Located in New York City, Finovate is a two-day showcase of more than 60 cutting-edge financial tech companies, ranging from established companies to emerging start-ups. For credit unions, innovation in lending, consumer financing, e-payments, and online and mobile platforms will likely take the day as the show's most useful presentations. Here's our list of Finovate's Most Interesting Ideas for Credit Unions from day one of the show.
1) Yodlee's TANDEM addresses the difficulties of organizing and communicating the shared financial obligations that many people have. TANDEM is an app that allows families to talk through complicated financial situations, such as two or three children sharing the financial responsibility of caring for an aging parent, or two divorced parents funding a child's college experience. The app launched this month and will be distributed through financial institutions and other financial tech companies and platforms. The app is white label branded, meaning credit unions can put their logo on the app; a major plus.
Learn more at yodlee.com
2) FinanceIT is an automated lending app for the iPad that allows borrowers to instantly get consumer financing during point-of-sale with approved merchant partners. The Toronto-based company was founded in 2011 and is making its U.S. launch in 1Q 2014. The app can help credit union's build relationships with community businesses and provide quick thrift for members.
Learn more at financeit.ca
3) MoneyDesktop's GuideMe and Spending Over Time can give credit unions an edge in providing money management to members. According to MoneyDesktop, 52% of account holders say they would leave their financial institution for one that offers better money management capabilities. The company's apps allow for easy budget management, expense tracking, and debt management. MoneyDesk's newest innovation brings location-based rewards and saving technology into the mix.
Learn more at moneydesktop.com
4) Mitek's Mobile Photo Account Opening gives consumers the ability to open and fund an account--including checking, savings, or even an auto loan--from their mobile device. Mobile Photo Account Opening uses the phone's camera to transfer the documents needed to open or fund an account. For credit unions looking to attract Gen Y, the mobile possiblities offered here could serve as a big selling point.
Learn more at miteksystems.com
We couldn't include all of the interesting presentations in our Top 4 list, to see the entire run-down check out Finovate's blog at finovate.com.