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More than 70 companies ranging from industry giants such as IBM to recently launched fintech startups took the stage at the 10th annual FinovateFall conference in New York City earlier this month. The two-day event was a reflection of how truly global fintech has become, as the conference drew attendees and presenters from six continents. Each company had seven minutes to demonstrate its product to an audience filled with investors, bankers, regulators, analysts and industry peers -- think of it as financial technology speed dating.
With a constant stream of new product launches, it was easy to see some trends come to the forefront that hint at where banking and financial services are headed:
Chatbots -- The days of calling your bank or stopping by a brick-and-mortar branch to speak to an actual human are long gone. The next wave of financial services is all about the chatbot with many on display at FinovateFall. A crowd favorite was Clinc’s banking chatbot “Finie” which uses artificial intelligence and machine learning to communicate in conversational language. A similar chatbot launched by Kore is specifically designed to give retail bank and credit union customers a personalized experience, specifically on mobile. The Kore Smart Bot is also integrated Walker Sands client Finicity’s banking platform, enabling the chatbot to access user-permissioned financial data quickly and compliantly.
Onboarding solutions -- Technology designed to improve the new account opening and onboarding process in banking highlighted how financial institutions often struggle to create a (somewhat) enjoyable onboarding experience. The Financial Brand profiled seven companies that unleashed onboarding technology including GRO Solutions’ claim that financial institutions can open and fund new accounts in under four minutes.
Data aggregation and analytics -- In order to continue delivering fintech innovation to consumers and businesses, user-permissioned financial data must find its way from banks into the hands of app developers. Similarly, banks need to know how to best use the data to provide their customer with modern solutions and analysis to assist with personal financial management. MX, a technology provider that enables financial institutions to acquire new data, won the very coveted “Best of Show” award at FinovateFall for its advancement in its data analytics platform.
As fintech grows and traditional banks evolve to meet the needs of businesses and consumers, the innovations on display at Finovate will continue to advance the global financial community.