Banks are slow to change. Financial services technology is not. This week, all eyes in the financial technology world were turned toward San Francisco, where 72 companies showed off their latest tech in the FinovateSpring 2013 conference.
Judging by Finovate’s Best of Show winners, one might surmise electronic payments, personal financial management and personal lending tools continue to dominate interest as the future of banking and finance.But there was more to the smorgasbord of technology than peer-to-peer (or, in the case of FamZoo, family member-to-family member) money. Altogether, more than 1,300 attendees went to the event, which as Credit Union Times suggests, is “a show that in a short several years has positioned itself as the go-t0, be there now showcase for hot banking tech tools.”
Several trade publications capture the highlights:
Credit Union Times: 5 Things You Don’t Know Because You Weren’t at Finovate: Well, give Credit Union Times some credit for a blunt headline. The publication’s list of 5 things touches on the death of Google Wallet (which itself just released a new P2P payments feature), the rise of picture payments and continuing skepticism surrounding biometric security, among other things.
Bank Technology News: The Buzz at Finovate: New Security Tech: Given the rise of the cyberheist that’s plagued the banking industry the past several years, it’s no surprise that new money is being poured into the IT security industry. As Bank Technology News reports, there’s money in security, too, with information security start ups’ funding rounds yielding on average $16 million in venture capital money. Several of these new firms stood out at Finovate, bringing their take on biometric security, malware-blocking software and multifactor authentication.
Bank Systems & Technology: Digital Marketing Solutions Stand Front and Center at Finovate Spring: Financial services technology is no longer just a function of IT. For a lot of banks, it’s the marketing department or the CMO that drives innovation as much as the CIO, who also has the distinct privilege of making sure everything works. According to Bank Systems & Technology, the marriage of marketing and technology was evident at FinovateSpring. Some of the new technology showcased solutions “leveraging consumer data and targeting mobile and online customers.”