Winners of the regional heats are on their way to Lisbon for the thrilling conclusion of Innovation Jam 2017. Each has an innovative and engaging fintech solution to show off, hoping to clinch the title. Here we take a brief look at all 10 contenders
In response to the fear that fintech will kill banking, Moroku co-founder Colin Weir says: "Rather than trying to eat the banks' lunch we plan to sit down together at dinner." He clearly believes there's plenty for everyone, particularly if banks can extend their customer base to include younger generations – the target of Moroku's Chore Scout. A mobile banking app, it provides a way for parents to reward children financially for work they do.
The company has already garnered several plaudits, being a UBS Future of Fintech finalist, an Accenture Fintech Innovation Lab alumnus and named as a hot fintech prospect by the Australian. But success is about more than awards and the company is also proving its worth in the market, with 12 banks as customers and a distribution arrangement covering the majority of Australia via a strategic relationship with payments provider Cuscal.
People love games – and the audience and judges loved Capital Preferences with its gamified digital approach to gathering data to help financial institutions better understand and advise their clients. By analyzing how people play various decision-making games, Capital Preferences uses econometrics to score users on their risk tolerance, loss aversion, ambiguity aversion, money patience and goal priorities. With this data, financial firms can be confident they know their client and deliver consistent advice and product recommendations based upon a scientific and compliant client profile.
"Deeply understanding how your clients make decisions is the only remaining sustainable competitive advantage and basis for customization" says Del Rey. "Without this data, proving your value add and that you are "customizing" financial services products will be very difficult."
"The data we recover from an individual explains all their financial decisions – large and small – and these insights are not recoverable via words, a client interview or a questionnaire. This data is hidden inside a client's decisions," says Bernard Del Rey, founder and CEO.
Winner of the audience vote, PayKey is targeting millennials by allowing users to make P2P payments and other banking transactions within any social media and messaging application. Its Social Banking Solution is based on the patent-pending payment keyboard that seamlessly integrates with a bank's existing mobile app and uses the bank's own security and authentication processes.
Investors include long-term supporters Magma VC and e.ventures and more recently Santander, MasterCard, CommerzVentures and Wharton Asset Management. It has already signed up Westpac Bank in Australia, Sparebank1 in Norway and Davivienda in Colombia and is in advanced talks with more banks.
Finn.ai impressed the judges with a live demonstration of its AI-powered virtual banking assistant - think Siri for banking. They demonstrated full-featured day-to-day banking on stage from paying bills, paying friends and moving money between accounts to spending insight, customer care (human and AI) and more.
The team explained that the platform can be deployed into most major instant messaging or voice channels, providing customers with a more human interface for banking.
Finn.ai is a white-label, enterprise grade platform which is built from the ground-up specifically for banking. The company was the winner of Best in Show at Finovate Asia and their existing clients include tier 1 and tier 2 retail banks in North America, Europe, Asia and Latin America.
In spite of a tricky live demo, Scanovate managed to win the judges' vote for its front-to-back KYC solution. On the stage, Scanovate succeeded in performing a full bank registration scenario including scanning an ID, performing a biometric facial comparison between the photo in the ID and a selfie video of the presenter and a full-fledged scoring including PEP, AML, Sanctions, OFAC and more. The presentation ended with the presenter receiving an IBAN and account number and finishing all his compliance-related duties in less than 7 minutes of presentation.
Scanovate provides a comprehensive, front-to-back identity management platform for financial institutions. The platform manages all of the identity regulation-based activity of any financial institution. Scanovate uses its proprietary Dynamic Imaging Platform and Facial Recognition technology to perform on-boarding and KYC from the front-end. These abilities tremendously reduce the risk for the service provider whilst keeping customer satisfaction at the highest levels.
With the strapline "Data-driven marketing made easy", Xtremepush analyses online and offline behaviour to reduce customer friction, making it easier and faster to complete actions. "It's about helping brands understand their users, drive engagement and increase revenue," says Tommy Kearns, CEO and Co-Founder.
Founded in 2014, Xtremepush was quickly selected as one of six start-up companies to take part in Accenture's FinTech Innovation Lab Dublin and was encouraged to participate in the 2017 Innovation Jam by Temenos client Bank of Ireland. The Xtremepush solution is already live within several international retail banks and it is fully compatible with the Temenos Core Banking solution.
Democratising the stock market. EasyEquities demystifies investing, breaks down barriers and develops products that are transparent and affordable. With an average age of 32, its customers are 20 years younger than those of its rivals and the company claims responsibility for growing retail participation in the South-African stock market by more than 20 per cent by introducing innovative platform features such as Fractional Share Rights and doing away with monthly fees and minimum costs.
It has also picked up a slew of awards: Top Online Stockbroker and Top TFSA Provider at South Africa's Top Stockbroker Awards 2016; Top Fintech Company in Africa and Top Investment Tech Firm at the Africa Fintech Awards 2016; named Accenture's Most Innovative Concept in South Africa and listed among the world's Top 100 Leading Fintech Innovators 2016 by KPMG and H2 Ventures.
It's all about data trails for SalesARM. Installed in several large banks since 2015, SalesARM helps digitise human interactions by seamlessly capturing bank/client calls and meetings. Multilingual, easy to deploy and quick to adopt, it promises to help banks meet compliance challenges, to nudge appropriate next steps, assist sales teams in increasing their productivity and improve cross-team collaboration.
Leveraging mobile technology, SalesARM allows management to track and guide their teams in real-time, directly improving productivity and customer experience. SalesARM can easily integrate with existing bank systems and CRM.
"We make Big Data smart data," says EdgeLab's Jean-Jacques Schraemli. This is serious regtech, helping financial institutions make sense of the data they collect on customers so they can manage risk in both portfolio construction and investment decisions and comply with the ever-increasing volume of regulation worldwide.
Since going live in 2015, it has signed up 16 private and cantonal banks in Switzerland and Luxembourg. The solution is fully compatible with Temenos' WealthSuite.
In a world obsessed with data protection, Blue Code's solution to provide payment security without personal data ever leaving the bank is a welcome development. It's already live with some of the largest banks in Austria and Germany as a live Access to Account (XS2A) implementation and looks set to expand into more countries in Europe, especially since the solution also supports the upcoming PSD2 regulatory requirements.
Blue Code offers real-time payments to a bank's customers via a mobile app solution. This means that that the bank retains most of the payments stream revenue and keeps all relevant data in-house with a quick-to-implement app plugin solution compatible with Temenos Core Banking.