Innovation Jam 2016 came to Level 39 at London's Canary Wharf for its fourth and final selection stage where 18 hopeful fintechs pitched for the last two places in the final to be held during the Temenos Community Forum in Barcelona in May.
Wearables and social media proved winners at the London stage of Temenos' four-part Innovation Jam 2016 to find the best fintech solutions to help banks and financial institutions make the most of the digital revolution.
Two home-grown companies – ebankIT and KERV – scooped the most votes from bankers and industry peers on a stunning day at Level 39 in Canary Wharf where the blue sky thinking of the contestants was unexpectedly matched by the April London skyline. The winners will go on to present their solutions at the Temenos Community Forum (TCF) in Barcelona in May to an invited audience of potential buyers and investors. They will compete against the six other finalists selected at Innovation Jams held earlier this year in Miami, Singapore and Dubai.
The competition is designed to bridge the gap between fintech and the banks, helping foster collaboration and accelerate the development and implementation of the best solutions. It was born out of a one-off event held last year in Istanbul at Temenos' annual customer forum. It is now expected to become an annual global competition.
As Nisha Sidhwani, SVP at tech hopeful Aurionpro and the only woman to present, said: "This is a great for putting our solution in front of potential customers. It gives us access and we get to see what others are doing." Aurionpro, an Indian/Californian tech company, demonstrated its platform aimed at improving customer communication to increase up-selling and cross-selling opportunities.
While the contestants had varying degrees of success at avoiding jargon, keeping to the seven-minute time limit and smoothly managing the presentation technology, both winners gave faultless presentations for their standout solutions.
Paulo Oilveria, senior architect at ebankIT, showed how mobile and social banking can offer a new way for customers to interact with their banks and friends. But KERV founder Philip Campbell walked away with the top prize for his contactless payment ring that also collects and shares data and can be used to authenticate access.
The competition was stiff, with 18 presentations from well-established companies and start-ups covering just about every aspect of digital banking today. Security and authentication; simplification and automation; regulation; real-time processing; analytics; the cloud; aggregation; managing risk; and improving the customer experience were all addressed by ready-to-go applications and solutions.
Besides the winners, BehavioSec, an authentication solution that learns individuals' behaviour to the extent that it can recognise customers not just at login but throughout a transaction won widespread support from the audience, as did Qumran, a Swiss company founded in 2011. Its solution records all interactions between customer and bank over any channel, and can play them back in video format to show exactly what was said, when and by whom.
Said Darmesh Mistry, product director at Temenos: "Their solution ends the whole problem of finding evidence in a miss-selling case. Everything will be recorded," while Aaron Phethean, director of innovation at Temenos, said the solution "showed great insight and potential bottom line impact".
Edge Laboritories, with their data insight platform, and InvestGlass, whose robot adviser will always give suitable and appropriate advice, also proved popular.
Ben Robinson, CMO at Temenos and who conceived of the Innovation Jam, said: "I had been worried that 18 presentations over two and a half hours would drag but I was wrong. The standard and quality of work is impressive and it all resonates."
KERV and ebankIT will join Bridg, a mobile payment platform, and Bibitel, which facilitates cheap calls from mobiles, from the Dubai round; end of life planning speciaist DocuVital and biometrics fintech FacePhi from Miami; and wealth management focused companies Mesitis Capital, MeetInvest and Moneythor from the Singapore heat. TCF Barcelona is being held 17-19 May.