Finovate Fall 2017 Day One: Data Analytics, ID Verification, and Cybersecurity

Finovate kicked off its 2017 Fall conference with demos from about 40 financial technology companies on its first day yesterday in New York.

The companies demoed solutions across all areas of financial technology, utilizing machine learning, identity verification processes, and financial literacy tools to try and secure a spot as one of Finovate’s Best in Show (this year, the receivers of that title will form a winner’s panel, which will take place on Wednesday, September 13th).

Below is a rundown of all companies to present during the first day of Finovate Fall (one company, Omega Point, was unavailable to present):

Adobe showed off its “cloud sensei” product powered by the Adobe Experiance Cloud, which allows clients to marry data with consumer content for a more personalized customer experience. The product uses machine learning and artificial intelligence to automatically sort data.

Experian demoed its “Text for Credit” feature, which moves the process of applying for credit completely to the mobile phone. Users simply have to input their details, which does include their social security number, before receiving a realtime credit decision.

Gro Solutions went over its “Gro Funnel” solution, which aims to bridge the gap between the legacy systems of an FI and its marketing stack. The aim is to provide FIs with a method in which to use the data they have saved on their consumers’ lives for more effective, more personalized marketing.

Voleo wants to make social trading the norm, and shared its platform with Finovate attendees. Users can “democratically invest” in stocks with up to 99 friends, bringing the social network to banking.

identitii utilized data analytics within its demo, where it works to show more detailed transactions to users. This approach to data will enable FIs to provide customers with things like pre-validated international transactions.

Mortgage Cadence is aiming to revitalize how data and consumer communication are being used in lending, as was shown by its demo of its Collaboration Center.

CASHOFF allows users to connect all of their financial data in once place, enabling a more holistic, more effective financial experience. The application can also be integrated into most banking applications.

i-exceed also allows its “microapps” — similar to microservices — to be integrated into other banking apps, as attendees saw from the company’s demo of its “Appzillion” digital banking and development platforms. Its microapps can also be used as standalone applications.

SaleMove demoed its “OmniBrowse” product, which allows clients to provide a more “contextual” consumer experience in the digital world, effectively providing an in-person banking experience online.

BLUERUSH was another to make use of data analytics and machine learning in its demo of its “Individeo” product, which aims to create real-time videos for the customer using data visualization.

ITSector provided a look at how augmented reality could be used for credit solutions as it demoed “Flow Credit,” which uses technology for credit origination in addition to partnering with FIs for real-time credit offers.

Kinetica wants to take the risk out of risk analytics, as Finovate attendees could see during the company’s demo of its “in-memory database,” which allows FIs to calculate risk “on demand” using Kinetica’s software.

Q2 Holdings, together with Chime Bank (which now has over 500k customers) debuted its CardSwap feature, which allows account holders to authenticate to services like Netflix or Uber only once, making their FI’s card the default payment method. This also allows FIs an opportunity to grow revenue on interchange fees from being top of wallet.

Horizn wants to make sure FIs are better able to share the latest banking innovations (like Zelle) with their customers, and showed how that would be possible through its customer and employee education programs.

College Affordability is taking steps to solve the student loan problem through its EFC Plus platform, which generates custom financial outcome predictions at the close of each step during the college funding process.

OmnyWay is looking to increase revenue from “interactive commerce experiences” through ZapBuy, which allows users to take a photo of an advertised product and immediately pay for it via credit or debit.

SpyCloud, in timely fashion, showed off its “credential monitoring” product, which keeps track of and recaptures stolen financial assets for better cybersecurity.

MX demoed its “Discovered Accounts” service, which allows FIs to successfully use all of the data they have at their advantage to not only onboard, but keep, their customers.

Mastercard showed off its “Cash Pick-Up” service, which allows P2P providers, government agencies, or other disbursers to use an enabled ATM to deliver cash to unbanked customers without the use of a physical card.

United Income is using data analytics and machine learning to match money to life, creating a money management solution that also tracks developments in health and possible future events as well as changes in the market.

Moxtra demoed its “engagement platform,” which uses technologies like e-Signatures and secure messaging to allow FI clients and managers to collaborate in real time on financial documents.

Digital Onboarding gave Finovate attendees a look at its (digital) onboarding solution, which uses instant texts and automated messaging, using machine learning and data analytics, to better onboard consumers.

Endor based the predictive analytics platform it demoed yesterday on “social physics,” which uses big data to predict human behavior. The platform allows business users to get the results to their questions in minutes as opposed to months.

Kony took attendees through a look at its retail banking application, whose APIs are designed for omnichannel use by the enterprise application provider’s FI clients.

BioCredit uses biometrics, specifically facial recognition, to authenticate borrowers, who are then able to select loan offers from a pool of lenders.

Privakey was another company exploring the importance of consumer authentication; its cloud-based service uses the cloud to eliminate passwords and other unsafe login practices.

Quadient, which was formerly known as GMC Software, demoed its “mobile advantage” solution, which allows FIs to deliver personalized mobile experiences (using push notifications, eSignature, and digital billing, among other features) to cusomters.

ING Bank Slaski, one of the largest banks in Poland, showed off its digital account opening process for SMEs, dialing the onboarding experience on to only 4 steps.

Ephesoft is using its machine learning and data insight specialities to launch an insight platform for the KYC process, which utilizes the expected machine learning capabilities to turn “unstructured data” into the structured information needed for onboarding.

Wave is partnered with the Royal Bank of Canada in order to better engage RBC business customers (from “micro” size on up) with their own customers, by embedding Wave’s financial management solutions into RBC’s business banking platform.

Unison, a previous Finovate favorite, gave attendees a look at how its innovative approach to home ownership — sharing in the increase in value of a home rather than charging interest — and investment is allowing consumers to create better financial futures.

Sustainably wants to create “ethical consumerism” by donating a user’s spare change to the charity or organization of their choice. Using Sustainably, users’ purchases are rounded up to the nearest dollar and donated.

BILLSHARK demoed its “Shark Connect” solution, which allows FIs and fintechs to integrate the company’s bill reduction applications into its own banking applications.

layer demonstrated its customer conversion platform, which leverages machine learning and messaging to help with better engagement of the mobile customer.

nanopay gave attendees a look at its cross-border payment platform, which allows banks to provide fund transfers without intermediaries.

Divy demoed its smart investing platform, which allows users to learn the value of investing as they go, by browsing stocks or investing in familiar products and brands.

Mitek ended the day with a demo of its “Mobile Verify” feature, which provides identity verification solutions to banks by checking with both credit bureaus and other data sources, as well as checking the customer bank account as another form of authentication.

While several companies, including Voleo, SpyCloud, and Q2 Holdings had strong demos, the day’s “Best in Show” won’t be announced until Day Two. Stay tuned for more Finovate news.