SAN JOSE, Calif. – Silicon Valley, a fertile breeding ground for tech development, is the fitting setting for some of the latest fintech offerings at FinovateSpring 2015 at the City National Civic in San Jose, Calif.
Crowds were still rolling in as FinovateSpring got underway. As financial institutions become similar to consumer financial consultants, more ways to engage with and help accountholders are beginning to increase.
One company in attendance at the conference is San Francisco-based Vouch, which CEO and Founder Yee Lee called the first social network for credit. "Unlike other social networks online, you share financial power," Lee said. "You help build our members' credit."
Members of Vouch need an invitation to join from someone already in the system, and relationships are fundamentally about trust. Yet, Vouch members must also complete a questionnaire and sign a regulated agreement.
"We are mapping out a very different kind of network than on Facebook," Lee said.
Lincoln, Neb.-based Hip Pocket, also present at FinovateSpring, developed a unique patent-pending web application, which offers a free, unbiased, peer-based assessment of financial products (currently mortgages, auto loans and retirement products). Through this format, Hip Pocket generates interest from and engages with consumers, as well as generates new loans for financial institutions.
Hip Pocket's web app works with existing mobile and web pages. Interactive tools show what a consumer can save by financing with a specific financial institution, and user-friendly visuals display peer analysis. Moreover, the app uses current rates to inform users what to do. Leads go directly to financial institutions for follow up.
"I have bank clients but think credit unions are more in line with our philosophy," Mark Zmarzly, founder and CEO of Hip Pocket, stated.
Tapping into the underbanked, Hispanic community is the goal of the Las Vegas, Nev.-based MoneyAmigo, which is not a traditional bank.
MoneyAmigo runs like a bank on a mobile device and presents a brand new way to look at an ecosystem. One screen gives users full access, and an animated helper works with the consumer, who gets a free banking account and free debit card with no fees. Once MoneyAmigo receives a consumer's trust level, they offer other products such as insurance. They also offer credit cards, which never allows a user to default. The app allows consumers send money during a phone conversation via text without losing the call.
Hispanics represent 52 million consumers in the U.S. and the majority of population growth, yet, 47% are underbanked, Kim Norland, MoneyAmigo CEO, pointed out.
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Roy Urrico
Roy W. Urrico specializes in articles about financial technology and services for Credit Union Times, as well as ghostwriting, copywriting, and case studies. Also: writer/editor of a semi-annual newsletter for Association for Financial Technology since 1997 and history projects funded by the U.S Interior Department, National Park Service and Warren County (N.Y.).
