Finovate 2013: Innovation Powers Disruption for Bankers and Corporates

Focusing on the needs of bankers who continually want to find out about the latest innovations and innovators who want to highlight their solutions to banks, the new global innovation community platform Matchi aims to be the bridge between the two by connecting the right people at banks and innovation teams. Presented at Finovate by its chief executive (CEO), Warren Bond, innovators can use Matchi to upload their solutions, provide their profile and respond to inquiries. Bankers can log in and use a filter to find the innovations that interest them the most, then use a messaging system to connect with the innovator.

Kofax showed how it is making it easier to send documents by providing imaging technology that turns smartphones into sophisticated scanners. The California-based company, specialising in smart process applications (SPAs), said that bankers or their customers can use the camera on their smartphone to create a high resolution image of documents, clean it up and send it anywhere. After scanning a document, the software can extract information, make sure it is accurate, place it in an application, and have the customer verify it. Kofax added that it can process a high volume of documents in a low number of days, cost-effectively.  

For merchants, Pixeliris has a new solution that turns every phone, even feature-phones rather than just smartphones, into a mobile payment device. When a customer makes a purchase, the retailer launches the application and selects payment option, then has the customer enter a phone number and personal identification number (PIN) code. After the terminal calls the customer’s phone to verify the purchase, the customer answers the call and then holds the phone next to the terminal to use a sound to approve the transaction. Pixeliris said the solution works with tablets as well as recent terminals, and it opened it into a software development kit (SDK) to make integration easier for retailers. 

Niche offerings

Hong Kong-based Advanced Merchant Payments (AMP) offers an opportunity for banks to offer unsecured loans to companies that are not usually eligible or appropriate for existing products. AMP said it uses its risk management techniques and predictive analytics capabilities to evaluate applications from merchants that accept credit cards or debit cards. AMP draws on the card data, social or macro indicators, external verification processes and the bank’s risk parameters to assess cash flow from card and non-card payments. It uses the output to bridge the divide between merchant acquiring and small to medium-sized enterprise (SME) banking, using credit card receivables information to determine the loan amount the merchant can repay.

While Dragon Wealth Asia’s (DWA) solution is focused on private bankers, it could provide a solution for commercial bankers as well. DWA provides a tailored news feed focused on how breaking financial news can impact a client. When a relationship manager (RM) clicks on a news item, the application shows key issues, peer groups impacted by it and the number of clients in the group affected by the news. RMs can see the list of clients and their portfolios, compare the portfolio with peer clients and use talking points at the top of the screen. The solution brings in bank data and social media, then uses big data for analytics.  

GMC Software Technology demonstrated a solution to send interactive research documents to securities companies and banks. Researchers or RMs can use a customised solution to write a report using pre-populated data boxes and generate a research document using interactive tools, and they can generate personalised messages. When they receive the research document, users can click to get more information, receive personalised message or engage their RM.

With these as well as a multitude of other solutions for retail bankers and merchants, Finovate once again used its rapid-fire format of seven-minute presentations to showcase how fast innovations that can solve issues or disrupt existing business models are coming to corporates and financial institutions alike.


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