor” title, and their offering makes investing easier and more strategic for millennials. Investors can personalize their financial plan, and see it on a timeline. Investment advisory algorithm helps to recommend the right investments for each investor. The tool enables people to manage their monthly budget, and tie cashflow to goals, matched with investments. Cash Finder helps people spot ways to save money from their budget: 0 short this month?  The app tells you what expenses you may be able to cut. Combination of PFM and investment management, designed for a mass market audience. ^SR

11:30 am

Folks, we’ve had a ton of web traffic, our web site went down this morning. Here are the posts for the last few companies here at Finovate Fall 2014.

Pay it SImplePayItSimple USA Inc. –  Alon Feit (CFO & Co-Founder) and Stacy Fassberg (All Things Marketing or VP, Marketing) “Instant consumer financing w/o any credit risk”  Showing web-based shopping site with cost of item and cost if paid monthly.  Now showing the purchase window. Everyone that wants an installment plan gets one w/o impacting the credit score. How do they make money?  From BIC: The card based service allows consumers to divide the total cost of purchases across as many months as they choose.

Alon Feit (CFO & Co-Founder) and Stacy Fassberg (All Things Marketing or VP, Marketing) Merchants can offer interest-free installment payments on the consumer’s existing credit card. Enjoy now, pay later– and avoid the interest. No fees or charges.  Interested to learn more about this business model. PayItSimple integrates with online shopping carts, and can be implemented at point of sale. Merchants can take advantage of an API. Merchant’s payment is secured, backed by the credit card issuer. Wondering how chargebacks affect the process. ^SR

GREMLN – Ryan Bell (CEO)  and TJ Tavares (Sr. Sales Executive) with Wells executive. GREMLIN is St. Louis-based company. “secure social media”. Showing a wide variety of social media feeds – FB, LinkedIn, et al.  Social media compliance. I’m guessing it helps FI’s let their employees use social media and still maintain compliance. I suspect this will be VERY important moving forward.  From BIC: Gremln provides tools for companies that use social media as part of their business to help business adhere to legal regulations as well as toolkits for social media marketing initiatives.

Ryan Bell (CEO)  and TJ Tavares (Sr. Sales Executive) A secure social media platform for financial services. The company was introduced by Joe Nadreau, a senior leader at Wells Fargo Advisors (who  lives in St Louis, also home to GREMLN.) The desktop application UI looks a lot like HootSuite.  Mobile app allows approval of posts on the go. Enables banks to easily administer their compliance policies. The platform enables you to maintain a content library, with content that has been pre-approved. Has built-in audit function, to help banks maintain social media history if ever need for internal or regulatory audit. ^SR

emoneyeMoney Advisor  –  Kyle Wharton (Business Development) and Chad Porche (Development) – Tech company from Philly, suite of tools for financial advisors, trying to empower the advisor.  .4 trillion investment dollars pulled in each night. Debut of new platform: eMoney experience. Now showing web-based platform for financial advisors.  Nice clean graphics with data feed and graphics. From Bank Innovators Council: eMoney Advisor, LLC, based in Conshohocken, Pennsylvania, is the only wealth-planning system for financial advisors that offers superior transparency, accessibility, security, and organization for everything that affects their clients financial lives. A technology envisioned and created by advisors for advisors, eMoney’s award-winning software and resources are tailored to transform the advisor’s ability to implement comprehensive financial plans and prepare clients for a secure financial future.

Kyle Wharton (Business Development) and Chad Porche (Development)  eMoney Advisor provides a suite of online tools for financial advisors. Over 200 reports, an online vault, client portal, PFM, and more. A lot is packed into this product. They have just launched analytics for advisors, with dynamic drill-down and simple visualizations. ^SR

dynamicsDynamics  –  Jeff Mullen (CEO and Founder) I first saw Jeff present at a Finovate in San Francisco several years ago. He’s very smart and forward thinking. In the past he has shown battery-powered credit/debit cards that let consumers change the accounts on the fly. Will be showing card that enables a change in the network “rail”. Showing a CIBC Tim Horton’s Card that enables the digital card and store rewards value. IE, buy a TV, earn rewards and use them to buy coffee and other items from Tim Hortons.  Combination payment/loyalty with the technology in the card (as opposed to a mobile app). “Merchants like it because it can drive transactions to the lowest cost networks.”

Jeff Mullen (CEO) Dynamics enables you to add software apps to a credit card, and then include a physical button to enable functionality. This is a push-button credit card, with over 100 electronics components. Includes EMV, as well as other embedded technology. The card has a micro-battery, wondering what happens when the battery dies? The card is very distinctive, I’m sure there is some novelty for consumers.  I’m not sure I’m excited by the way they have applied the technology, but the idea of adding multi-function chips to a credit card is very innovative. ^SR

LuxoftLuxoft –  Przemek Berendt (VP Global Marketing) and Fabrice Aresu (Head of Business Support Group) Speaking of US Bank failures. I’m not sure what they do yet but it looks pretty slick. I THINK it’s a dashboard-based platform that enables FI’s to monitor risk and other data in real time. It’s browser-based but very rich in graphics. From BIC: Luxoft Holding, Inc (NYSE:LXFT US) is a leading provider of software development services and innovative IT solutions to a global client base consisting primarily of large multinational corporations. Luxoft’s software development services include core and mission-critical custom software development and support, product engineering and testing, and technology consulting. Luxoft offers prebuilt industry solutions that directly impact its clients’ business outcomes and efficiently deliver continuous innovation. Luxoft is headquartered in Zug, Switzerland and has 20 offices globally across 12 countries.

Przemek Berendt (VP Global Marketing) and Fabrice Aresu (Head of Business Support Group)  Luxoft uses Big Data and visualization for a financial institution’s data warewhouse. Pre-defined dashboards make it simple to see data, across the bank’s silos. This is a strong tool for viewing risk metrics. They have a great visualization of customer complaints, helping the bank to more actively manage the risk. Not a one-size-fits-all solution, they state it is easy to customize. ^SR

10:24 am

Here is Steven’s take on the last three presentations:

True Potential – Daniel Harrison (Sr. Partner) and Paul Outterside (Head of Mobile Applications) Their offering, impulseSave, helps consumers to set goals and set a savings plan.  Well, most people are terrible savers, so the need is out there. But, why don’t people save?  I’m not sure that simpler tools make it more likely that people will change behavior. Cool functionality, with usability on mobile, but also wearables. Demoed the technology on a Google watch. ^SR

HedgeCoVest  – Evan Rapoport (CEO) and Aaron Wormus (CTO)  Going live at Finovate with an online investment platform that mirrors hedge fund portfolios. They replicate the portfolio in milliseconds, pushing it to the portfolios of normal investors. This enables investors to get hedge fund returns, without having to meet all of the restrictions of hedge fund investing (like mil minimum investment!). The assets remain in the investor’s account, they are not purchasing a fund, they buy the underlying assets. I do have a concern about this offering. In good times, no problem. But if the market falls fast, these retail investors are going to be the last to get out.   ^SR

In New York, as opposed to San Francisco/Silicon Valley, there are more investment/brokerage fintech companies.

Fiserv – Andy Barnett (Sr. Technical Sales Consultant) and Mimi Joy (Mobile Account Specialist) and
David Carr (Innovations Manager)  Demo of a mobile chat with the bank. I love this. Customer is authenticated and the interaction is secure. In the course of the chat I can take a photo of a check/statement/receipt and share it with the representative. They can also push customized offers to the customer. On the agent side, the call center software provides access to customer profile, caller ID, etc. Customers can get alerts that pop-up on their ipad. Enterprise alerting platform with “actionable push”, the alert takes you to secure inbox. 3 separate types of digital interactions tightly integrated. ^SR

10:17 am

BREAK TIME. I will be updating more posts from shortly and later video updates.

10:16 am

Fiserv – Andy Barnett (Sr. Technical Sales Consultant) and Mimi Joy (Mobile Account Specialist) and David Carr (Innovations Manager). Fiserv is one of the BIG players in financial technology. Last spring they showed a Google Glass payment system. Today they are showing a “customer engagement solution.” Now showing an IOS Mobile Banking/Credit Card app. Is is mobile banking, PFM or some other combination? It looks nice but I know that most banks, whether Fiserv or other core provider, they have their customer’s DDA account but most of the time the customer has their credit card with a totally different bank (like Capitol One). I LIKE seeing mobile banking and credit card in one place; I’m not sure how it can be done with today’s technology UNLESS the DDA account and the credit card account are with the same bank (which will be managed by totally different systems). Perhaps it’s a combination mobile banking/PFM app that “scrapes” the card data from another bank’s web site. It’s a nice UI and now showing an iPad app version.

10:08 am

HedgeCoVest  – Evan Rapoport (CEO) and Aaron Wormus (CTO) Real Time Hedge Fund Replication.  “How can I make money during both up and down markets?” From our friends at Bank Innovations Council: Hedge Fund Investment Platform – The platform helps create an online marketplace for investors searching for transparent and secure options to allocate hedge fund strategies.

Slick interface on browser-based demo. Flat fee-based platform. It LOOKS like they have figured out a way to monitor real-time hedge fund performance for investors to “mirror” hedge fund investments. Who will be using this? Brokers? Advisors? Individual investors? I’m going to have to meet these folks and learn more about their business model.

10:01 am

True Potential – Daniel Harrison (Sr. Partner) and Paul Outterside (Head of Mobile Applications) – UK-based organization. I’m not sure what they do yet. Showing UK version of IOS app. I THINK it’s a PFM.  PFM apps are HOT. My question is what does this app/platform do that current PFM providers are NOT doing? It looks like it is for high net worth folks.  Showing a Google Watch version used in the UK. I believe he said there were 32,000 users in the UK. This is the FIRST app I’ve seen at Finovate that has a “watch” version. “Wearables will be big.” I agree with that statement. I’m assuming they will have an Apple Watch version in the future. Now speaking of a Google Glass version but has now come up yet on screen.   Waiting, but it may be WIFI overload.

09:57 am

MasterCard – Kyle Clark (VP Product Development) and Chris Guiney (VP Product Development) This is a very cool offering, enables consumers to pay with rewards points. The consumer makes the choice, and it is transparent to the merchant. Mobile app and email confirms the transaction. Their competitors require that merchant upgrades the POS system. Leveraging their network, to provide pay with rewards at any merchant that accepts Mastercard. – SR

09:54 am

MasterCard – Kyle Clark (VP Product Development) and Chris Guiney (VP Product Development) “Pay with Rewards” Use points to pay for purchases. Talking about redeeming points. Now showing an IOS MasterCard App to use points for a purchase. The phone now messages the phone showing the points being used. OK, HOW does the consumer USE the rewards at a merchant? I’m hoping to hear how now. “Pay with Rewards” Mobile Application. The app has the MC card information and the sample bank. Screen 2 is showing settings for the app. I like the idea but am still waiting to see how the merchant uses this. I have a MC Rewards Card cobranded with a merchant that I NEVER shop at so I’ll be cutting this card soon so I see the benefit to the cardholders. They still haven’t shown how the IOS MC app will be used at a merchant. QR Code?

09:48 am

Patch of Land – Brian Fritton (CTO & Co-Founder) Platform Peer-to-peer real estate crowfunding platform. Rules-based system operating in the background to crunch the originations data. – SR

09:45 am

Patch of LandPatch of Land – (Co-Founder (name TBD) and Brian Fritton (CTO & Co-Founder) Browser-based platform. I’m not sure what they do yet. Now showing data on a property score and and a market score for a property in Florida. This might be a good product but the demo is not very clear.   OK, it’s a P2RE crowd-sourcing for real estate. From our friends at Bank Innovations Council: Patch of Land is a peer to peer real estate crowdfinancing platform, offering accredited investors the opportunity to invest in high yield, asset-backed real estate debt deals with low minimum investments. Properties are secured by title and developer guarantee with LTV values that protect investors from unnecessary risk. Investors can diversify their portfolios by accessing high yielding, passive income streams through real estate deals without the hassle of property ownership or management. Patch of Land will handle the work, liability, day to day management and licensing while investors watch their portfolios grow.

It looks fine but I believe these folks need to tighten up their pitch. I’d also like to see an app version.

09:40 am

Blooom – Chris Costello (Co-Founder & CFP) and Randy AufDerHeide (CTO & Co-Founder)  Trying to provide “simple, scalable advice” for 401k investors. I think there is definitely a gap in services in the marketplace; most consumers don’t have access to solid financial investment advice. Simple “thumbs up-thumbs down” visual shows you what is wrong with your portfolio. Algorithm helps to identify the problems with the portfolio. This is a strong example of data analytics powering new capabilities in financial services. /month service fee for investment advice.  – SR

09:38 am

bloomblooom – Chris Costello (Co-Founder & CFP) and Randy AufDerHeide (CTO & Co-Founder) Two of the three co-founders of bloom. Certified financial advisor background. Talking about the challenges of consumers NOT knowing where they need to invest. Announcing a way to provide simple, scalable advise for consumer 401K’s. The UI is VERY simple and I like it. I can’t tell if it’s web-based or an app, it’s that slick.  “401K agnostic” showing logging into a Fidelity 401 account.  Blooom takes the 401K data and shows a real time graphic of a flower that shows where the funds should be an ideal allocation. Very slick graphics. Now for the big questions: who do they sell this to and how do they make their money? OK, no I get it it; they charge a monthly fee and rebalances the account every quarter. I’m assuming they are targeting consumers and are partnering with “Connected Benefits”. If’s REALLY expensive to market this kind of product directly to consumers. I’d suggest they partner with vendors and associations (like AARP) or even employers as a free or value-add to an existing relationship.

09:31 am

Settle – Stas Matviyenko (CEO) and Anna Polishchuk (COO) This is a mobile payment platform with the ability to manage customer profiles, helping to deepen customer loyalty. They offer a loyalty platform and have case studies that show their platform drives incremental revenue. – SR

09:30 am

SettleSettle – Stas Matviyenko (CEO) and Anna Polishchuk (COO) – Showing demo but something blanked out. Now showing an IOS device for a POS application. I’m not sure what they do exactly but their UI looks very nice. It has an “UBER” feel. “Settle saves me time.” Is this a new mobile wallet app? It’s not real clear but it seems like the more you spend the greater the discount the consumer receives from the merchant. It looks like the company is from Ukraine. Last Spring there was an another innovative company from the Ukraine. Here is a story I found on them from MobilePaymentsToday.

09:24 am

NICE Systems -“ Matthew Storm (Director, Innovation & Solutions) and Jade Kahn (Solutions Marketing Manager)”. Nice is leveraging their long experience in call center technology to create the ability to authenticate customers by voice print, in 10 seconds or less. This is huge, because authentication can be an inconvenience– if not a major pain point.  With voice prints, they can recognize when a fraudster calls. Call can be automatically routed to the Fraud department. This is part of their fraud protection suite, with multi-layer fraud detection. – SR

09:22 am

top image systemsNICE Systems – Matthew Storm (Director, Innovation & Solutions) and Jade Kahn (Solutions Marketing Manager) “Revolutionizing how your bank authenticates your customers.” Real time.  ID’d customer in the first 10 seconds of the customer call. Pretty cool. I’m really tired of answering all kinds of questions about my mother’s maiden name, address, name of pet, etc.

From Bank Innovations Council: NICE Systems (NASDAQ: NICE), is the worldwide leader of intent-based solutions that capture and analyze interactions and transactions, realize intent, and extract and leverage insights to deliver impact in real time. Driven by cross-channel and multi-sensor analytics, NICE solutions enable organizations to improve business performance, increase operational efficiency, prevent financial crime, ensure compliance, and enhance safety and security. NICE serves over 25,000 organizations in the enterprise and security sectors, representing a variety of sizes and industries in more than 150 countries, and including over 80 of the Fortune 100 companies. NICE’s offerings for the enterprise and security sectors serve three main needs: improving business performance, decreasing financial risk, and enhancing safety and security.

I like it. If AMEX starting using it I would appreciate it.

09:18 am


Top Image Systems    – Jim Charanis (Director, Mobile & Banking Solutions) and Avi Mileguir (EVP & General Manager, Americas)”  Finovate Fall kicking off. The first presenters from Top Image Systems, and the first appearance of Google Glass at Finovate. Wondering if this will be a trend this year? Using Glass to scan a driver’s license for image capture. Cloud-based image storage and image processing. – SR

09:15 am

top image systemsTop Image Systems – Jim Charanis (Director, Mobile & Banking Solutions) and Avi Mileguir (EVP & General Manager, Americas) – Now showing a Google glass to help open a new account asking for drivers license, SSN and payment info. “OK Glass, Scan driver’s license.” Seems to be working well. They are integrated into several core banking vendors.

From Bank Innovations Council: Next-generation mobile image capture and processing solutions, like GlassCapture, are designed to make account opening, bill payment and other mobile-initiated process simple and fun.

I like that they are showing cross platforms – Google Glass, Windows and tablet. “It’s about the API”   – William Mills

09:05 am

It’s show time!

09:02 am

As we wait for the start of Finovate Fall, I wanted to share some of the things that I am hoping to hear over the next two days. While this is a conference that showcases technology, I am curious to see how much of the conversation is about the customer. While it is easy to get excited about developments in mobile, enhanced tools for managing accounts, and opportunities to leverage analytics, we shouldn’t lose sight of why these innovations matter. Ultimately, banks and other financial institutions are harnessing this technology to make the lives of consumers (and other customer segments) better. ^SR – See more at:

08:46 am

I spoke with Eric from Finovate and there are a ton of folks here; about 1,500. WM

07:29 am

Folks, welcome to Finovate Fall 2014 NYC. We are here at the New York Hilton, I believe a new location for this event. If you would like to meet with me here at the event today or tomorrow please stop by, I’m on the front row or email me at

William E. Mills, CEO
William Mills Agency
(678) 694-7213

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