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Filene @finovatespring - Day One

The first day at Finovate Spring in San Jose, CA is in the books! 36 promising start-ups had seven minutes each to demonstrate their solutions live in front of more than 1,500 attendees.  Often times at there is a theme or commonality that emerges throughout the day.  Not this year as pitches were across the board with startups pitching solutions for data security, to identification authentication, to customer engagement platforms.   

There were a few that we would like to highlight and thought had meaningful implications for credit unions to consider including:

DefenseStorm This solution provides real-time threat detection and remediation using big data analysis which means all of the meaningful information is in one place, viewable from easy-to-use dashboards. Financial Institutions are able to see and act on threats before they become a major issue.

Cybersecurity is top of mind for many credit unions, and this solution augments the responsiveness and speed in which the organization can react to threats. Filene hosted a colloquium last year addressing this topic, the findings can be found here

MedPut covers out-of-pocket medical expenses as an employee benefit.  As employers increasingly transfer health costs to employees, providing employees with a low-cost source of point-of-service funds facilitates adoption of higher deductibles and saves employees from having to overuse credit cards.  MedPut reduces expenses for employers moving to high-deductible or self-insured health plans.

PayNearMe this portal allows members to access a new experience in bill payments through their online banking. It allows members to add new bills using their online credentials, by doing this members can access balances and due date information without leaving their online banking session, and are able to make payments in real time toward these vendors.

Globally, payments represent up to a third of banking revenue and are particularly important in a low-rate environment. But payments don’t always have a clear internal champion, and consumers are used to free and even subsidized payment options, meaning that credit unions must be savvy about their next moves. this solution allows members to have a one-stop-shop for all their bill payment needs.

As we write this, there is already a buzz in the auditorium for what the next demos will offer.  We are really excited as well to see what day 2 has to offer, and we will be offering our perspective around those demonstrations with all you!