FinovateFall Recap: Are These Innovations “What’s Next” in Payments?

FinovateFall was held at Pier 92/94 on the Hudson River in New York City from September 20-21, 2011. This year’s summit showcased the cutting-edge innovations from more than 60 high-tech and financial companies in the banking and financial industries. Present were leading, established organizations, such as Google and MasterCard, to startups. Over 900 professionals attended the event.

Weemba kicked off the event with its specialized social network connecting professional lenders and borrowers. Borrowers can access the platform free of charge by creating a profile and posting a project to obtain loans from registered professional lenders. The profiles may include information such as, but not limited to, the amount of a loan, reason for a loan, income, education level, number of employees, annual sales and revenues, etc. Professional lenders can then find the exact borrowers they want in a “quick, easy and direct” way by searching profiles and competing for projects. It’s a free marketplace where both borrowers and lenders vote with their feet.

To meet the growing demand of financial advisory services, many companies brought their newest innovations to the audience. LearnVest provides an education and advisory portal specifically for women to gain control of their finances. The website not only allows female customers to organize their financial status by viewing all their accounts in one place but also provides tools to personalize budgets and spending goals. In addition, its Advice Center offers online courses and one-on-one assistance from their experienced financial advisory team through e-mails.

Wall Street Survivor covers an expanded group of customers to help them achieve their financial goals. Despite the name “Wall Street,” the group cares about “Main Street.” Wall Street Survivor’s platform teaches users about fundamental financial concepts, rewards users with virtual cash and promotes virtual stock investment competitions among friends via social sharing on Facebook and Twitter.

The Best of Show of FinovateFall 2011 was awarded to Dynamics for its Chip and Choice ™ Technology for fixing crippling EMV flaws in Europe.


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