Another successful Finovate has come and gone. For us, it was our second time presenting. Our most recent was San Jose last month and it was a great experience for us yet again. The show is always a joy to attend, as Jim Bruene and the team at Finovate continually produce quality conferences.
At our first show last fall, we introduced our SmartwebApps platform, which was well received. At the latest show, we highlighted partnerships that help enable our platform. Additionally, we focused on our most recent Apple watch launch. We were proud to share that 8 of our customer brands were in the Apple App Store on day one of the Apple Watch launch. 8 community banks and credit unions that once again used the Malauzai platform to out innovate the large, money center banks. A great win for our customers. Watch more on our 40 Day Journey .
We also got a chance, as attendees, to learn about some of the latest “fintech” trends, and hear from some new and exciting vendors in the space, as well as some industry veterans. From a technology perspective, there was a lot going on. There was a big focus on account opening, as several vendors showed streamlined, “frictionless” solutions for account onboarding. Big data was as popular as ever, with several presenters showing off analytics and how data can be used to inform decisions. A curious new addition to the conversation was “beacons.” Apple’s iBeacon technology, which has been out there for some time, enables devices to report ultra close range location information, without relying on GPS. The common use case is a beacon device which is a small piece of hardware that is able to interact with a compatible app on an iOS device that is developed specifically to look for that device. Once in range of each other, the app is able to report it’s close range location, and can present information to the user based on that data. For example, a member walks into a credit union branch, and upon entering, is “recognized” by the beacon in the branch, and the app on their device is able to deliver specific information about that particular branch to the user. This is probably the most common use case for beacons, and it’s an interesting one. What will be interesting to see is how users react to this technology, as the implications of its use bring up privacy questions, as well as possibly a perception of intrusion should the apps push unwanted information to the user without their approval.
The presentations were instructive for us, and were a great way for us to see lots of great examples of problems that Fin-Tech vendors are trying to solve. While many of the presentations showed solutions that don’t appear to be in production just yet, the ideas presented showed that the current Fintech community is alive and well.