Banking Innovators Place Their FinTech Bets in Seattle
Three main solution themes emerged at Bank Innovation 2016 in Seattle this week, as expressed by the FinTech companies competing in the Demovation Challenge:
- Biometric authentication (Asignio, ESignLive, & SayPay)
- Personal Financial Management (Autobooks, Dyme, Obloco, Sparado, Sweep)
- Blockchain/Distributed Ledger (Ledger, Raistone)
Of particular interest to me are the PFM solutions that focus on driving consumers to save, similar to the Savings Coach at USAA. Dyme, Sparado, and Sweep each demonstrated applications that would motivate me to move money from my checking account into savings, but Sparado won my vote with their lottery ticket incentive program. Each time a Sparado user makes a decision to save, they also earn chances in a periodic drawing for big prizes. I'm a sucker for such things, as evidenced by my drawer full of losing MegaMillions tickets.
Also, keep an eye out for SayPay. They won the challenge with their voice biometric authentication solution for mobile apps that pushes a one-time numeric code as the spoken pass phrase, while also leveraging the unique ID of the mobile phone to secure transactions. Given the increasing focus banks are giving to deterring fraud while at the same time making it easier for customers to conduct their business, apps like SayPay will find a role alongside large scale implementations of voice biometrics in the contact center like those announced in the past six months by Manulife, Citibank and HSBC.
As interesting as the Demovation Challenge was, this was also an excellent conference for the presentations by and "fireside chats" with innovation leaders in FinTech. They gave an insiders look at the challenge (and fun) of changing the engines on banking's 747 while the plane is in the air. Best quote I heard came from GreenDot founder & CEO Steve Streit who observed:
"There's no bank regulation that requires you to be boring!"
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3 年Trying to reach State straight owner of Green Dot Bank his bank has took over $20,000 that belongs to me have a frog block on my account someone needs to tell this man get that block lifted and they want going out today for the for Green Dot Bank July 21st 2021
Hi Scott, good to hear from you. Sparado claims that the lottery incentive is already very popular and successful internationally, so there is a track record they're building on. And I agree very well suited to analysing the impact.
HPC & AI: partnership executive, technical sales leader, full lifecycle product manager, customer success executive
8 年Interesting post, Brian. I think the lottery/incentive idea is intriguing, especially as the institution would have a good ability to track how such things change transactional behavior. Like the quote too. Hope you are well.