Finovate is an event that brings in some of the most disruptive companies in the industry and gives them a platform to present in front of a huge audience of interested peers—and this year’s FinovateFall was no exception. The first two days of this whirlwind event were jammed packed with 7-minute demos from passionate fin-tech gurus eager to share their excitement with the world. Brand new this year was an additional two days of breakout sessions and panels allowing the audience to share their insight and experience with the group and leverage the power of the Finovate network.
Weren’t able to attend the event? We’re here to help. Here is a recap of the highlights, key trends, and insights from FinovateFall from MDC’s Krista Jo and the MDC owners who were there.
Highlights and Key Trends
As usual, each year brings new emerging trends and areas of focus to the table. This year’s trends included:
Artificial Intelligence (especially Chat-bots)—
AI features such as chat-bots are more prolific than ever among emerging fin-tech companies. Consumers want to be able to simply type “check my balance” and receive all of the information they need to know without ever making a phone call or writing an email. There were many demos that utilized this feature including Experian and Quadient.
Big Data Analytics—
There is so much data “out there” in the world but how do credit unions use this data, digest it properly, and leverage it for the betterment of the member? There were several demos that aimed to help answer this question including Kinetica, MX, ID Analytics, and Endor.
Small Business Services—
There is a huge opportunity if credit unions can better serve their small business members. Demos such as Wave had this vision in mind by integrating cloud-based software for businesses to track their money in an easy and user-friendly way with their FI.
In many cases, machines can learn faster and better than humans. Tasks that used to require human time and energy can now be done almost instantaneously through machine learning. Demos such as Ephesoft and GoodData utilized machine learning in their delivery.
Targeted messages have moved from a “delighter” to an expectation among consumers. It is important to deliver tailored and relevant messages to your credit union members. Demos such as Adobe, Gro Solutions and Layer focused on this during their presentations.
As a part of Finovate, we find it important to hear from our owners who attended about which demos stood out to them from a credit union perspective, which companies they would like to hear more from, and other important insights they would like to share. We were thrilled to hear from a few of our owners already about this event. Amy Fuller, Vice President of Innovation Strategy at Catalyst Corporate gave us her perspective on the value of attending fin-tech events:
“The value of attending Finovate, for me, is the opportunity to become immersed in the latest fin-tech developments and walk away with a better sense of what’s possible for credit unions. So, I find the experience to be more about strategy development and less about the individual presentations — though many are compelling in their own right.”
If you were at FinovateFall please email Krista Jo with your thoughts and we will be sure to include your notes into our aggregated list of takeaways. This feedback is important for MDC—we may pursue follow-up conversations with the top-rated demos among our owner network. Be sure to add your thoughts to the conversation and drive our fin-tech direction!
We look forward to continuing to focus on fin-tech and the value we can provide for our owners by evaluating these trends and events. Be sure to save the date for our next Owner Meeting February 13-14 at the EPIC hotel in Miami where we will have a fin-tech segment on the agenda and discuss the future implications for credit unions. As Privakey mentioned during their demo, it is important to “disrupt, or be disrupted.”