5 Things You Don’t Know Because You Weren’t at Finovate
Filmmakers have Sundance. Financial tech pioneers have Finovate, a show that in a short several years has positioned itself as the go-to, be there now showcase for hot banking tech tools.
The Seattle-based company hosts multiple annual shows – in New York, Asia and Europe as well as San Francisco – but it’s the San Francisco show, held in the belly of the tech beast in a trendy South of Market hall, that remains the can’t-miss show.
2. Picture Pay Gaining Traction. They laughed – or at least many sneered – when Mitek CEO Jim DeBello debuted his pay a bill by snapping a picture of it at the Money2020 show last fall, but what a difference six months makes.
Buzz at Finovate around Allied Payment Network’s Picture Pay tool was loud and mainly positive.
3. The Jury Is Out on Biometric Logins. The opinion is just about universal that the user name/password login – which has been around for 25 years on the Internet, perhaps longer – is hopelessly broken. From Zeus keyloggers (which capture data as it is typed in) through hacks into website login caches, there just are so many ways the privacy of that data is compromised.
That is why many Finovate attendees honestly found themselves rooting for companies with biometric log in tools, such as Eye Verify – which uses an eye print, said to be as unique as a fingerprint – and IBSS (Internet Biometric Security Systems), which uses voice authentication as well as facial authentication.
4. FIS Wants To Be Your Mobile Main Man. The Jacksonville, Fla., tech behemoth may not have a rep for cutting edge tech, but Doug Brown, a vice president, was at Finovate with authentic tech hipster Chris Gardner – presently CEO of Paydiant, a mobile payments platform, and a serial tech entrepreneur whose cloud-based technology is powering some of FIS’ mobile offerings.
The message: FIS has the mobile tech a credit union or bank needs. For instance: Brown demoed FIS’ Cardless Cash Access which lets a consumer withdraw real money from an ATM using only a smartphone (no debit card required).
5. VanBeek’s Bucket List. Ask Kris VanBeek, CEO of the $829 million Rye, N.Y.-based USAlliance Federal Credit Union, why he was at Finovate doing the presentation for Micronotes, a tiny company that makes digital selling tools that can be integrated into websites such as USAlliance’s, and he said, with refreshing candor, “Presenting here has been on my bucket list.”
It helps that VanBeek is a big booster of the Micronotes tools – which aim to engage digital banking customers in timely, pertinent online chat that as appropriate will trigger a phone call from a human rep. “With people not coming into the branch so much, we needed another way to remind members of the products we have that may suit their needs. Micronotes does this in a way that I believe works,” said VanBeek.