On-Site Coverage: Social Technologies, Shopping and P2P Dominate Confab
SAN FRANCISCO — The biggest players in financial services technology right now might be Google and Facebook. That’s what it felt like at times at the FinovateSpring 2011 showcase last week at the San Francisco Design Center Concourse.
Rather than the typical trade show format, about 65 presenters got seven minutes each to showcase their products to an audience of several hundred. Many of those products focused on delivering enhancements to the banking experience through social media channels, primarily Facebook, and geo-location capabilities, often involving smartphones and Google applications working together.
Another vendor, Dwolla, the Des Moines, Iowa, startup that has partnered with The Members Group and Veridian Credit Union to push out its 25-cent-per transaction person-to-person solution, presented a location-based service that uses smartphone location technology to generate specific targeted offers and services.
The new FiSync service also includes a dashboard aggregator that extracts actionable data from the transactions generated by members using the seamless access to their accounts between individuals, regardless of their banking or credit union account location, and also with merchants who join the Dwolla network.
Actionable solutions were something that executives from the $1.5 billion Baxter Credit Union in suburban Chicago were looking out for during their stay.
"We’re always looking at what interesting new service might be out there to help us better serve our members, especially when it comes to the technology we don’t yet have that we need to serve that next generation," said Carey Price, vice president of sales and services at the Vernon Hills, Ill., CU