FinovateFall Day 1: APIs, Biometrics, Big Data Analytics

finovate fall 2016It’s that time of year again! Today, FinovateFall debuted in New York, where 39 fintech companies debuted their newest toys to a fintech-hungry audience.

The technology presented ranged from the latest in biometrics, including voice and facial recognition, the latest in how to create insights for big data use–and more importantly, how to make those insights actionable–and shiny new API platforms, ranging from Unbill’s new bill pay, bill-split-enabled white label platform, to Bankjoy’s integratable money movement platform, demonstrated with an API built for Alliance Catholic Credit Union that can be used via Amazon Echo, built in one day.

Here is a quick run-down of the companies that presented on Finovate Day 1:

Bluescape debuted a collaboration platform for bankers, where one can see the current state of the mobile app, tablet app, or online offering one is building, the marketing team, compliance, and other aspects of the company’s work.

Uniken demoed REL-ID (relative ID) authentication, a key-exchange protocol that enables verification of a user’s identity without the help of a third party. “Zero hacks!” the company said.

UrbanFT showed off its service integration director, an online platform that allows non-techie users (uh oh) to create, configure, brand and launch mobile banking apps where changes happen in realtime for users.

GainX demonstrated its OpenThinking product, an “innovation strategy management platform” that combines machine learning with predictive analytics to enable clients to see where the risks are for present and future investments.

MapD debuted its GPU-powered data exploration platform which extracts insights from data such as taxi rides–it can see the number of times people are dropped off at Starbucks, for example, and shows correlations between those dropoffs, the median income of the people involved, and the company’s stocks–in order to provide insights for companies.

Daon presented its newest biometric technology, identityx, which uses face, voice, and fingerprint recognition. Both MasterCard and USAA use the tool.

Sindeo. A crowd favorite, this company showcased its mortgage financing platform, a digital portal aimed at simplifying the notoriously onerous mortgage process. Human help is available if needed. 

Lidya is a digital bank that offers faster loans to African customers. Lidya’s target market is the 300 million Africans who are online with no access to credit.

TransUnion showed off Prama Insights, a service aimed at finding risk and opportunity in potential customers by enabling users to study data from specific markets.

Consdata demoed its eximee platform, a document management solution for banks that can show the places in a form a user abandoned the process and therefore, which areas can be improved.

Overbond offered an end-to-end digital platform that seeks to modernize bond origination through tools such as price discovery.

LendingFront is a small business lending platform that consolidates what usually happens in five separate business applications into one application.

Trulioo demonstrated its global identity verification platform, in which user data is verified through up to 200 data points.

Backbase showcased its 60-second onboarding technology, where customers can open an account via mobile in under 60 seconds.

TokBox presented OpenTok, a cloud-based service that enables developers to integrate real time video and messaging directly into their platforms.

MX introduced PowerSwitch, which connects banks to services such as Amazon and Uber, and makes it possible for users to move the bank’s cards to “top-of-wallet” position in return for incentives.

IBM Security presented its Trusteer technology, a service that calculates customer risk and prevents fraudsters from accessing accounts in real-time.

Personetics demonstrated its MoneyCube chatbot for Facebook Messenger, which can check cash flow, set saving goals, move money among  accounts, and more.

QEData showcased its cash flow solution Mirai, which uses data analytics to predict the future cash flow of a business based on account data.

nanoPay presented its payment platform using Canada’s MintChip, a digital Canadian dollar. The platform can exchange any form of stored value for P2P or merchant transactions.

FeatureSpace demonstrated its platform’s approach to fraud prevention, which uses knowledge of human behavior to detect anomalies in financial accounts.

Modo Payments introduced COIN, a digital payments hub which integrates existing payments structures into one platform for a new payments experience.

Swych: presented Swych Mobile Gifting, a social commerce mobile app to reinvent gift cards. The service includes a gifting bot and gift card marketplace.

CurrencyCloud showcased its payment engine which enables multi-currency and international payments.

SpeechPro presented a demo of its voice key technology, a biometric solution that links a biometric ID to physical document such as drivers’ licenses.

ProActive takes the cash envelope budgeting philosophy and makes it a digital offering where users, including families, can split money throughout different envelopes to save toward goals.

Zenmonics demoed a realtime omnichannel customer engagement tool that brings a customer’s financial story together with a financial advisor.

InspirAve presented its Internet of Saving model, a platform where users can set goals for saving, such as the purchase of a new bike, and set money towards that goal combined with advice from friends or family.

SaleMove demonstrated its Omnicall function which provides instant online engagement and co-browsing between a client and a financial associate leveraging video channels.

Dynamics, a Finovate veteran, presented a programmable card — Visa, though MasterCard has heavily invested in the company — allowing a user to switch between loyalty and a traditional payment card with the push of a button.

Identitii: demonstrated the identitii token, a unique identifier provided for every user transaction to make it more secure. This company mentioned distributed ledgers — astonishingly the closest to the word “blockchain” heard on stage all day.

Experian presented its CrossCore technology, a fraud and identity protection platform that reviews customer data and analytics and combines them into an actionable response against fraud.

Moven presented “budgeting without the budget,” and demonstrated the capabilities of its software platform, which shows customers a holistic view of their financial portfolio.

Agreement Express accelerates the onerous KYC process for high net worth clients, and records transactions for compliance purposes.

Bankjoy demonstrated its new API, a digital platform for community banks, Its demo used the Amazon Echo and Alexa to great effect.

GoodData presented its financial service solution for data analytics, which can personalize client applications, gain customers, and turn data into profits.

CRMNEXT presented its digital workspace, which helps bank employees help customers across a unified omnichannel view.

Unbill presented its new API platform for bill payment. The platform supports bill-splitting among roommates and is available as a white label solution for developers.

Aleo presented a B2B marketplace for supplier finance and procurement services powered by ING Bank. The company has 50 thousand customers in Poland.

 

Sindeo was a crowd favorite at today’s presentations, and the crowd also saw strong demos from Backbase, Personetics, and SaleMove.

Only one company was unable to present today, Zooz, but attendees still enjoyed a full day of fintech and fun. Stay tuned for Finovate Day 2!

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