[note: this was written live last week while I was attending Finovate]
Greetings from the Big Apple! I’m here attending the fancy schmancy Finovate Fall 2013 conference featuring tech solutions and innovations from – and for – the financial services industry. Here are some of the offerings and presentations that stood out for me, in the order they were presented at Finovate:
Kofax offers process automation software for lenders, but the big takeaway for me was their recent expansion of mobile, cross-channel, and multichannel analytics for financial providers. Focused on how customers shop for a loan, the dashboard and data are digestible and actionable. The jury’s still out, but strong analytics and easy-to-use tools can help banks improve sales in their lending lines of business.
MoneyDesktop offers digital money management tools – also known as personal financial management or PFM – and their demo at Finovate continued to show their strengths: Nifty tools, clean design, and intuitive UI and UX. The question mark for banks, however, continues to be how well integrated – or better yet, embedded – the experience can/will be for end users.
I’ve spent the past two days at Finovate Europe in London, which has rapidly established itself as the leading European retail financial technology event of the year. This year’s event was bigger than last year’s, with 64 exhibitors spread over the two days.
Here are my impressions from the two days:
Innovation is hard and usually incremental. Our expectations are so high. It’s easy to sit in the audience and think ‘I’ve seen something like that before’. It’s a lot harder to develop truly new ideas, let alone build them and market them. Innovation is necessarily incremental, moving into the adjacent possible opportunity as my colleague James McQuivey puts it (see him explain it on video here). True invention is extremely rare. As James puts it in his new book, “The most powerful ideas consciously draw from and incorporate elements that were being developed by others along the way, ultimately generating the best outcome in the shortest time at the most efficient cost.” That’s what makes events like Finovate so useful.
I attended Finovatethis week to get a preview of new financial services digital technology vendors. I say preview because if you have ever been to Finovate, you know it’s a little like speed dating, where 63 vendors have 7 minutes each to show you their best moves. The themes at Finovate this year were not much different as previous years with the focus being on mobile banking, personal financial management, and payments. However, this year, a few new topics emerged: rewards, coupons, and mobile banking services for Pre-Paid Visas customers. Apparently, Pre-Paid Visas are the new black.
While there was plenty of interesting and innovative demonstrations, Forrester attended the conference to identify trends and solutions relevant for our retail digital financial services clients. Specifically, we looked at innovative solutions for our clients related to mobile banking, personal financial management, and payments. The following vendors stood out as innovative solutions for mobile banking, personal financial management, and payments:
DWOLLAis a next-generation social, mobile and online payment network. Its financial service product, FiSynch, integrates its technology into financial institutions.
IP Commercesolves the development challenge of multi-payer acceptance and multi-payee disbursement
iQuantifiprovides users with automated and personalized financial advice online
Money Desktopoffers the next generation of personal financial management. Its slick design makes excellent use of the native app features.
For those of you who aren’t familiar with Finovate, it’s a fast-paced format with seven-minute live demos and pitches from 35 financial technology vendors. It’s produced by Online Financial Innovations, the people behind the excellent NetBanker blog.
I was lucky enough to go along to the show in London today. Unlike last year, when four or five themes dominated the day, this year’s exhibitors were more diverse. Among them were: