Financial technology develops at a breakneck pace. The way that you bank, borrow, or spend could change at any moment. That’s why I’m back at the Finovate conference once again this year, where the latest in financial technology debuts. I’m keeping track of all these consumer fintech developments and will help you to understand how they’ll affect your money in the future.
Teno lets you create a custom group buying plan. Say, chipping in to buy sports equipment for a team. Money you contribute is yours until the purchase is made. If not, money is returned to you.
Mr. Cooper tells you more about your home, home financing, and even what home improvements your neighbors are doing. Basically, home intelligence. Their new app can even help you consolidate your debt through payment optimization.
Project Finance is a Personal Financial Management (PFM) service that helps you understand where your money is headed with future look based on income and expenses.
Covered Security scores how well you’re doing with securing your online accounts. It’ll let you know if your information may have been compromised when visiting, say, your electric utility’s website to pay a bill. Think of it as the Credit Karma of cyber security.
Elements of this service are available elsewhere, but something for consumers to make note of and watch as the service develops.
Status Money lets you see how you’re doing by comparing your financial situation with other like you, based on zip code, age, and more. This covers, credit, spending, income, and more. Then it’ll make recommendation based on what they find. Think of it as a data driven service providing personal financial insight, created by data scientists.
Might be a slippery slope for those who always try to “keep up with the Jones.”
Wealthucate offers personalized and automated financial education. They say educating customers can be done in one minute.
Geared towards employers to offer to their employees. But would be interesting if they opened it up to consumers or higher education/universities.
FeeNimble times out your investment transaction to minimize investment fees. Seems like this is made for financial advisors, but is available in beta to all.
Dynamics has a new payment card that can load multiple debit or credit cards onto one digital, e-ink display card. That, in and of itself, isn’t new. But this version also includes wireless cellular communication with the card itself and it can self recharge.
Additionally, the card is also capable of allowing a bank to add or remove a card as needed, like in the event your card was fraudulently used. And they can send you a message to let you know.
Another example would be if you needed a credit limit increase, you could push a button on your card to accept or decline one.
Banks can also push special messages or even coupons/offers to you.
The question remains, which US bank or card issuer will adopt this first?
End of Day 1. Bookmark and return to this page tomorrow for Day 2 coverage.
Imagine never having to fill out a loan application again. CUneXus offers “perpetual loan approval” which allows Credit Unions to approve your next loan automatically, without filling out a form. Unfortunately, it’s only available at select Credit Unions across the US. So if you’re a CU member, ask if they offer instant loan approval without filling out a form.
Paysend lets you move money between international bank accounts and cryptocurrency wallets with little or no fees thanks to a proxy card that stands in for your accounts/cards from different countries. You can also pay friends/family around the world into the account/currency they desire. Real-time transfers with up front fees and exchange rates.
The only problem is that they don’t have a bank partner in the US to work with right now. So sadly, it’s not available to us in the States at the moment.
QCheque removes the account number from the bottom of your paper checks and replaces it with a QR code. It’s really more for businesses, but interesting concept if this could be something applied for consumer use.
Q2’s Biller Select lets you receive and pay bills on one platform, instead of jumping between your bank and provider. Unclear if this is available direct to consumer.
Swych allows you to give a gift card without worrying whether it’s the right gift for the recipient. The recipient can switch the gift for any gift card they want. And now, they can do it in 10 different countries instantly by way of blockchain.
Supermoney wants more small businesses to offer financing offers to customers. Imagine being able to get financing from your contractor for your home improvement for example. Currently, you’d have to go to a bank to do so, unless you find one of the rare contractors that offers financing on their own.
Spave allows you to find one of 1.5m charities to help and allows you to automatically contribute to them (up to 5 total). You pick what percentage to contribute every time you make a transaction on your debit, credit, or bank account.
MoneyAmigo is trying to capture consumers who are not in the banking system. They offer a 1% cash back debit card (it’s metal), linked to a FDIC insured bank account. And if you need a small, temporary loan, you can get a $100 loan at 0% APR, up to 10 days before your next paycheck is direct deposited into your account. In addition, it offers a dental, vision, and prescription discount card. Along with the ability to see a doctor through it’s telemedicine feature. And you can access your money using Google Home. $9.99/month. +$5/month for health services (no copay on all health services).
Buckit‘s personal financial management app helps you pay off your debt faster and manage your money better though actionable insights. It’s a paid subscription model rather than having to endure tons of in-app ads.
NTT Data created “Tready”, an app-based investment social network that helps you find an investment buddy. The app recommends people that matches your investment style that you can follow. Never feel alone in stock trading again.
Plynty is offering retirement planning for millennial, via app and website. They claim that 30% of users can complete a retirement plan in just 15 minutes, during the first login.
Kasasa is offering a loan to consumers (through their partners) that allows “take backs.” If you pay more than the minimum payment on a loan, you can take it back the extra money you paid anytime you need it. Basically, a loan hybrid with a savings account.