Finovate promises 64, seven-minute demos over the two-day conference. We are covering those we find interesting.
A thanks to JJ Hornblass for grading the Day Two demos.
* denotes winner of Best in Show
Weemba
Weemba is sort of like the Millionaire Matchmaker for lenders and borrowers. In other words, the company wants to help borrowers and lenders find each other online. One perk? The company doesn’t charge borrowers fees, and I imagine that advantage will foster solid usage alone. The main idea from Weemba is putting borrowers in control. As long as credit markets don’t get super tight, we see potential.
Cool Factor: B
I Want It Factor: B
Revenue Potential: B
Demyst.Data
Targeting banks who like customizing their scorecards is Demyst.Data, which offers predictive analytics. We like that the company tracks social networks that consumers use as one credit risk indicator. Certainly, underwriting could use some finesse and the vendor has the potential to help lenders’ grow out thinner portfolios while reducing some credit risk.
Cool Factor: B+
I Want It Factor: A
Revenue Potential: A-
Google Advisor
Challenging BankRate, Google Advisor helps to simplify consumers with their financial product searches. Though there’s certainly a need for the personal finance site, we wish Google had chatted up its digital wallet instead.
Cool Factor: B
I Want It Factor: A-
Revenue Potential: B-
Betterment
The goal of Betterment is nothing short of reinventing investing from the customer perspective. At Finovate, the company launched goal-based investing. Though simple as an idea, the feature seems very valuable.
Cool Factor: B
I Want It Factor: B
Revenue Potential: B
Segmint
A marketing FI customer provider that demoed Segmint Social, which lets banks uses social media data to engage with customers. I like the idea, but have questions concerning security issues.
Cool Factor: B
I Want It Factor: B
Revenue Potential: B+
Kabbage
What’s cool about Kabbage is that it looks at Facebook and Twitter data to evaluate online merchant’s credit risk. The demo-ers said that successful businesses are ones that engage with their customers online.
Cool Factor: B+
I Want It Factor: B
Revenue Potential: B
RobotDough Software Corp.
Billed as an anti-virus for your portfolio, Robotdough alerts investors when they should pull out from “hidden” problems.
Cool Factor: C+
I Want It Factor: B-
Revenue Potential: B+
Rebirth Financial
Rebirth Financial strives to address the huge headache of small businesses getting access to capital and plugged its JAS Rating System, which evaluates the risk of small businesses. We’d love to find out more about its scoring system.
Cool Factor: B+
I Want It Factor: C
Revenue Potential: B
Credit Sesame
Former Finovate demo-er plugged something strange: Badges that certify consumers’ financial credibility. We’re not sold on the idea that consumers want to share their credit status with others. But, we’d like to hear more on how the badges might help online dating profiles — the demo-er ran out of time to explain the relevance.
Cool Factor: C-
I Want It Factor: C-
Revenue Potential: C
Equifax North America Personal Solutions
Equifax showcased a smartphone app that lets users see the average credit score in a neighborhood, for example. The app also lets users host their credit files, which they can unlock when searching for a car, for example. The result would empower consumers to have a better conversation about financing with a dealer when purchasing or leasing a car. Love the idea.
Cool Factor: A-
I Want It Factor: A-
Revenue Potential: B
Balance Financial
Balance Financial is offering users better efficiency for their financial chores, such as bill pay and connecting with their bookkeepers. The offering seems like it would remove some stress out of users’ financial lives. The price? $39.95 per month package.
Cool Factor: A
I Want It Factor: A-
Revenue Potential: B
Kony Solutions
Commercial banking platform that can be configured, branded and deployed across all mobile devices quickly. Now, it supports HTML5.
Cool Factor: B+
I Want It Factor: B
Revenue Potential: B
MyCyberTwin
MyCyberTwin certainly knows how to make virtual agent avatars look human. The avatars even display emotions to customers. (Still, asking the avatar to take off her shirt during the demo to show her “mad” reaction made our WTF radar go off.) The goal is to deflect costs from the call center.
Cool Factor: B
I Want It Factor: B-
Revenue Potential: C+
CashStar
Lets consumers redeem credit card points as mobile giftcards that can be used at POS. CashStar says it has has already tested with a “major” FI.
Cool Factor: A
I Want It Factor: B+
Revenue Potential: B
Authentify
A multi-factor authorization app called 2CHK. Seems like a solid idea, but the 7-minute demo wasn’t enough to answer all our questions.
Cool Factor: C+
I Want It Factor: B
Revenue Potential: B+
BackBase
Backbase wants banks to visually deliver their products like Amazon. Online FI innovation is certainly overdue for a makeover.
Cool Factor: C+
I Want It Factor: B-
Revenue Potential: B
Andera
Andera launched the FortiFI system to identify new account fraud rings. The technology relies on FI crowdsourcing.
Cool Factor: B+
I Want It Factor: B
Revenue Potential: B+
*eToro
eToro believes in the power of copycatting when it comes to investing. The new online tool lets users automatically copy the investment moves of top traders. Interesting concept and solid demo.
Cool Factor: A-
I Want It Factor: B
Revenue Potential: B+
Yodlee
Personalizing the online banking experience was at the heart of Yodlee’s demo. We were impressed with its questionnaire it poses to customers as a method to personalize their online banking.
Cool Factor: A-
I Want It Factor: A
Revenue A-
*BillGuard
Having just launched three months ago, we’re very impressed with BillGuard. Using a crowdsourced methodology, BillGuard helps consumers avoid billing fraud. The vendor announced banks can now plug in its service, too.
Cool Factor: A-
I Want It Factor: A
Revenue Potential: B
ModoPayments
ModoPayments gets my vote for best demo made today in terms of entertainment. When there are bears passing out t-shirts, and a live action video shot of using the payment at a bar, you’ve got my attention. But, I have a lot of technical questions to ask regarding the service that lets consumers redeem offers and pay for things on their phones.
Cool Factor: A
I Want It Factor: A-
Revenue Potential B+
cBanc Network
Lets bankers feel comfortable in sharing information with their peers online. Relies on online collaboration.
Cool Factor: B+
I Want It Factor: B+
Revenue Potential: C
Experian Consumer Direct
An oldie, but certainly a goodie. Experian showcased a tool, MyID.com, that gives consumers more control over their personal data, including online data. With social media raging, we give props to the service that aims to tighten security around such public data.
Cool Factor: A-
I Want It Factor: A-
Revenue Potential: B
*Dynamics
Demoed cards that can do and be multiple things.
Cool Factor: A-
I Want It Factor: A-
Revenue Potential: A-
DAY TWO
ACI Worldwide & MShift
Enterprise Banker for Tablet is the product. Push notifications take user to the application. Very slick UI. This competes with some of the bigger software providers, like SAP and HP. The ACI link up is key, which will sell the product to banks. Product is scaled to other tablet platforms.
Cool Factor: A-
I Want It Factor: A
Revenue Potential: B+
Fuze Network
Payments gateway company. Consumers can apply payments to particular credit cards via the POS. Cash deposits on debit cards, too. I’m unsure of the business case.
Cool Factor: B
I Want It Factor: B-
Revenue Potential: B-
FreeMonee
Mobile gift cards for banks to offer. No apparent interface with any banking system. Groupon should crush them, if they get any traction.
Cool Factor: C
I Want It Factor: C-
Revenue Potential: C-
Mitek Systems
Mobile balance transfer of credit cards. This is patent leverage to the extreme. Still, it is widely cool to be able to transact anything in banking via mobile photos.
Cool Factor: A
I Want It Factor: A
Revenue Potential: A
*LearnVest
Helps women in personal finance. Nice UI. There’s no discussion of business model, but most likely it will mirror Mint. LearnVest faces a steep, expensive marketing challenge. It’s unclear why a consumer will use LearnVest vs. Mint. PFM folder system is nice. Average user linking between four and six accounts. Raised $20 million in last round. Includes personal financial advice for a fee.
Cool Factor: B+
I Want It Factor: B+
Revenue Potential: B-
Cartera Commerce
A lot like FreeMonee, but forces the consumer to go to their banks to get retail offers. Cartera for Local Merchants. Card-linked offers were a major theme of this autumn’s Finovate.
Cool Factor: B
I Want It Factor: B
Revenue Potential: B-
*FamZoo
Personal finance education for kids. The “game” is a virtual, online “bank.” Partner edition, launched at Finovate, gives vendors access to the “game” and the families using it.
Cool Factor: B
I Want It Factor: B-
Revenue Potential: C
*oFlows
Paperless account orignation platform via tablet. Trying to apply the technology to any paperwork-related banking function, such as construction verification site visits. Also, added a direct deposit mobile app. Uses a photo of a canceled check.
Cool Factor – A-
I Want It – A-
Profit Potential – A
inComm & CorFire
Mobile P2P gifting. Bypasses the gift card world. Uses CR codes to transfer funds into online currency accounts at POS. Massive potential, although it is unclear how the service works through the POS vendors.
Cool Factor: A
I Want It Factor: A-
Revenue Potential: A
Planwise
Personal finance planning site that factors in consumers’ life stories to develop financial planning. Essentially, a blow out of the Mint budgeting tool. No banking interface to pull in customer data. The UI was clean and we liked that users can share their financial plans with others, like a spouse.
Cool Factor: B
I Want It Factor: B
Revenue Potential: B
Jingit
Consumers can earn money for browsing time and attention. Advertising platform that reaches, qualifies and converts customers. Includes a mobile app via Andriod. Iphone app is pending. US Bank partnership is live. The conversion rate is going to be the key.
Cool Factor: B+
I Want It Factor: B
Revenue Potential: B
Lighter Capital
Easier way for entrepreneurs to raise capital. The application process is much cleaner and simpler. Lighter Capital uses social media data in its underwriting. The more “likes,” the more likely a company will get money.
Cool Factor: A
I Want It Factor: B
Profit Potential: B
MasterCard Worldwide
Product called InControl lets customers decide how, when and where to spend. Small Business Controller launching with RBS, other banks. Allows customers to restrict specific types of transactions by employees holding cards, rather than just via spending limit. InControl works also via mobile device. It’s nothing more than a rules engine. But this is MasterCard, so anything customer flexibility is noteworthy. Also, demoed a virtual card.
Cool Factor: B-
I Want It Factor: C+
Revenue Potential: A-
BankSimple
First demo of the bank. Includes a “Safe to Spend” balance, which synthesizes all of a customer’s accounts and factors out what the customer can and cannot afford. There’s a little Mint married to actual transactions. The bank is centered on a BankSimple card. Real-time transaction processing. Goals will include the ability for BankSimple to automatically put the customer into investments, like mutual funds (or at least I think that is what he said). Mobile app was designed before the web application. This should be married to Square. Launch in a couple of weeks.
Cool Factor: A
I Want It Factor: A
Revenue Potential: A
PayNearMe
Introduces PayNearMe auto loan app. Lenders can accept card payments at 7-Eleven. Applicable for subprime auto. The entire payment transaction takes place at 7-Eleven.
Cool Factor: B+
I Want It Factor: B+
Revenue Potential: A-
*Samurai by FeeFighters
Launched two years ago. Payments processing pricing comparison site for businesses. New product is payment gateway called Samurai. Competes with Authorize.net. Key on payment gateways is in the backend interoperability with merchants and software in the cloud. Flat-rate pricing is nice.
Cool Factor: B
I Want It Factor: B
Revenue Potential: A-
DoughMain
Organizes family finances. Mint for families. Business model is centered on affinity marketing.
Cool Factor: C
I Want It Factor: C+
Revenue Potential: C
Bundle
Helps people make “better” shopping decisions. Bundle offers merchant ratings but also allows users to filter their search results by age, where foodies go, etc. Bundle also applies the notion of influencers into its technology. Like the tool, but wonder if it will be too time intensive for users.
Cool Factor: A-
I Want It Factor: A-
Revenue Potential: B
Transparency Labs
“First fine print gnome.” Mission to end the “fine print economy,” to make it transparent and clear to all consumers. Creating a database of the fine print. The app translates the fine print contracts into visual information. Includes a disclosure to consumers about changes in the fine print. But what does “labs” have to do with it. Not sure how the venture makes money.
Cool Factor: B+
I Want It Factor: A
Revenue Potential: C
ActivePath and Cardlytics
Transactions in the email. Includes offers and cross-selling options.
Cool Factor: A-
I Want It Factor: A-
Revenue Potential: A-
Eyeopen
Financial matching to products.
Cool Factor: B
I Want It Factor: B-
Revenue Potential: B
IND Group
Mobile business banking platform. Bank “feed” related to the consumers transactions. P2P can be initiated by recipient via QR code. There’s an attempt to make the mobile banking platform unique to mobile, rather than a retro-fitted online banking service.
Cool Factor: A-
I Want It Factor: A-
Revenue Potential: A-
*Offermatic
Targeted offers that lets customers use their existing cards. Services for merchants: targeting is based on spending history.
Cool Factor: B+
I Want It Factor: B
Revenue Potential: B+
Bobber Interactive
Launching GoalCard. Cashback rewards cards for Gen Y users. Integrated into the Facebook feed. Heavy gamification elements. “Goal with me” challenge is interesting.
Cool Factor: B
I Want It Factor: B+
Revenue Potential: B+