It’s no secret; financial services are evolving each and every day. FinovateSpring previewed the latest possibilities for the types of solutions and delivery mechanisms financial service providers will offer tomorrow’s consumers. New technology will allow the best financial services firms to meet consumers where they are with faster and more responsive service, improved security and fraud prevention, and the technology to make the process seamless and in some cases, fun and educational. In San Jose, during two non-stop days, 68 financial technology start-ups delivered live demos to a record-breaking audience.
Filene’s Amazon pilot demonstrated the importance of technology in service delivery for credit unions. When shopping for a credit card online, members and potential members expect to start and finish the process online. Through this pilot Filene found that many credit unions had a broken online channel, in many cases, the member was asked to come into a branch to finish the process. For the 20 plus credit unions in attendance, much of the technology previewed at FinovateSpring could make members’ lives easier and be leveraged as a competitive advantage in this new digital age.
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Best of Show winners included:
- EyeVerify, for its Eyeprint Verification technology that enables mobile biometric authentication
- Loop, for its smart mobile wallet system accepted at virtually every retail POS terminal without making changes to the existing POS system
- Interactions, for its voice-activated self-service solution for mobile and phone interactions
- Motif Investing, for its Advisor Platform that streamlines the way advisors build, monitor, and rebalance investment portfolios
- Ondot Systems, for its CardControl technology that allows users to remotely control their credit and debit cards via their smartphone
- PrivatBank, for topless, contactless smartphone-enabled Android ATM technology
- SaveUp, for its Gen Y/Millennial-oriented solution that combines gamification with personal finance . For more information on the work Filene and SaveUp have done together, click here.
- Stockpile, for their “give the gift of stock” solution that helps people invest in the brands they love
Once they’re available you can watch the rough cuts of the demos here.
Over the last year, Filene’s Impact area has launched several pilots and our findings have proven consumers are looking to do business with institutions that save them time and make it easier for them to get things done. Filene’s Digital Strategies program helps credit unions streamline their online presence so that members and potential members can interact with the credit union’s website in an easy, informative, and simple way. Additionally, Filene’s Leeflet program distributes credit union brochures and material to members in an easy-to-digest electronic format. Due to our findings over the last year, these innovations also caught our attention:
Roostify demoed their cloud-based product that streamlines the loan application process. Roostify is a fully interactive tool that allows the borrower and the lender to seamlessly communicate. There’s no need to exchange emails or require branch visits. All necessary closing documents can easily be uploaded.
CUneXus Solutions demoed its capabilities that transform lengthy loan applications into shorter applications that fit on a 4-inch touch screen. The Comprehensive Pre-Screened Lending (CPL) strategy perpetually pre-approves members from a financial institution’s entire loan product portfolio so that they can easily take advantage at a moment’s notice.
While in San Jose, we also had a chance to visit with Meriwest Credit Union and other local area credit unions during an Impact Road Show. We walked through some of our latest programs, and the research and innovation behind them. Credit union leaders and executives left with at least one idea that can make their credit union even stronger. Filene Impact Roadshows happen throughout the year so keep your eye on our calendar for our next stop nearest you!
As members expect to have their needs met wherever and whenever they are, seeing the future of FinTech at FinovateSpring 2014 was powerful. If you weren’t able to make it, we encourage you to learn more about upcoming Finovate events at Finovate.com or take a look at the Credit Union Times’ 5 Things You Missed at Finovate. For questions or information on attending next year, please reach out to Tansley Stearns or Chris Fraenza.
Interested in joining us for our next Road Show, click here.