OBR 215 April 1, 2013
Finovate Report First Quarter 2013
Executive Summary ...... 4
Industry activity...... 6
Funding/M&A ...... 6
Financial Institution from Finovate alums ...... 8
Product development at Finovate alums ...... 10
Milestones at Finovate alums ...... 12
Partnerships with Finovate alums...... 13
FinovateEurope 2013 ...... 17
Highlights...... 18
Presenter lineup...... 21
Best of Show winners Credit Agricole ...... 29 ETRONIKA ...... 33 mBank + Efigence ...... 37 Meniga...... 41 Moven...... 45 Pockets United...... 50 SumUp...... 55 Virtual Piggy...... 60
Future Events ...... 64
2 Background After 12 years in the newsletter business, Online Banking Report organized the first Finovate conference in the fall of 2007 in the financial heart of North America, New York City. We quickly added a version for the tech center of the universe, Silicon Valley (2008). Then we went global in 2010 with FinovateEurope. And last year, we traveled the 13,000 miles to Singapore to capture the fintech excitement in Asia.
As we enter our seventh year, we look forward to introducing in a new batch of innovators to the fintech industry (see back page for 2013 calendar).
Finovate by the numbers • Finovate has hosted more than 9,000 attendees (we’ll host 10,000+ at FinovateSpring) • Nearly 500 companies have been on stage (including the 50 new ones at FinovateSpring 2013) • More than 700 live demos totaling 84 hours have appeared on the Finovate stage, all archived on our website (http://www.finovate.com/archives.html) • 1,500 blog posts published on the Finovate blog (http://www.finovate.com) which has served more than 400,000 unique visitors • Over 6,500 of you follow @Finovate on Twitter, where we’ve tweeted 5,000 times
The report is divided into three parts: • Executive Summary: Trends from FinovateEurope and the industry • Industry Activity: Fintech industry highlights from Q1 of 2013 • FinovateEurope 2013 Coverage: A closer look at the highlights from the February event
Industry Trends This quarter, we’ve included a breakdown of significant news that was reported throughout the fintech industry. Here’s an at-a-glance view of some recurring themes: 1. At financial institutions, we saw a significant surge in mobile technology adoption: > see Cachet Financial Solutions, TASCET, Comarch, Device Fidelity, Jwaala, and Keynote DeviceAnywhere 2. The mobile trend resurfaced in Product News (see pp 10-11), with significant development activity: > see Braintree, BankersLab, Simple, eDeposit, PlayMoolah, Planwise, Pageonce, and Xero 3. In Partnership News (see pp. 13-16), international expansion was a recurring trend > see Backbase, Monitise, Emida, TIO Networks, Virtual Piggy (pp. 60-64), and Luminous
FinovateEurope 2013 Themes At Finovate’s first two day European conference in February, 64 companies took the stage at the Old Billingsgate Market Hall in London to debut new technology to an audience of upwards of 750 attendees from across the globe. Here were the main themes: 1. Mobile It’s no surprise that mobile was once again a major theme. Ever-evolving smartphones and tablets combined with an on-the-move culture, make it a high priority at most financial institutions. Here were the mobile demos at Finovate: Ayondo, Biletu, Credit Agricole (pp 29-32), CurrencyFair, Finantix, Fiserv, Leanbanking, Liqpay, Meniga, Metaforic, Mistral Mobile, Moven, Nice Systems, OPENTECH, PhotoPay, Pockets United, SumUp, Temenos, Virtual Piggy, Xendpay
2. Gamification Encouraging users to do unpleasant tasks, such as manage their money or sitting through mandatory compliance training, is no easy task. Fortunately, once made into a game, it’s much easier to motivate. Here were the financial game-makers appearing on stage: True Office, Meniga (pp. 41-44), PocketsUnited (pp. 50-54)
3. Virtual Assistance Good customer experience is tough to scale. Fortunately, with the penetration of mobile, many consumers are becoming more self-reliant. We saw a number of innovations around virtual assistance: additiv, Comarch, CR2, ETRONIKA (pp. 33-36), eWise, Finantix, IND Group, ITSector, Nice systems, PhotoPay, and Yseop
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Financing Activity
Finovate alums
January • ACI Worldwide acquires Online Resources for more than $120 million. • Azimo earns £300,000 ($480,000) in angel investment. • BillFloat raises $21 million in funding. • Clover raises $3.3 million in funding. • FIS acquires mFoundry for $120 million. • Fiserv acquires Open Solutions. • PayNearMe raises $10 million in Series D funding. • Prosper raises $20 million in funding. • True Office scores $3 million financing round.
February • On Deck secures $42 million in financing led by Institutional Venture Partners. • TSYS agrees to acquire NetSpend for approximately $1.4 billion in cash. • Tuition.io secures $1 million in financing.
March • SoMoLend secures $400,000 in financing from QED Investors. • Wealthfront secures $20 million funding round • Q2ebanking secures $20 million in Series C financing • DeviceFidelity raises more than $470,000
6 Fintech at large
January • Trust One Payment Services bought by Charge Payment LLC. • Mozido acquires PagoVision. • Panaya wins $16 million in Series D funding. • Digital River completes acquisition of LML Payment Systems. • MSCI to acquire InvestorForce.
February • Founders acquire DailyDeal from Google. • Fortumo secures financing from Intel Capital and Greycroft Partners (rumored to be $10 million). • Optimal Blue secures financing from Serent Capital. • Paymill secures $5 million in financing from Blumberg Capital. • Trustev raises $300,000 in financing. • Linedata agrees to acquire CapitalStream. • Mambu secures $2 million in financing from Runa Capital and Point Nine Capital. • Ayojak secures financing from HBS Alumni Angels, Blume Ventures and Srijan Capital. • CloudSway raises $1.4 million in financing. • Plastiq secures more than $5.8 million in financing. • Student Loan Hero secures $20,000 financing from Expansion Venture Capital. • Bango raises more than $10 million in financing. • BlueKite acquires RedCycle Networks. • uBank (Russia) secures $8 million in financing from Runa Capital.
March • Net Element International agrees to acquire Unified Payments. • Primax agrees to acquire NEBA’s processing business. • Cardtronics acquires i-design for $12.8 million in cash. • WorldPay acquires YESpay. • Stamp.it secures $225,000 in financing from Markco Media. • BitPay secures financing. • Spire Payments acquires Thyron.
7 FI Deals with Finovate alums
January • Dexter Credit Union implements Q2ebanking’s full suite of eBanking solutions. • Commercial Bank of Qatar to deploy latest version of TSYS card and merchant management platform. • Cachet Financial Solutions partners with Volunteer Corporate to provide mobile RDC to their 325 member CUs. • Bridge Community Bank becomes first in the U.S. to adopt TASCET’s Financial ICONN. • ING Business Mobile for iOS and Android leverages Comarch Mobile Banking. • American Banker reports: STAR Financial Bank Rolls Out PFM Software from MoneyDesktop. • Al Rajhi Bank launches online banking platform built with Backbase Portal. • Zapsibcombank launches loyalty program with technology from Compass Plus. • U.S. Bank to deploy mobile payments technology from DeviceFidelity. • Credit Union Journal reports: Congressional FCU chooses Geezeo. • Financial Edge Community CU partners with SaveUp. • Bremer Bank to implement Fiserv’s mobile banking and payment technology. • Boeing Helicopters Credit Union moves to Andera’s oFlows for online account opening. • Jwaala helps Michigan First Credit Union improve remote deposit capture services. • Alior Bank to deploy Comarch Smart Finance. • Geezeo to power Wings Financial PFM. • Andera adds Gesa CU & Central Star CU for online account opening, loan applications.
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February • BBVA Compass picks Keynote’s DeviceAnywhere platform for mobile app testing. • Thomaston Savings Bank selects Q2ebanking’s full suite of ebanking solutions. • Continuity Control partners with Community BancService Corporation. • Rabobank launches Figlo-powered widgets for online banking homepage. • Bank of the West launches new mobile banking app powered by Fiserv
March • American Banker reports: Randolph-Brooks chooses Andera's online account opening platform. • Identity Theft 911 expands service partnership with VyStar Credit Union. • Communications Federal Credit Union to provide Tyfone mobile wallet services to its members. • American Banker reports: Union Bank signs up for Fiserv’s Bill Pay. • Finextra reports Geezeo signs 1st United Services Credit Union • U.S. Bank is first major bank in the U.S. to roll out Mitek-powered mobile photo billpay. • American Banker reports: Bank of Zachary Selects Andera’s Account Opening System. • Finextra reports East River FCU & Ishpeming Community FCU to integrate Geezeo's PFM product. • American Banker reports Harleysville Savings Chooses Q2ebanking's Online Banking Platform. • Bell State Bank deploys Fiserv’s mobile banking system. • Wilson Bank & Trust introduces MoneyDesktop to members. • Finextra reports Yorkshire Building Society taps eWise for PFM service.
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Product developments at Finovate alumni
January • Braintree’s new payments layer lets users sign up for apps without re- entering their credit card data. • Xero integrates with Harvest, a time-tracking and invoicing software company. • Jemstep launches new Portfolio Manager service. • PayLeap, Acculynk’s gateway and payments-processing arm, introduces developer integration tools. • Experian extends Precise ID fraud prevention to online Social Security- related services. • Bill.com and Expensify announce product integration. • BankersLab launches new Android app to support ScoringLab. • Mitek to launch Mobile Deposit Alliance, allowing participant banks to share deposit data. • Dwolla introduces Guest Send to help developers building bank software make payments from one account to another. • Simple launches Android app. • eDeposit launches first mobile app. • Plastyc powers online banking and payments services for H&R Block, launches new white-label service. • ShopKeep POS launches new solution to help minimize customer wait time. • Compass Plus helps Zapsibcombank launch a loyalty program. • ACI Worldwide launches new money-transfer system. • PlayMoolah launches Moolah It, a new iOS App. • Check Point Software Technologies introduces new ZoneAlarm 2013 security product line, integrates Facebook Privacy Scan. • Tuition.io exits private beta, aims to make student loan management easier. • Planwise releases first mobile app.
February • The Monitise-powered mobile wallet from Blackberry, BBM Money, launches pilot in Indonesia. • PayPal to deploy the European version of its payment dongle, PayPal Here, in the United Kingdom this summer. • Expensify now available for BlackBerry 10 and the BlackBerry PlayBook. • ThreatMetrix introduces behavioral analysis in the ThreatMetrix Cybercrime Defender Platform. • Kantox adds spot transactions to FX to offer a full range of FX services to corporate clients. • Continuity Control releases regulatory compliance-management system for small- to mid-size credit unions. • SumUp now supports American Express payments in some European markets.
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• Expensify integrates with Sage 50. • FamZoo introduces Family Pack of prepaid cards through partnership with TransCard. • HiddenLevers launches portfolio stress-testing app to help advisors generate leads. • Pageonce adds person-to-person payment functionality to mobile app. • Lending Club opens low-interest, fixed-rate personal loan platform to Tennessee residents. • Plastyc is unveiling a new option that provides quicker access to checks deposited into prepaid Visa accounts. • Xero makes bank reconciliation available to Android users. • SigFig-powered USA Today Money Portfolio Tracker launches in app store. • edo Interactive launches the edo Marketplace.
March • TIO Networks launches mobile payment app for Mobilicity. • BillGuard launches early, limited MVP testing version of iPhone app. • American Banker reports Backbase launches Portal 5.4, enhancing digital marketing to include better targeting & more. • Cortera launches Cortera Lookalikes to seek out new customers that look and act like a company's existing customer base. • ID Analytics launches ID Network Attributes, targeted consumer behavior insights that provide visibility into identity or transaction risk. • Intuit rolls out mobile payments in Europe. • TransferWise now supports debit cards for International P2P money transfers. • PaySimple launches redesigned mobile app and credit card reader. • Prosper announces new API for lenders. • Credit Karma launches app for Android. • CashStar announces availability of tablet gifting. • Android, iOS updates now provide card-to-card payments with Pageonce • TechCrunch reports: PayPal separates developer platform from X.commerce, launches Simpler mobile APIs. • CU Times reports Fiserv integrates Popmoney P2P payment tool with its mobile banking app • Billhighway announces availability of Give mobile fundraising application. • TransferWise announces support for peer-to-peer international payments using debit cards. • Balance Financial launches Digital Office suite to create personalized client portal templates that can be customized. • Rebirth Financial launches nationally. • Ayondo's investing and trading app TradeHub available on the iPhone. • ID Analytics introduces fraud detection solutions for online retailers. • Credit Union Times reports: Fiserv launches SpotPay.
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Finovate alumni milestones
January • SocietyOne reaches $1 million in loan originations on ClearMatch Lending Platform. • Pageonce handling $1 million per day in mobile bill payments. • SafetyPay announces record growth: Number of transactions in 2012 increased 149% over 2011, the dollar value of transactions increased by 88.5% in 2012 over 2011. • Lending Club issues the 100,000th loan on its lending platform. • Andera increases sales bookings by 59%, sees 5x increase in oFlows customers. • SigFig crosses $50 billion in assets managed through the platform. • TSYS celebrates 30th anniversary. • LearnVest app reaches 100,000 downloads. • Ping Identity announces annual bookings grew more than 50% for the third consecutive year, cites other growth metrics.
February • Monitise triples the value of payments and transfers over its technology platform from $10 billion to $31 billion. • MoneyDesktop reports record year with customer growth of nearly 80% from 2011 to 2012 and a 4.5X increase in recurring monthly revenue. • iPay Solutions tops 1.8 million payments in first half of fiscal 2013. • ProfitStars announces year-over-year growth in P2P users, payments for its iPay Solutions service. • Arroweye Solutions reports 40% growth due to 175% uptick in open loop card production, added 27 new clients in 2012. • CashStar reports record holiday season; 800% increase in mobile e-Gift Card purchases. • IgniteSales reports 100% revenue growth for 2012. • Lendio reports 2012 growth metrics.
March • Yodlee Interactive now powers financial data for 300 apps and businesses; on pace to surpass 500 in 2013. • Fiserv processed more than 10 mil loan applications in 2012. • Mitek facilitates more than $40 billion in check deposits. • GigaOM reports Braintree's recent move overseas helps double its payments volume to $8B. • GMC Software Technology reports user community growth of more than 700% since inception. • Manilla adds more than 54,000 small businesses to network. • Capital Access Network has provided SMBs access to more than $3 billion in working capital and facilitated 100k transactions since its inception. • New Zealand Herald reports Xero becomes billion dollar company • Lend Academy reports: Lending Club Issues $120 Million in New Loans in February. • TIO Networks surpasses 1 million transactions across all TIO Wallet Members. • Outright’s 300,000 users surpass 2 billion transactions. 12
Finovate alumni partnerships January • Mitek and Allied Payment Network expand availability of Mobile Photo Bill Pay. • iQStore will resell and implement Backbase’s Bank 2.0 Portal Software at multiple financial services customers in Russia. • HID Global partners with BehavioSec to improve fraud-detection system. • Locaid partners with CAMS to provide solutions for mobile gaming industry. • UK’s KashFlow integrates with Tradeshift for SMBs who use its cloud-based accounting software. • MoneyDesktop to power Cubus Solutions’ online banking services. • In 4Q 2012, peerTransfer partnered with 51 schools. • TSYS announces partnership with Priority Payment Systems. • Spredfast announces Bazaarvoice integration. • Monitise and CGI Logica form mobile FS alliance to target European retail banks. • Tradeshift partners with Intuit to bring its social invoicing platform to more than 5 million QuickBooks users. • Corduro wins partnership, with Shopforbags.com • PayPal partners with NCR and expands retail presence. • Dashlane partners with Pwnedlist to enhance security alerts. • Edelweiss Securities launches real-time news terminal powered by Heckyl Technologies. • Elmer’s, Dr Pepper and Snapple adopt Jingit’s engagement/offer platform & app. • Jingit announces partnership with Direct Source. • TIBCO Software partners with Vanderbilt University Medical Center. • Equifax partners with DocuSign for easy e-sign and submission of Transcript of Tax Return form. • Planwise and ReadyForZero partner to promote debt management as a part of personal finances. • Cachet Financial Solutions to power Tyfone’s Remote Deposit Capture Offering. • TIBCO Software announces partnership with University of Chicago Medicine. • EZBOB to partner with ChannelGrabber. • Experian announces deal to provide address and mortality-screening services to Guardian Financial Services. • Emida to provide mobile-payment services in Myanmar. • ShopKeep POS partners with Griffin Technology to launch iPad POS system with a built-in magnetic card reader. • Fiserv selects Aconite’s Smart EMV Manager solution to enhance EMV card- processing systems. • SEO-Cart integrates PayLeap from Acculynk Direct. • Phillip Capital signs Heckyl Technologies to integrate News and Sentiment analytic platform. • Dwolla partners with a school district in Iowa to enable online payments for school lunches.
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• 500Friends to integrate LoyaltyPlus platform with Bazaarvoice. • Credit.com leverages Experian’s IntelliView. • Locaid to provide geofencing and location authentication for GTECH. • Bazaarvoice to help UK furniture retailer Harveys execute social media strategy.
February • Fortune 100 company chooses Taulia to provide extensive invoicing capabilities. • Device Fidelity announces Incipio partnership. • SafetyPay to power Computop’s Paygate payment platform. • VendTek Systems and TIO Networks partner to provide walk-up bill payment services to the Canadian Market. • PerspecSys and Ping Identity partner to make it easier and more secure for enterprises to take advantage of the cloud. • Geezeo partners with OSG Statement Services to develop a statement option that will allow PFM data to be leveraged in eStatements and printed statements. • Hallmark chooses Taulia to provide e-invoicing, dynamic discounting and supplier self-services. • VoiceTrust and Finantix partner to provide voice-driven, secure mobile solutions. • Upstart Business Journal reports ShopKeep and LevelUp are partnering to keep up with the competition. • Virtual Piggy & WorldPay integrate to deliver youth payment solution internationally. • Luminous partners with Nihilent Technologies to sell Luminous’ solutions in India. • Opencart announces full integration of Klarna invoice and partial payment system. • Acculynk’s Payzur brings person-to-person payments to consumers on PULSE debit/ATM network. • ekmPowershop announces partnership with EZBOB. • Bill.com to provide Frantopia with accounting services. • SecondMarket is partnering with CircleUp to allow investors to invest in up- and-coming consumer product businesses. • Gifting app Wrapp selects Braintree to power payments. • True Office partners with Thomson Reuters to develop new, gamified compliance applications. • ValidSoft’s Secure Mobile Architecture for Real-time Transactions selected to be an integral element in Spindle's payment acceptance service. • SumUp partners with Blue Solution Software to integrate API into Top Reparatur. • Acculynk’s PayLeap reaches strategic agreement with Spindle to integrate platforms. • Cachet Financial Solutions integrates with CU Mobile Apps, a provider of mobile banking solutions. • SMC Securities, Global Capital to integrate Heckyl Technologies platform.
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March • Acculynk to provide UnionPay International UPOP authentication service via PaySecure. • Virtual Piggy taps into $10 billion annual market with epay partnership. • Flint Mobile partners with NXGEN's Fidano to Support Mobile Payments. • VoiceTrust brings voice biometrics technology to USoft. • Flint Mobile announces partnership with NXGEN subsidiary Fidano to support mobile payment adoption. • Through partnership with Luminous, Nihilent to sell Luminous' solutions in India. • PaySimple partners with CheckAlt to provide suite of payments and receivables tools to SMBs. • Business solutions company Neopost USA to use Striata as its electronic document delivery partner. • Kashoo to partner with InfoStreet's SkyDesktop • The Currency Cloud, Tradeshift, and Intuit form partnership. • Mistral Mobile announces partnership with Alaric. • SafetyPay and giropay join forces to secure internet payments in Germany. • Continuity Control and cbanc Network partner. • IDT & Fiserv partner to expand availability of International calling services and walk-in bill payments. • Aptys Solutions chosen by Texas-based Mainstay Group as payment exchange provider. • Prepaid Resources announces partnership with IDology. • TIO Networks expands Services with First Data's Money Network Prepaid Services. • AEGON Turkey insurance sales processes go mobile with Figlo tablet solution. • Fiserv partners with Romania-based Eutron Invest to provide Cash and Logistics solution portfolio to the Romanian market. • Finextra reports G&D and PayPal team on pre-paid mobile top-ups in Brazil.
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FinovateEurope 2013: Goin’ Mobile
I can pull up by the curb I can make it on the road Goin’ mobile I can stop in any street Inviting people that we meet Goin’ mobile Keep me movin’ --Pete Townshend, The Who
A picture is worth a thousand words. And for those attending FinovateEurope 2013, the big blue Mobile in the center of our pre-event word cloud and was an apt precursor to what transpired over the two days.
Themes at FinovateEurope 2013
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Highlights
In the card, on the phone, among the clouds – it’s all about being where the customers are. You can see how this theme played out in the selection of the event’s eight Best of Show companies: Meniga, mBank & Efigence, ETRONIKA, Credit Agricole, Moven, Pockets United, SumUp, and Virtual Piggy.
How so? Innovators like mBank & Efigence and Moven (formerly Movenbank) and ETRONIKA were praised for their transitions to Bank 3.0, a transition that included not only providing greater mobile access for customers, but also social media functionality, as well.
Few things say “mobile” like an app store. Credit Agricole’s decision to launch an app store is both a stamp of approval on the concept and an opportunity for FIs to push the envelope in terms of providing greater services to banking customers.
And whether it was mobile POS systems from SumUp, group-purchasing mobile solutions from Pockets United, or personal finance management (PFM) from Meniga, making and managing payments is becoming as mobile as we are.
And who couldn’t fall in love with Virtual Piggy? While less focused on mobile compared to some presenters, the company continues to impress with its focus on user interface, user experience and the next generations of buyers and savers.
These are some of the highlights of the show. But there were some other trends we noticed in the presentations and demos on stage in London. Here’s a look at what else our fintech innovators were up to in February:
• Gamification: When it comes to efforts toward education and regulatory compliance, gamification strategies such as those championed by True Office may point the way forward. • Geolocation: By providing consumers with offers and services based on where they are in real-time, geolocation is no longer just a cherry on top of the mobile services dessert and is instead an almost required feature for any service or provider looking to leverage the potential of truly mobile banking, shopping and investing. • Virtual Assistance: The increased use of automation, virtual agents, and report-writing software (Yseop) offer opportunities for significant efficiency gains and cost-savings for a variety of financial institutions.
18 Best of Show Winners
At each Finovate conference the audience votes for their three favorite demos each day. The top 10% overall are named Best of Show (see methodology on the next page). As usual, votes were spread among a variety of companies with the majority receiving 10 or more votes.
In the end, eight companies took home Best of Show trophies (in alphabetic order):
Credit Agricole (see pp. 29-32) for its app store that gives customers access to unique apps through an open API. The bank-owned hub contains everything from social apps to apps for visually impaired users. Demo video: http://www.finovate.com/europe13vid/creditagricole.html
ETRONIKA (see pp. 33-36) for its BANKTRON e-channels management platform that enables financial institutions to offer a personalized and simple ebanking experience. Demo video: http://www.finovate.com/europe13vid/etronika.html
mBank & Effigence (see pp. 37-40) demoed a total “Bank 3.0” makeover. mBank provides a modern UI/UX, transactional banking, PFM, video banking, social channels, and mobile banking. Demo video: http://www.finovate.com/europe13vid/mbank_efigence.html
Meniga’s (see pp. 41-44) new PFM module helps users make decisions about the affordability of certain purchases. This PFM-at-the-point-of-sale model uses a social aspect to help users save for goals. Demo video: http://www.finovate.com/europe13vid/meniga.html
• Moven (see pp. 45-49) staged the worldwide launch of its mobile-optimized, user-friendly meta-bank. Tools such as the Credscore and Spend, Save, and Live are designed to help the user better manage money and reach goals. Demo video: http://www.finovate.com/europe13vid/moven.html
Pockets United (see pp. 50-54) debuted its smartphone app that helps users split day-to-day expenses. This social interface takes the pain out of collecting and paying for group purchases. Demo video: http://www.finovate.com/europe13vid/pocketsunited.html
19 SumUp (see pp. 55-59) demonstrated SumUp Pay, its hands-free payment-acceptance platform that allows users to pay just by saying their name when they walk into a store using a SumUp POS terminal. Demo video: http://www.finovate.com/europe13vid/sumup.html
Virtual Piggy (see pp. 60-64) won for its online point of sale and money-management platform that enables kids to manage and spend money within a parent-controlled environment. Demo video: http://www.finovate.com/europe13vid/virtualpiggy.html
Videos for the Best of Show winners, along with all of the 64 demoing companies, are now available at http://www.finovate.com/europe13vid/.
______Notes on methodology: 1. Only audience members NOT associated with companies presenting were eligible to vote. Finovate employees do not vote. 2. Attendees were encouraged to note their favorites as the day advanced and choose three favorites at the end. 3. The written instructions to attendees: “Please rate (the companies) on the basis of demo quality and potential impact of the innovation demoed. Note: Ballots with more than three companies circled are void. 4. The eight companies appearing on the highest percentage of submitted ballots were named Best of Show.
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Presenters While only eight of the 64 companies took home Best of Show trophies, the other 56 companies brought their new and valuable innovations to the stage at The Old Billingsgate Market Hall in London.
Below we’ve summarized what each company demonstrated at the conference. For more information on any of the following companies:
• Watch the demos at http://www.finovate.com/euro pe13vid/ IND Group’s Founder & Chief Innovator, József Nyíri, • Check out their live blog posts demoing Story of My Finances in the February 2013 blog achieves
• Download the official Finovate app by searching “Finovate” in the Apple app store or Google Play store
The Full Lineup Acuity Systems Acuity Systems presented TraitWareID. TraitWareID simplifies and secures access to protected websites and applications by employing the user’s mobile device as a log-in token. The demonstration also featured PhotoAuth, an image-based activation method to enhance security. additiv additiv demoed its add.direct service that solves two major pain-points in banking. First, its automated system lowers cost by removing front-office processes; second, it improves customer experience.
Akamai Technologies Akamai demoed Kona Site Defender, a cloud-based web-security solution to help financial institutions protect themselves against large-scale, web-based attacks in real-time.
Ayondo Ayondo presented the latest updates to its social trading app. The app allows investors to follow along with top-rated traders. Users can build and alter their portfolio to accommodate strategies and insights of traders they follow. 21 Azimo “Social sending” is how Azimo describes its digital international money- transfer service, which allows users to send money to more than 125 countries by way of Facebook, mobile device, or a PC.
Backbase Backbase showcased Digital Marketing, its new module for Backbase Bank 2.0 Portal users that allows customers to easily create and manage lead-generation campaigns, closed-loop marketing campaigns, loyalty features, and cross- and up-sell campaigns.
BBVA BBVA launched Stockbuzz, a tool that can assess whether views of the stock market expressed in Twitter correlate with actual market behavior.
Biletu Biletu presented a mobile-payments app that leverages gamification and social networking to help consumers manage upcoming events and share expenses with friends.
Birdback Birdback demoed its REST API which enables advertisers and retailers to build and assign loyalty programs, offers, and digital receipts to payment card transactions. The plug & play API handles all security, compliance, and privacy aspects of the card-linking process.
BörseGo BörseGo demonstrated its widget-based Guidants platform that gives traders access to financial information. The widgets enable traders to customize their workspace based on the information that is relevant to them, making a more tailored experience.
Cardlytics Cardlytics debuted its new Facebook app. It brings the white-labeled Cardlytics platform into a users’ Facebook experience to summarize rewards and show them relevant offers based on their past transactions.
Comarch Comarch showcased its Smart Finance Solution that combines online banking with PFM to personalize the online banking experience and help financial institutions up-sell and cross-sell more effectively.
CR2 CR2’s BankWorld helps personalize the online banking experience. Its segmentation capabilities enable financial institutions to deliver tailored messages to small segments of consumers.
22 Credit Agricole Credit Agricole launched its app store that gives customers access to unique apps through its open API. The bank-owned app store contains everything from social apps to apps for visually impaired users. Credit Agricole won Best of Show (pp. 29-32).
CurrencyFair CurrencyFair launched its new mobile app to enable users to trade currency on-the-go. The new alert feature pushes notifications to users when the CurrencyFair rate is more favorable than the interbank rate.
Dashlane Dashlane showcased how it has integrated rewards accounts into the existing Dashlane checkout experience. This makes a frictionless way for customers to add reward credit onto their existing loyalty accounts.
Device Ident Device Ident presented an anti-fraud solution for e-commerce businesses and financial institutions operating in Europe. The company’s expertise in device fingerprinting and behavioral analytics provide for a built-in, anti-fraud network that can help protect any type of online transaction.
Dynamics Dynamics launched its ePlate device in the UK to enable consumers to build a better rewards card. This powered payment card includes a fully card- programmable magnetic stripe that can be re-written with each transaction to reduce fraud and a back-end system where users can select from a list of rewards to tailor their own experience.
ERN ERN launched its Loop platform that uses big-data technology to combine and analyze card payment and merchant data. The platform leverages the data to send customers targeted offers on their smartphone.
ETRONIKA ETRONIKA showed how its BANKTRON e-channels management platform enables financial institutions to offer a personalized and simple e-banking experience. ETRONIKA won Best of Show (pp. 33-36) eWise eWise’s MyFin mobile banking solution combines PFM, account aggregation, and eAuthentication into a single solution. It can transform a customers’ online banking experience into a fast and valuable experience. eyeOpen eyeOpen debuted its Digital Mortgage Advisor that uses personal advice algorithms to provide tailored advice to individual users at scale.
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EZBOB EZBOB demonstrated its platform that offers customized financing in real- time for U.K.-based online businesses. The online loan-application process assesses the seller’s profitability and risk to determine a customized finance proposal. Funds are available within 10 minutes.
Financial Simplicity Financial Simplicity launched a solution to help portfolio managers scale the offering of tailored investment portfolios. With this solution, they can deliver relevant and personalized portfolios to thousands of clients.
Finantix Finantix launched Banking Assistant, a smartphone- or tablet-based app in your pocket. It can understand commands and questions in natural language, written or spoken.
Fiserv Fiserv showed how it keeps the financial institution at the center of the payments experience with its Mobiliti Master Wallet that enables customers to choose which mobile payment wallets they wish to participate in and how.
Five Degrees Five Degrees presented their web-based, mid-office portal which provides for a fully automated banking experience while maintaining the bank’s and the customer’s ability to provide oversight and exercise control.
FreeAgent FreeAgent’s cloud accounting program gives financial institutions insight into the financial well-being of their small business account holders. A real- time SME business performance dashboard provides lenders with a dynamic view of risk.
GMC Software Technology GMC showcased its Inspire solution that shows customers their bank statements in a dynamic way by presenting their accounts in the form of interactive charts and graphs.
Heckyl Technologies Heckyl showcased FIND, a Bloomberg-type service for retail traders that provides integrated, real-time news and data analytics.
Holvi Holvi showed off its ecosystem that connects retail customers with banking and payment-services providers.
IND Group IND Group showcased its solution to help banks offer financial planning and advice for the masses with Story of My Finances. This platform uses real-life situations to reshape how users interact with their PFM.
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ITSector ITSector’s SmartBank TV enables consumers to access their financial services and information while watching their Google television. This provides another channel for banks to communicate with their users.
Kabbage Kabbage, based in the United States, launched its small business lending platform in the United Kingdom.
Kalixa Group One of the largest payment providers in the world, Kalixa Group presented Kalixa mpos. The product is a new mobile POS device that allows small businesses to accept payments anywhere, anytime, anyhow.
Kalypton Kalypton launched its Tereon payment system. This system can use EMV, operate a closed loop, or support interoperability with an existing core system.
Kantox Kantox demonstrated its platform that enables businesses to exchange currency directly between companies. It enables companies to save money by exchanging currencies directly, without going through the banking system.
LeanBanking LeanBanking’s cloud-based figo-API brings together banks, payment providers, and financial service providers to give customers a holistic view of their overall finances.
Liqpay A project of the Center of E-Business of PrivatBank, Liqpay presented a new smartphone app that allows users to manage transactions and make payments at ATMs and gas stations.
Luminous Banking Luminous Banking showed how its BankFiling solution can give both small businesses and banks more insight into a small business’ cash flow. This augmented visibility enables financial institutions to increase lending to SMBs. mBank & Efigence Leading Eastern European bank mBank and technology-interface specialist Efigence teamed up to implement a total “Bank 3.0” makeover. mBank now provides a modern UI/UX, transactional banking, PFM, video banking, social channels, and mobile banking. mBank & Efigence won Best of Show (see pages x-x).
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Meniga Meniga’s new PFM module helps users make decisions about the affordability of certain purchases. This PFM at the point-of-sale model uses a social aspect to help users save for their goals. Meniga won Best of Show (see pp. 41-44).
Metaforic Metaforic showcased its security technology that protects mobile apps from unauthorized code changes. It gives the financial institution control over what the app does if it is compromised; for example, quit, display a message, or silently alert security.
Mistral Mobile Mistral Mobile chose FinovateEurope to debut their Money Mobility Suite. The Suite integrates core banking, payment processing, and stored-value accounts to provide a comprehensive, mobile front end for financial service providers.
Moven Moven staged the worldwide launch of its mobile-optimized, user-friendly bank. Tools such as the Moven Credscore and Spend, Save, and Live are designed to help the user better manage their money and reach their goals. Moven won Best of Show (see pp. 45-49).
Nice Systems Nice Systems demonstrated how its Mobile Reach solution delivers a better customer experience to mobile banking by bridging self-service and assisted- service.
OPENTECH OPENTECH launched Enhanced Hybrid Apps for mobile banking and payments. These apps find a medium for clients who are not happy with either HTML5 UX or with native app complexity.
PhotoPay PhotoPay demonstrated how easily users can pay bills by snapping a picture with their smartphone. It uses OCR technology to digitize data on both paper and PDF-based bills.
Pockets United Pockets United debuted its smartphone app that helps users split day-to-day finances. This social interface takes the pain out of collecting, and chipping in for, group expenses. Pockets United won Best of Show (see pp. 50-54).
QuantConnect QuantConnect demoed their cloud-based backtester, which gives engineers and programmers the ability to design and test their own trading algorithms.
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rplan rplan launched its Portfolio Builder platform that helps users invest and analyze their portfolio. This online platform guides users through the investment process, helping them select investments based on personalized goals and risk preferences.
SAGE SAGE’s BlackSwan Financial platform helps investors build trust with clients by making better decisions powered by customized what-if scenarios. It helps them visualize risk in a new way and understand the consequences of their decisions.
SumUp SumUp demonstrated SumUp Pay, its hands-free payment-acceptance platform that allows users to pay just by saying their name when they walk into a store using a SumUp POS terminal. SumUp won Best of Show (see pp. 55-59).
Temenos Temenos introduced edgeConnect with LiveDesigner. edgeConnect provides a development environment based on visualization and collaboration between business analysts and IT professionals. LiveDesigner allows designers to make major changes to applications while the application is still running.
TESOBE TESOBE’s Online Banking Project showed off its open API for financial institutions. It helps organizations bring transparency and generate a real- time dialogue around their finances.
The Currency Cloud The Currency Cloud debuted its XPB Connect API that integrates with accounting software to make it easier to pay international suppliers. It enables businesses to manage international payments directly from Sage and Salesforce.
TransferWise TransferWise debuted their peer-to-peer technology that allows the average person to access real, mid-market exchange rates. The solution cuts out traditional fees in lieu of a small, transparent service charge
True Office True Office launches a gamification-learning app that teaches financial services employees how to comply with anti-money laundering laws and company policies. Based on how employees play the game, the app generates data that can help reduce anti-money laundering risk.
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Trustly Trustly showed off its solution for customers to pay and get paid for goods sold on Sweden’s largest marketplace, Blocket.se. The integrated fraud guarantee offered to both buyers and sellers gives users peace of mind.
TSYS TSYS demoed their Spend Controls solution that puts control over card usage in the hands of the business owner or program administrator. Parameters are set via a web-based user interface, and each transaction is reviewed at the point of sale.
Virtual Piggy Virtual Piggy won Best of Show for its online point of sale and money- management platform that enables kids to manage and spend money within a parent-controlled environment. Virtual Piggy won Best of Show (see pp. 60-64).
VoiceTrust VoiceTrust unveiled inTalk, a biometric solution that recognizes a customer’s voiceprint from their natural conversation with the call center agent. Within seconds of the conversation, the system provides identity feedback to the agent.
Xendpay Xendpay showed its new, mobile international payment service. Using a cash-to-cash transaction method, users can make mobile international payments without a credit card or bank account.
Yseop Yseop demonstrated how its software saves time by analyzing data and writing reports. Its text-generating software includes an automatically generated two-page financial executive summary based on the latest market data and a personalized retirement-planning application.
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Best of Show Winners
Credit Agricole Credit Agricole presented the Credit Agricole Store, the first European app store. With 18 new apps in the first six months, the app store is designed to facilitate collaboration between clients and developers courtesy of the opening bank’s API.
Why it won: • Europe’s first app store, modeling the way Apple, Google and others have recruited outside developers • A solid business model that includes financial incentives to encourage external developers to participate in the app store’s community of developers • Open APIs • The willingness of a large and relatively conservative European retail bank to embrace outside developers is one of the more surprising innovations we’ve seen in Finovate’s six-year history
Bottom line: Although Credit Agricole is a tad older than most presenters (founded in 1885; fellow BBVA is even older by almost 30 years), the bank’s decision to build the first European app store ranks right up there with the boldest startup. And while there will be non-financial apps available, the clear focus will be on providing financial solutions the bank wouldn’t be able to build themselves. The strategy also impresses as a way to foster collaboration between app developers/designers and the bank.
Credit Agricole homepage (25 March 2013)
29 Live Blog Post Credit Agricole Launches App Store By David Penn on February 12, 2013, 5:08 AM This post is a part of our live coverage of FinovateEurope 2013.
Next up to the stage in the first afternoon session is Credit Agricole:
"The Credit Agricole Store is the first European appstore proposed by a bank, where financial apps are co-created between clients and developers thanks to the opening bank API.
The Credit Agricole Store provides customers with access to many innovative and unique apps (18 new apps within 6 months), from social apps to video games to full display of account information, to apps for visually impaired customers.
The business model provides financial incentives for external developers to contribute, and they join a co-op community based on the roots and values of the group."
Product Launched: October 2012 HQ Location: Paris, France Company Founded: 1885 Metrics: 100,000+ site visits per month in the first three months; 18 mobile apps created; 22 new service ideas generated. The bank has 160,000 employees; 54 million customers Website: credit-agricole.com/en
Presenting Bernard Larriviere (Director of Innovation) & Emmanuel Methivieer (CAStore Manager)
Link to video: http://www.finovate.com/europe13vid/creditagricole.html
30
Contact Info Bernard Larriviere, Director of Innovation, [email protected]
A peek under the counter and on the shelves of Europe’s first app store, courtesy of Credit Agricole.
Real-time tweets
“This is different: a bank – Credit Agricole – demoing at #finovate. App store has been created to enable co-creation with customers ‘like’ ” Alex Kwiakowski @alexkwiakowski, Research Manager, IDC Financial Insights
“Great expectation with Credit Agricole App Store presentations. Well done!!” Gonzalo de la Pena @gonzalo_pena, Co-founder, OpenFinance and Impok
Press Coverage Boursier.com February 27, 2013 Le Credit Agricole Store: remporte un “Finovate Award”
“Already awarded the Palme Innovation of the French Association of Customer Relationship, Credit Agricole Store currently has 19 applications and has attracted over 240,000 visitors since launch. This recognition coincides with the inauguration on February 25 of its new website.”
Ref: http://www.boursier.com/actions/actualites/news/le-credit-agricole-store-remporte- un-finovate-award-520474.html?sitemap
31
Interview
Emmanuel Methivier, Director of Client Relations for the Credit Agricole app store, was kind of enough to respond to a few questions we had about Credit Agricole and its Best of Show-winning demo.
Q. Why did Crédit Agricole win Best of Show? I think our project is very innovative on several fronts: • This is the first large-scale open-data project using confidential bank data, which follows security rules. • This is the first project using open innovation within banking and on an industrial scale. • This project is the first to use the cooperative model for developers.
We have a truly innovative offering and will continue to innovate in this project, and the first benefits are there: 20 mobile applications in five months.
Q. What would you like to add to what we’ve learned from Credit Agricole’s demo? I think we can say that we are in a phase of open innovation that we are ready to share with colleagues internationally, and we are at their disposal to all modalities of sharing.
Q. Is there news to report from Crédit Agricole since FinovateEurope? Yes, two new applications in a month, the release of our new website, our new services for transfers and the start a large communication campaign.
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ETRONIKA ETRONIKA presented its BANKTRON e-channel management platform. BANKTRON provides customers with easy, personalized, and secure access to financial services.
Why it won: • An ability to create a unified customer experience across multiple channels on different devices • A cost-effective integration to legacy core systems • A fresh, visually compelling user interface with a modular design that is easy to customize and personalize
Bottom line: Financial institutions have more potential channels to deal with than ever. It’s become a logistical nightmare syncing various products across the varied choices. The ETRONIKA platform promises to make it all work better. Clearly, the FinovateEurope audience felt the company is on the right path and was interested in learning more.
ETRONIKA home page (25 March 2013)
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Live Blog Post ETRONIKA’s BANKTRON E-Channels Management Platform Offers a Personalized EBanking Experience with Animated Widgets By Julie Schicktanz on February 12, 2013, 5:48 AM This post is a part of our live coverage of FinovateEurope 2013.
Wrapping up the third session of the day, ETRONIKA showcased its BANKTRON E-Channels Management Platform:
“ETRONIKA’s BANKTRON e-channels management platform brings a completely new approach to the banking and finance industry, which provides front-end users elegant, safe, and secure financial products and services.”
The solution allows financial institutions to offer a highly personalized, attractively simple, and enhanced ebanking experience for its clients across all channels and devices.
BANKTRON makes all delivery channels work seamlessly together as an integrated whole.
Product Launch: Q2 2013
HQ: Vilnius, Lithuania Founded: 2000 Metrics: 50 employees, self-funded Website: etronika.com Twitter : @ETRONIKATweets
Presenting Kestutis Gardziulis (CEO & Co-Founder) and Vytautas Sopis (Project Manager)
Link to video: http://www.finovate.com/europe13/etronika.html
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Contact Info
• Kestutis Gardziulis, CEO and Co-Founder: [email protected]
The modular design of BANKTRON makes it easy for bank customers to have the functions and services they rely on most right at hand.
Real-time tweets
“finovate Etronika shows how to control online banking with voice and gestures. Amazing but spooky.” Holly A. Mackay @HollyAMackay, Managing Director of The Platforum
Press Coverage
Ekonomika.IT March 4, 2013
The Lithuanians tried to enthrall Barcelona by Martin Pasiliauskas
“If the system is used by the average consumer, it shows the usual e-banking interface. If an entrepreneur or a person who has more needs, the system can personalize different controllers. In addition, the system exploits an NFC feature which allows you to send and receive money with folded smart phones.”
Ref: http://www.ekonomika.lt/naujiena/kuo-lietuviai-bande-suzaveti-barselona-36910.html
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Interview
A few days after the show, we caught up with CEO and Co-founder Kestutis Gardziulis to ask him a few questions about ETRONIKA and BANKTRON:
Q: Why did ETRONIKA win Best of Show? Gardziulis: First of all we have a good product, clear vision of how e-banking channels should look, and we have prepared a good presentation. It was balanced, visually fresh, and attractive. Just a few ideas were unveiled, and we didn’t bother the audience with uninteresting details and technical stuff.
Q: What would you like to add to what we’ve learned from ETRONIKA’s demo? Gardziulis: Don’t be afraid to think differently. Always remember who your client is and know that a client does not care about your internal challenges, legacy systems, or difficult integration. Think from the client’s perspective, make the client happy, use Service Design approach and latest technology.
Q: Is there anything to report since the event (i.e., post FinovateEurope news)? Gardziulis: Oh, yes. We are busy with new implementations. And by the way we are launching one small, new cool function in our mobile banking: bill payment using the phone’s camera. If you have a paper bill, you just show it to your app and that’s it!
36 mBank & Efigence mBank & Efigence teamed up to present a total “Banking 3.0” makeover, a collaboration that both won the companies a coveted Best of Show award, as well as setting the pace for future partnerships between financial institutions and startups.
Why it won: • Presented a clear, compelling vision of Bank 3.0 for financial institutions looking to make the move toward both mobile and social banking. • Creative deployment of PFM strategies to improve the user experience. • mBank impressed attendees with its willingness to undergo such a major transformation. Efigence won accolades for its ability to work with a large-scale, major financial institution.
Bottom line: This bank/startup partnership should serve as an inspiration for future collaboration between others in finance and technology. The mBank UI is state-of-the-art and would have been extremely difficult, if not impossible, to build in-house.
mBank home page (25 March 2013)
Efigence homepage (25 March 2013)
37 Live Blog Post mBank & Efigence Team Up for Bank 3.0 Makeover By David Penn on February 13, 2013, 7:02 AM This post is a part of our live coverage of FinovateEurope 2013.
Coming to the stage now is mBank & Efigence implementing a full “Bank 3.0” makeover that combines social media and “real-time customer gratification”:
"mBank is the first established European bank to undergo a comprehensive, mass- scale Bank 3.0 revolution of its direct channels including modern UI/UX of transactional banking, PFM, video banking, transactional/real time marketing, social channels, gamification and mobile banking.”
The demo will include features of the day-to-day mobile banking experience and the online platform.
Product Launch: June 2013
HQ: Lodz, Warsaw, Poland Founded: mBank – 2000; Efigence - 1999 Metrics: mBank – 5,600 full-time employees; 3.5 million retail and SME customers; Efigence – 120 employees Website: mBank.pl / Efigence.com Twitter : @mBankpl / @Efigence
Presenting Michal Panowicz (Managing Director, “New mBank” Project) & Bartek Wyszynski (Partner & SVP Strategy, Efigence)
Link to video: http://www.finovate.com/europe13vid/mbank_efigence.html
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Contact Info
• Michal Panowicz, Managing Director: [email protected] • Bartek Wyszynski, Partner and SVP Strategy: [email protected]
Efigence’s clean, easy-to- understand interface integrates seamlessly with mBank client accounts.
Real-time tweets
“If Europe doesn’t vote mBank Best Of Show, it’ll be pure bankers’ envy ☺” Duena Blomstrom @DuenaBlomstrom, Tech Innovation & Social Media Enthusiast
39 Press Coverage
Bankier.pl February 14, 2013 mBank goes with the flow and shows more news by Michael Kisiel
“mBank revealed that he was already 25 major partners in various industries, ready to join the program. There is a chance that customers will find in New mBank’s discounting offer something for everyone.”
Ref: http://www.bankier.pl/wiadomosc/mBank-idzie-za-ciosem-i-pokazuje-kolejne-nowosci- 2760382.html
Interview We wanted to know more from the team at mBank and Efigence about their collaboration and its potential impact on European banks going forward. Here are a few thoughts from BRE Bank Group spokesperson Krzysztof Olszewski shared a few thoughts in the days following FinovateEurope: Q: Why did mBank and Efigence win? Olszewski: We believe that the main reason we won is because we presented a unique, modern UI/UX for Internet Banking that ends the era of table-based banking. Audience appreciated the simplicity and impressive design of the interface made by Efigence. Moreover, context-used PFM, overall functionality, and exceptional discount programme based on the event-driven marketing and integration with Facebook made a huge impression.
Q: What would you like to add to what we’ve learned from mBank and Efigence’s demo? Olszewski: This year at mBank we will launch the 10 most impactful financial innovations. During Finovate we showed 2 out of 10 internal start-ups and 23 out of more than 300 features of mBank’s new online banking. This summer we want our customers to experience next-generation online banking as well, based on revolutionary design and intuitive UI/UX, event-driven and real-time marketing, video banking, PFM in-context, gamification, mobile banking, P2P payments, social platforms integration and much more.
Q: Is there anything to report since then (i.e., post-FinovateEurope news)? Olszewski: In a month, mBank is about to start a pre-launch campaign, in which it plans to invite customers to sign in to the new platform and to get to know it before it is launched to a broader public. For Efigence, appearance on Finovate was the source of many valuable contacts from the entire world.
40 Meniga PFM specialist Meniga, is a previous Best of Show winner, claiming the trophy at FinovateEurope two years ago. The company was back showing off its white-label, mobile-banking module, To Buy or Not to Buy, in support of impulse saving.
Why it won: • Adding social network features to basic PFM functionality helps Meniga’s product stay ahead of the pack. • White-labeling makes the solution available to banks looking to grow their brand by piggybacking on innovators. • To Buy or Not to Buy’s inherent gamification helps consumers better understand their own spending/saving habits and patterns.
Bottom line: While we sometimes hear that there is “too much PFM” at Finovate (we don’t agree), the solution-providers continue to take home Best of Show trophies. Why the disconnect? The industry has been talking about PFM since the late 1980s, so on its face, it’s not that new. And to some extent PFM has a bad reputation from being too hard to use.
But the PFM of 2013 is worlds different from even what Mint unleashed in 2007. So if you pay close attention to what the companies are pitching, you can see all types of possibilities. And clearly, Meniga is one of the best at opening audience members’ eyes.
Meniga homepage (25 March 2013)
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Live Blog Post Meniga’s New PFM Module Helps Users Decide if They Can Afford Certain Purchases By Julie Schicktanz on February 13, 2013, 2:04 AM This post was part of our live coverage of FinovateEurope 2013.
Wrapping up the first session this morning, Meniga demonstrated its platform that helps users make smart purchasing decisions:
“To Buy or Not to Buy is a white-label module for mobile baking applications that uses PFM functionality to empower and influence consumers at the point of sale or when considering buying something.”
It allows users to verify if they can truly afford any given purchase and/or to see how much closer to reaching their savings goals they would be if they instead saved the money and used it to feed their goal instead.
A unique aspect of this innovation is allowing users to leverage their social networks and direct messages, to crowd-source the decision and instantly collect feedback before making the purchase. This fun and simple feature uses gamification to engage users and their network of friends.
Product Launched: December 2009
HQ Location: Stockholm, Sweden Company Founded: 2009 Metrics: $1.3 million raised, 35 employees, cash-flow positive. European market leaders in white- label PFM solutions for retail banks with 10 implementations in banks located in Sweden, Norway, Finland, Germany, Poland, South Africa, Russia, and Iceland. Website: meniga.com Twitter : @meniga
Presenting Georg Ludviksson (CEO & Co-Founder) & Einar Gustafsson (VP Product Management)
Link to video: http://www.finovate.com/europe13vid/meniga.html
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Contact Info
• Einar Gustafsson, VP Product Management, [email protected]
With Meniga’s To Buy or Not to Buy feature, the eternal question of the consumer just got a lot easier to answer.
Press Coverage
Elefant.int.tf February 22, 2013
Meniga Awarded its Second “Best of Show” Quoting Meniga CEO Georg Ludviksson
“Conversely, to help people make better financial decisions has always been a hotbed of Meniga’s and is exactly what “To Buy or Not To Buy” is all about.
It’s fun and reminds people of their most important goals at the time-of-purchase decision and reduces impulse spending via virtual instant gratification delaying.”
Ref: http://www.elefant.int.tf/meniga-awarded-its-second-best-of-show-trophy- finovate.html
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Interview
After the show, we had a chance to talk briefly with Einar Gustafsson about Meniga’s crowd- pleasing performance at FinovateEurope. Here are a few thoughts and reflections.
Q. Why did Meniga win? Gustafsson: We showed an app that emphasizes the human side of money management as it helps the user solve everyday problems in a fun and simple way. It engages users and allows them to make an informed decision based on their PFM data as well as their social network.
Q. What would you like to add to what we’ve learned from Meniga’s demo. Gustafsson: That the power of PFM data can be used in many ways so that a strong and scalable PFM can serve as a platform of innovation for a bank. You can create something your customers will love and enjoy using again and again.
Q. Is there any news to report since FinovateEurope? Gustafsson: We are excited to be going live with a number of very interesting customers in the next few months. We are particularly excited about our partnership with BreBank in Poland which is building a new mBank. As far as we can tell, this is the most ambitious next-generation online banking project we have seen to date anywhere in the world.
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Moven Moven made the worldwide launch of its user- friendly meta-bank at FinovateEurope. The demo, which was shown on an iPhone and Windows tablet, showed how a PayPass-powered NFC sticker, combined with a mobile phone, can replace the plastic payment card.
Why it won: • A true “mobile first” banking effort • Founder Brett King’s “Bank 2.0/3.0” author’s cred • Attempting to distance themselves from plastic, substituting contactless stickers (and future NFC handsets) • Provides ways to understand spending at a glance • P2P payments via Facebook, phone, or email • Shows users an easy picture of how much they need to save in order to meet their savings goals
Bottom line: Moven has all of the capabilities users expect from their bank, such as interest on savings, peer-to-peer payment functionality, and spending capability with a plastic payment card. It raises the bar, however, with features unavailable from most banks such as PayPass-powered sticker, friendly savings reminders, and easy-to-view breakdown of spending categories.
Moven homepage (22 March 2013)
45 Live Blog Post Moven (Formerly Movenbank) Gives a First Look at Its Mobile Platform By Julie Schicktanz on February 12, 2013, 3:09 AM This post is a part of our live coverage of FinovateEurope 2013.
Next up is Moven (formerly Movenbank), who showed how its tools can help you better understand your finances:
"At FinovateEurope 2013 we will be demonstrating the Movenbank mobile-banking experience along with how CredScore® and our Spend, Save, Live tools will help consumers manage and improve their financial health.”
The demo includes features of the day-to-day mobile banking experience and the online platform.
Product Launch: February 2013
HQ: New York, NY, USA Founded: March 2011 Metrics: Thus far the company has raised more than $2.5M in seed funding, has around 20 employees and about 10,000 registered users. Website: moven.com Twitter : @getMoven
Presenting Brett King (CEO & Founder)
Link to video: http://www.finovate.com/europe13vid/moven.html
46 Contact Info
• Brett King, CEO: [email protected] • Geoffrey Bye: [email protected]
With the PayPass- powered sticker on its phone, users can tap to pay at NFC-capable POS terminals.
Real-time tweets
“#Finovate best products of the day @moven and @pocketsunited.” Nick Norman @JollyTall Mobile Payment, Mobile Contactless (NFC) Expert at Consult Hyperion
47 Press Coverage
Bank Marketing Strategy February 17, 2013
Moven From Mobile Banking to Mobile Money by Jim Marous
“Similar to Simple, while not having a banking charter, Moven provides a unique customer experience interface with a traditional banking organization working in the background (with banking licenses, FDIC insurance, etc.).”
“The Moven team has a psychologist, behavior specialist, user experience specialist, designers and experienced banking industry professionals on staff. This combination is behind the unique skill set that Moven believes is needed to develop tools and provide ongoing insight into better personal money management.”
Ref: http://jimmarous.blogspot.nl/2013/02/moven-from-mobile-banking-to-mobile- money.html
Forrester Blog February 13, 2013
Finovate Europe 2013: Digital Financial Innovation by Benjamin Ensor
“I have huge respect for Brett King for taking his great ideas and turning them into reality at Moven. The work that he and his colleagues have done is impressive.”
Ref: http://blogs.forrester.com/benjamin_ensor/13-02-13- finovate_europe_2013_digital_financial_innovation
48 Interview
A few days after the show we caught up with Moven CEO, Brett King, who shared further insight about the startup:
Q: Why did Moven win? King: I believe that Moven won because we have a fundamentally different view of where mobile fits within banking. Rather than just try to shove Internet banking on a smaller screen, or a debit card in a mobile wallet, we’re rethinking the way you connect with your money and your bank.
The future of banking customer relationships is in digital’s ability to deliver to customers real-time, contextual information about their payment and spending behaviors direct to their smartphones at the point-of-sale. This gives the customer the feeling of control that has been lacking in traditional customer bank relationships. When they are informed, they feel in-control, allowing them to make smarter spending and saving decisions, self directing their behaviors towards a better sense of financial wellness and financial health.
Q: What would you like to add to what we’ve learned from Moven’s demo? King: Moven has given a glimpse of how the digital bank account (powered by a smartphone) will dramatically change the perception of a ‘bank’ and bank utility in the next five years. Once customers start to feel the immediacy of connection with their money that the Moven proposition offers, then we will see an even faster pace of erosion of physical artifacts - not only banks, but also plastic cards and cheque books.
When your dominant bank account is on your phone, this will destroy the physical distribution layer just as the iPod killed music stores and the Kindle/iPad/eBook killed the majority of bookstores. This is the game-changer, but we’re only just starting down that path today. It’s an exciting time to be in banking.
Q: Is there anything to report since then (i.e., post-FinovateEurope news)? King: At Moven, we’re set to transform banking and drag it into the mobile age. We’re currently ramping up our private beta release with features such as Spending Assistant, our mobile feature that gives customers real-time feedback on the purchases directly to their smartphone. The demand for our new banking service is incredible, with more than 50 customers a day signing up. Once we are live beyond beta, we can’t really imagine the growth we’ll find at that time.
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Pockets United Germany’s Pockets United was a first-time Finovate presenter. The team’s demo skills, combined with an amazing product, won over the audience. Pockets United’s straightforward and beautifully designed user interface creates a mobile environment that draws users in.
Why it won: • Easy-to-use product with a simple user interface • Fills a need, handling group expenses that financial institutions do not address • Combines both “social” and “mobile” trends • Provides multiple options for dividing group payments, including a “thermostat view” to allow users to customize payment amounts for each payee. • It cross-balances multiple group payments and automatically debits/credits users’ accounts according to what they owe their friend.
Bottom line: Pockets United goes beyond a simple group-payments app. With additional features such as customizable payment division, easy thank-you-note response, and the ability to virtually poke delinquent friends, Pockets United makes dealing with deadbeat friends’ debts less awkward.
Pockets United homepage (24 March 2013)
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Live Blog Post Pockets United App Brings the Social to Mobile By David Penn on February 12, 2013, 6:46 AM This post is a part of our live coverage of FinovateEurope 2013.
Following rplan to the stage is Pockets United:
"Social is the next big thing in mobile payments, yet you cannot downgrade it to a simple, on-top feature for existing PSPs or banks. A category killer in this field must be social by design.
This means cutting-edge user experience that is fun to use in day-to-day scenarios. This space is hot. Carriers see their business threatened by all-encompassing data flats, while traditional banks and credit card companies see payment shifting to mobile devices, whose users are owned by carriers.
Pockets United sits right in the center of this clashing zone, offering a helping hand to both sides."
Product Launched: Spring 2013 HQ Location: Munich, Germany Company Founded: May 2011 Metrics: $160,000 raised to date; winner of several awards (e.g., 50 Hottest Companies of 2011, Vienna & IKT First Prize Internet of Services, Berlin) Website: pocketsunited.com/en Twitter : @pocketsunited
Presenting Markus Stiefel (CEO) and Matthias Schicker (CXO)
Link to video: http://www.finovate.com/europe13vid/pocketsunited.html
51 Contact Info
• Markus Stiefel, CEO, [email protected]
In this shared “pocket” for a movie ticket expense, an arrow points to the quick thank-you note function.
Real-time tweets
“Looking forward to day two of #finovate - highlights yesterday were @pocketsunited and @freeagent - the innovation on show is inspiring”
Tim Bicknell @TimBicknell, General Manager at RaboDirect, Ireland
“#Finovate best products of the day @moven and @pocketsunited.”
Nick Norman @JollyTall Mobile Payment, Mobile Contactless (NFC) Expert at Consult Hyperion
52 Press Coverage
Banking Technology February 14, 2013
Finovate Europe sees arrival of the Old Guard by David Bannister
“Personal financial management tools remain popular; social media and networking are still to the fore; and mobile is an absolute must – either in the form of mobile point-of-sale devices or person-to-person money- transfer services.”
Ref: http://www.bankingtech.com/66891/finovate-europe-sees-arrival-of-the-old-guard/
Forrester blog February 14, 2013
Finovate Europe 2013: Digital Financial Innovation by Benjamin Ensor
“There were numerous clever and well executed new payment services, aimed at speeding, simplifying and lowering the cost of person-to-person, point-of-sale, and cross-border payments.”
“My favourite innovations are the ones that make customers’ financial lives simpler and help them make better decisions.”
Ref: http://blogs.forrester.com/benjamin_ensor/13-02-13- finovate_europe_2013_digital_financial_innovation
Intelligent HQ February 13, 2013
#Finovate NOW a new generation of ‘Social Bankers’ by Hayden Richards
“This space is hot. Carriers see their business threatened by all- encompassing data flats, while traditional banks and credit card companies see payment shifting to mobile devices, whose users are owned by carriers. Pockets United sits right in the center of this clashing zone, offering a helping hand to both sides
Ref: http://www.intelligenthq.com/fintech/finovate-now-a-new-generation-of-social- bankers/
53 Interview
After the show, we tracked down Pockets United Founder and CEO, Markus Stiefel, who answered a few, brief questions:
Q: Why did Pockets United win? Stiefel: I think we demoed a really cool product that truly stands out from most other payment solutions regarding design, User experience, and social graph integration. Our claim is ‘Split costs, share fun’ and that’s what we’re trying to achieve by making the app itself fun to use in day-to-day situations.
Q: What would you like to add to what we’ve learned from Pocket United’s demo? Stiefel: It’s all about thinking from a customer’s perspective while removing the friction of classic banking processes. What users want are intelligent, banking- enabled services that pragmatically solve real world problems.
Q: Is there anything to report since then (i.e., post-FinovateEurope news)? Stiefel: We’ve been selected as a semifinalist at TechCrunch Mobile Barcelona during MWC week. Today we’ll be putting a light version of our app in the Google Play store and will process the feedback.
54 SumUp This was SumUp’s first appearance at Finovate. It is often referred to as the “Square of Europe,” so we were excited to see it demo a new twist on the generic dongle approach, SumUp Pay. This new approach focuses on the interaction between the merchant and the customer, making the transaction a more personalized experience.
Why it won: • Beautiful and simple user interface • The hands-free feature is a novel approach to small, regularly occurring payments • The portable POS terminal allows for multiple payment options, including cash, card, or hands-free • The 2.75% transaction fee is on par with other industry players such as iZettle and Payleven. • Email of customer receipts for a completely paperless transaction • Capability to add information to a customer profile, such as dietary restrictions; it also personalizes the customer experience, changing it from a transaction to an interaction
Bottom line: Though it is still in Alpha testing, the SumUp Pay hands-free experience demonstrates a payment experience beyond NFC. The dongle-free option gives SumUp a competitive advantage against the ever-growing number of Square-like competitors in Europe. The easy-to-use payments platform, combined with the low transaction fee, makes SumUp Pay attractive to merchants.
SumUp homepage (24 March 2013)
55 Live Blog Post SumUp Demos Payment Acceptance Platform By Julie Schicktanz on February 12, 2013, 1:56 AM This post is a part of our live coverage of FinovateEurope 2013.
SumUp just started its demo featuring a payment-acceptance platform:
"SumUp’s payment card acceptance platform helps the millions of small businesses that are missing out on customers because they cannot accept card payments. Traditional card terminals are expensive, with high monthly fees and long contract durations. SumUp's payment dongle offers an easy way for small businesses and sole traders to accept card payments securely, even on-the-go.”
Using only a portable card reader and an iOS and Android app, merchants can accept card payments on their mobile device, with a transparent fee of only 2.75% per transaction.
Product Launched: Q1/2 2013
HQ: Dublin, Ireland Founded: August 2011 Metrics: Completion of a two-digit million EURO funding round in Q2 2012; more than 130 employees across 10 countries Website: sumup.com Twitter : @SumUp_UK
Presenting Stefan Jeschonnek (Co-Founder & CMO) and Florian Richter (Country Manager, U.K.)
Link to video: http://www.finovate.com/europe13vid/sumup.html
56 Contact Info
• Jan Deepen, CCO, [email protected] • [email protected] • Marc-Alexander Christ, CSO, [email protected] • Florian Richter, MD UK, [email protected]
On this merchant’s view of customer from SumUp’s iPad-based POS terminal, the arrow points to customer- specific preferences.
Real-time tweets
“As demoed at #Finovate last week - Europe #mPOS firm @SumUp ready hands free wallet solution, Pay With @Square copy http://thenextweb.com/apps/2013/02/15/sumup/ …”
Rob Fernandes @rob2775, Product & Strategy Director at PayPoint.net
57 Press Coverage
The Next Web February 15, 2013
SumUp demos its latest mobile-payments tech for Europe: Order a coffee simply by saying your name by Paul Sawers
“Thanks to the wonders of geo-fencing, the second a consumer walks in to order a latte, the server will see a photo of the customer pop up in front of them, with their name and notes of what they usually like to order too. It’s all done hands-free, with nothing more than name-confirmation and chit- chat required to seal the deal.”
Ref: http://thenextweb.com/apps/2013/02/15/sumup/
Forrester blog February 14, 2013
Finovate Europe 2013: Digital Financial Innovation by Benjamin Ensor
“There were numerous clever and well executed new payment services, aimed at speeding, simplifying and lowering the cost of person-to-person, point-of-sale, and cross-border payments.”
Ref: http://blogs.forrester.com/benjamin_ensor/13-02-13- finovate_europe_2013_digital_financial_innovation
Mapa Research February 14, 2013
Finovate Day One Round Up by Paul Merry
“The unique spin on this proposition was to concentrate not on the transaction itself but the relationship between the merchant and customer with consumption patterns gathered via the transaction process and attached to the purchaser. This empowers the sales agents by providing invaluable customer intelligence at point of sale. “
Ref: http://www.maparesearch.com/news/article/finovate-day-one-round-up
58 Interview
We spoke with Stefan Jeschonnek, SumUp Co-founder, this week; here’s the transcript from our interview:
Q: Why did SumUp win? Jeschonnek: We are very excited to have been chosen for the Finovate Best of Show award. Winning the award proves the disruptive character of SumUp Pay. It’s the fastest, frictionless way for merchants to get paid and for consumers to pay for their everyday purchases.
Experiencing the magic moment during our demo where the consumer was not only greeted by name, but also was able to pay just through his presence in the store seems to have made a lasting impression on the audience.
Q: What would you like to add to what we’ve learned from SumUp’s demo? Jeschonnek: SumUp Pay will radically simplify the way we make payments in our day- to-day life by providing a frictionless payment experience that eliminates the need for physical cards or cash. It will be faster than cash, even more convenient than card payments and at the same time absolutely secure.
It will turn the “necessary evil” of paying into a positive experience for both consumers and merchants. SumUp Pay turns transactions back to interactions. It allows any merchant to provide the service quality of a five star-hotel. We are convinced that this will define the POS experience of the future. In five years you will be able to pay in every supermarket, café or farmers market without the traditional register interaction as we know it today. We at SumUp are proud to shape this future.
Q: Is there anything to report since then (i.e., post-FinovateEurope news)? Jeschonnek: On February 21, we announced that we have signed a deal with American Express that will allow us to process American Express card payments in all major regions in which we operate. The deal means that SumUp merchants will soon be able to take payments from American Express cardholders. In December 2012, SumUp had extended its service to merchants in Belgium, Portugal and France, giving it a presence in a total of ten European countries, the largest international footprint of any mobile point-of-sale company worldwide.
59 Virtual Piggy
Virtual Piggy is focused on a lucrative and difficult- to-serve market, online/mobile purchasing by the under-18 crowd. It’s been a popular presenter at several Finovates and this was its first Best of Show award.
Why it won: • Targets the unaddressed pain point of how to allow children to safely purchase items online • Gives parents customizable control of their kids’ online spending • Gives online merchants a COPPA-compliant way to directly access the under-18 market • Instills savings habits in young children and adds a social element to their transactions
Bottom line: The COPPA-compliant manner in which Virtual Piggy allows the under-18 market to spend opens up a new demographic for online merchants. It also empowers young buyers by placing them in control of their spending, saving, and giving. The online dashboard shows them the impact of expenditures on long-term goals. It’s a huge market and every financial institution should be thinking about how to enable youth spending.
Virtual Piggy homepage (24 March 2013)
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Live Blog Post Virtual Piggy Lets Kids Under 18 Safely Spend Money Online By Julie Schicktanz on February 13, 2013, 7:18 AM This post is a part of our live coverage of FinovateEurope 2013.
Wrapping up FinovateEurope 2013, Virtual Piggy demonstrated how kids can use its online payment platform to safely make online purchases:
"Virtual Piggy is the first e-commerce solution that enables kids to manage and spend money within a parent-controlled environment.”
The technology delivers online security platforms designed for the under-18 age group in the global online market, and also enables online businesses the ability to function in a manner consistent with the Children’s Online Privacy Protection Act (COPPA) and similar international children’s privacy laws. Virtual Piggy enables the U-18 audience to play, transact and socialize in a secure online environment guided by parental permission, oversight and control.
Product Launch: March 2012
HQ: Hermosa Beach, CA, USA Founded: February 2008 Metrics: Public Company (OTC:VPIG) Website: virtualpiggy.com Twitter : @followpiggy
Presenting Dr. Jo Webber (CEO & Founder) and Pradeep Ittycheria (CTO & Co-Founder)
Link to video: http://www.finovate.com/europe13vid/virtualpiggy.html
61 Contact Info
• Jo Webber, CEO & Founder, 310-853-1950 • Rebecca Howell, Marketing & Communications, [email protected] • Tom Keefer, EVP Global Sales, [email protected]
On the K’nex site, the Virtual Piggy checkout option is clearly visible to young shoppers
Real-time tweets
“Congrats! RT @followpiggy VirtualPiggy wins Best of Show for #Finovate Europe 2013 @finovate pic.twitter.com/mabeH4yk @LitleCo”
@Vantiv, Ohio-based payment processing company
“Congrats guys!! U rock!! RT @followpiggy #VirtualPiggy wins Best of Show for #Finovate Europe 2013 (@finovate)”
Sarah Hall @Sarah_Hall_NYC
62 Interview
A few days after the show, Founder and CEO Jo Webber shed light on the company:
Q: Why did Virtual Piggy win? Unique concept. Easy-to-relate-to solution. The youth market is the final payments frontier and addresses the two things people care about the most - their money and their kids.
Q: What would you like to add to what we’ve learned from Virtual Piggy’s demo? Virtual Piggy is very focused on delivering an easy-to-use, safe mobile shopping experience for youth. (We mostly demoed on the laptop at Finovate for ease, but want to point out it’s designed to work on the iPhone and android devices)
Q: Is there anything to report since then (i.e., post-FinovateEurope news)? We ran our first of 20 planned co-marketing promotions with Gaia online and achieved a signup of over 10,000 new accounts in two days.
The Child’s Virtual Piggy dashboard summarizes basic spending, saving and giving.
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FinovateSpring is Just Weeks Away: May 14 & 15
With FinovateEurope behind us, the Finovate team is gearing up for our next big event: FinovateSpring on May 14 and 15. We will be returning to San Francisco for a two-day event that promises to be the biggest yet! Be sure to save your spot now.
FinovateFall Moves to the Manhattan Center: Sept 10 & 11
It’s confirmed: FinovateFall 2013 is set for September 10 & 11 in New York City. And we are excited to be moving into a new, more intimate venue at the Manhattan Center.
Last year, FinovateFall in New York City brought in more than 1,000 banking and finance executives, venture capitalists, and members of the financial and technology media. This year we anticipate as big a turnout as last year, if not more.
Copyright 2013: ONLINE BANKING REPORT (ISSN 1095-2829) is published monthly by The Finovate Group, 4739 University Way NE, Suite 1002, Seattle, WA 98105, USA. Phone: +1 (206) 517-5021, Fax: +1 (206) 524-0351, [email protected]. Subscriptions: US$1,795 per year worldwide, includes paper and electronic editions with online archive access. Editor & Founder: Jim Bruene, [email protected]; Analysts: Julie Shicktanz, [email protected]; David Penn, [email protected] Business Manager: Kate Schultz; [email protected]; Circulation: Anita Schultz; Copy Editor: Jennifer Cells Russell Warning! Federal copyright law prohibits copying this report. Contact [email protected] for reprints or electronic rights.
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