First Impressions on Industry Innovation at FinovateFall 2014
First Annapolis attended the FinovateFall conference in New York City in late September. Over 70 companies, startups and enterprises alike, got seven minutes each to show off their latest and greatest innovation on stage to over 1,500 attendees. There is dramatic innovation appearing in payments and the broader fintech space and Finovate is a great place to see it come to life.
Among the 71 presentations, several themes were clear to us:
- Personal financial management: while PFM services like Yodlee and Mint.com have been around for almost a decade, a wave of companies like MX and Geezeo are focused on making it easy for banks to build PFM into their digital customer proposition. At the same time, new entrants like Moven are designing their core proposition around good UI and powerful PFM.
- Identity authentication: the arrival of chip-and-PIN, Touch ID, and endless data security incidents seem to have have triggered intense interest in advanced authentication, especially related to biometrics and contextual awareness.
- Open integration: a number of companies demonstrated solutions to enable partnership-centric finance, from Yodlee’s APInnovation API suite to BCSG’s white-label market for small business apps to Backbase Marketplace, which lets FIs enable a range of widgets from third-party vendors in their digital interface.
- Lending: a handful of alternative lenders and lending technology providers presented at Finovate. The alternative lending models ran the gamut from personal loans by Kabbage to online retail finance by PayItSimple to invoice factoring by BlueVine and trade financing by Behalf. A range of alternative scoring and underwriting solutions also appeared to help existing lenders innovate.
There is a lot of innovation and interest in these areas. Some innovations have disruptive potential, but many solutions at Finovate were designed to help legacy payments and financial companies offer new functionality and better user experience to their customers.
Seven companies were voted Best of Show by the Finovate audience. None are pure payments players, but as Best of Show each deserves a brief mention here:
For more information, please contact Ben Brown, Senior Consultant, specializing in Credit Card Issuing and Payments Innovation, email@example.com.
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