Financial institution executives are busy, so giving 63 companies seven minutes each to present their ideas in just two days makes sense.
Following is an overview of the nine ideas that were ranked Best in Show by the FinovateFall 2011 audience. In addition, they’ve been given a report card grade based on the rankings of Filene’s evaluators, which factored in the viability of the idea, relevance to credit unions, and connection to a consumer need. We encourage you to read the snapshots and follow the links to view the original Finovate presentations. You’ll be amazed at what can be accomplished in only seven minutes.
Disclaimer: The evaluations below are from the participants who accompanied Filene Research Institute at FinovateFall 2011 and do not represent Filene’s endorsement of the product and/or company.
“Some were eye-opening, others repetitive. Some seemed very applicable to credit unions, while some were just plain cool.” ——Robbie Thompson—CEO/President, Credit Union Association of the Dakotas
Best in Show
Grade: A
- Dynamics—http://www.finovate.com/fall11vid/dynamics.html
Evaluator comment: “Chip in card controls mag tech info—in the past that only worked with large financial institutions.”
Dynamics has been making its name with interactive payment cards that push the capabilities of programmable magnetic stripes to their fullest potential. Its new product Chip and Choice™ is intended for the European Union and other markets that use EMV (the Europay, MasterCard and VISA global standard for authenticating credit and debit card transactions). The battery-powered card has multiple imbedded “chips” that allow the card to be used with multiple applications. This provides the consumer with increased functionality and choice at the point of sale, along with wider card acceptance. For more information, visit poweredcards.com.
- FamZoo—www.finovate.com/fall11vid/famzoo.html
Evaluator comment: “Cool product. May be a play for credit unions to engage the next generation of members.”
FamZoo is a family-friendly website that helps parents teach children the practical skills they’ll need to thrive in the real world. It’s loaded with tools, including a virtual family bank for teaching money basics, managing allowances and chores, setting budgets, tracking savings goals, encouraging charitable giving, and more. After a free, two-month trial period, access to FamZoo is available by monthly subscription. For more information, visit famzoo.com.
- oFlows—www.finovate.com/fall11vid/oflows
Evaluator comment: “Potential to make a positive impact on credit union operations.”
oFlows was ranked the #1 idea by Filene’s contingent to FinovateSpring 2011. This robust technology platform is an easy and intuitive way to go paperless. Applications, disclosures, and other documents can be electronically completed via an iPad, Android tablet, or smartphone. oFlows integrates with payment systems to provide completion of transaction or on-the-spot deposits. This iteration is offering expanded features beyond financial institution account opening and lending to include other business functions such as purchase orders. For more information, visit oflows.com.
Grade: B
- BillGuard—www.finovate.com/fall11vid/billguard.html
Evaluator comment: “Could be a very cool member benefit tied to a checking account.”
BillGuard empowers consumers with information to help them catch hidden charges, billing errors, and scams that are not currently being detected. Once a user registers a credit card with BillGuard, this free, online service scans the daily activity for questionable transactions and provides e-mail alerts on those that warrant further scrutiny. For more information, visit billguard.com.
- LearnVest—www.finovate.com/fall11vid/learnvest.html
Evaluator comment: “Hard to see how this company fits into the credit union business model … referrals and marketing partnerships maybe?”
A key feature of this finance and lifestyle website is the Take Control Bootcamp e-mail program that provides a steady stream of information and support to subscribers’ inboxes. Bootcamp themes include acquiring personal finance basics, getting out of debt, reducing expenses, building your career, and even planning for a baby. For more information, visit learnvest.com.
- Personal Capital—www.finovate.com/fall11vid/personalcapital.html
Evaluator comment: “Looked like a very easy-to-use personal money management tool.”
Personal Capital is a next-generation financial advisor that combines high tech with high touch. Users can view all their accounts in one dashboard that provides a spectrum of information, from ongoing trends down to specific transaction data. Information is accessible via the Web, mobile phone, or iPad. For more information, visit personalcapital.com.
Grade: C
- eToro—www.finovate.com/fall11vid/etoro.html
Evaluator comment: “Neat idea, but no obvious connection to credit union executives’ business challenges.”
eToro brings social networking to the world of investing. As with other online investment services, eToro facilitates trades in currencies, commodities, and indices. The difference is that users can observe what others are trading in real time by following the best-performing traders. For more information, visit etoro.com.
- FeeFighters—www.finovate.com/fall11vid/feefighters.html
Evaluator comment: “Intelligent routing based on size, country, etc., so that merchant pays the cheapest fee.”
Samurai by FeeFighters is a feature-rich gateway that makes it possible to integrate payment processing onto an existing website in minutes. Features include intelligent routing, data portability, and gateway emulation. Samurai is universally compatible, so clients aren’t locked into a particular provider, with a fee structure that is appealingly simple ($10 per month plus $0.10 per transaction with no other costs). For more information, visit samurai.feefighters.com.
- Offermatic—www.finovate.com/fall11vid/offermatic.html
Evaluator comment: “Nice add-on for consumer plastic program. Trackable model based on redemption.”
Offermatic is a free online service that sends targeted merchant offers to consumers via their registered credit or debit cards based on their actual spending history. Since the offers and savings are loaded directly to their card, users don’t have to deal with coupons or vouchers. The new service is called Free Rebate™ and is designed for merchants to increase sales at no cost via free, automatic rebates. Analytics include information about new customers generated. For more information, visit offermatic.com.
Getting Started
- Visit filene.org/home/events for more information.
- FinovateSpring 2012 is scheduled for San Francisco in early May. Register at filene.org.
FinovateFall 2011 Evaluators
- Michelle Bloedorn, Member Loyalty Group, Chicago, IL
- Jeffrey Brice, TrustEgg, Madison, WI
- Warren Butler, Georgia United Credit Union, $889 million, Duluth, GA
- Rick Foley, Delta Community Credit Union, $4.0 billion, Atlanta, GA
- Kip Haas, CU Direct, Ontario, CA
- Diana Houston, Georgia Credit Union Affiliates, Duluth, GA
- Gabriel Krambs, TrustEgg, Madison, WI
- Rob Levy, Center for Financial Services Innovation, New York, NY
- Todd Marksberry, Delta Community Credit Union, $4.0 billion, Atlanta, GA
- Preeti Mehta, Doorways to Dreams Fund, Allston, MA
- Mike Mercer, Georgia Credit Union Affiliates, Duluth, GA
- Carlos Morales, UNFCU, $3.4 billion, Long Island City, NY
- Daniel Murray, CUNA Mutual Group, Madison, WI
- Jason Osterhage, Delta Community Credit Union, $4.0 billion, Atlanta, GA
- Jeff Peabody, KeyPoint Credit Union, $749 million, Santa Clara, CA
- Kip Renaud, Delta Community Credit Union, $4.0 billion, Atlanta, GA
- Fred Robinson, Tennessee Credit Union League, Chattanooga, TN
- Stephen Ryerson, UNFCU, $3.4 billion, Long Island City, NY
- Trish Shermont, CTCE Federal Credit Union, $80 million, Reading, PA
- Prasad Surapaneni, UNFCU, $3.4 billion, Long Island City, NY
- Robbie Thompson, Credit Union Association of the Dakotas, Bismarck, ND
- Kris VanBeek, Digital Federal Credit Union, $4.0 billion, Marlborough, MA
- Kim Vu, Technology Credit Union, $1.5 billion, San Jose, CA
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