Fintech Trends From FinovateSpring 2016

Over two days last week, more than 70 financial technology companies presented hands-on demos of their latest solutions in San Jose, California. The companies that demoed their products varied by geographical location, experience, technology, and area of application, which always adds to the conference's appeal. I’ve attended quite a few Finovate shows before and have often wondered if having more fintech developments also means more financial inclusion. I did get the answer last week with two solutions that stood out. First, BanQu: the only humanitarian fintech solution, to my knowledge, with a very memorable presentation. The company is using blockchain technology to solve the challenges of refugee populations and the underbanked by allowing them to regain their financial identity and dignity. Second, PayActiv started its demo by telling the crowd that two out of every three families in the United States is currently living with financial stress, with 90 million Americans living paycheck to paycheck with less than US$400 in savings. The solution is aiming to address this major financial issue: How to resolve working families’ cash-flow struggles without having to rely on the destructive cycle of payday loans by giving workers access to wages they have already earned but have not yet been paid.

FinovateSpring 2016’s key trends include the following:

  • Rise of richer omnichannel interactions to deliver a better customer experience
  • Use of video for everything from authentication to improving customer engagement
  • Machine learning and data analytics for the financial services industry
  • Robo-advisors for wealth management
  • Mobile mortgage technology solutions to simplify the lending process

After two days of demonstrations, the votes are finally in: Here are the Best of Show winners for FinovateSpring 2016, voted by audience members, in alphabetical order:

  • BanQu, for its blockchain-based identity platform that enables financial inclusion and helps dispossessed people to rejoin society, facilitate financial transactions, and build their medical history
  • LendingRobot, for its automated dashboard that helps investors track investments across popular peer-lending platforms by combining cloud technology and machine learning algorithms, with the aim of reducing lending risk
  • PayActiv, for its alternative to payday loans that gives workers access to earned but unpaid wages
  • Quid, for its platform that leverages big-data analytics, natural language processing, and network science to turn data searches into visual explorations
  • SaleMove, for its engagement platform that creates high-touch customer interactions using video, voice, and chat
  • Silver6, for its financial video platform that enables businesses to use video personalization to provide personalized communications on a mass scale for every client

We’re looking forward to the next Finovate event: FinovateFall in New York, September 8 and 9, 2016.

Register here and enter promo code Aite20 to receive a 20% discount off your conference ticket.

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