New York City is the center of Financial Technology. At least, that’s what the third annual FinTech Innovation Lab is trying to prove.
On Thursday, after months of development and mentoring by big financial institutions, six winners of the competitive program were given the chance to present their financial technology products.
From security, consumer engagement, data analytics and storage, each business showed the potential to shake up the way financial services do business.
Here’s the scoop.
1. Centripetal Networks – Cyber Security with Agility
Centripetal Networks created an advanced cyber security solution, including a network-based security appliance and other services.
The Problem: Cyber threats are getting worse and worse according to CEO Steven Rogers (pictured at right). It is estimated more than 400 million malwares have been identified, and about 90% of all hacks were used with one-time-only malware. It seems hopeless to keep up.
The Solution: Centripetal’s fast filtering algorithms enable over 100 trillion effective decision rate (EDR) per second (>1000x improvement) to combat cyber attacks. “It’s the first cyber product where ability to the protect scales larger than the ability to attack.”
2. Dashlane – A Digital Wallet With No Merchant Integration
The Dashlane product is a secure digital wallet and password manager for nearly every device. Real-time semantic analysis is used to autofill forms on virtually any webpage, enabling keyboard-less checkouts, registrations and logins. No merchant integration is required, removing many of the barriers to mobile wallet adoption.
Dashlane is the most downloaded password app on iPhones in the US. “People come to our product at first because they have a password problem but they quickly move to the wallet functions,” explains CEO Emmanuel Schalit. To date, Dashlane has been successfully used on over 1 million websites with projected purchases of $1.5 billion by year-end.
“I wouldn’t really call DashTech a fintech company,” says Doug Atkin, senior managing director at Guggenheim. “But I think it is a very interesting program and there are a lot of ways you can apply what they built.”
From another perspective, Dashlane is an online shopper’s dream. Without the need to pull out a credit card to fill in forms, a keyboard-less checkout makes it a bit too easy to press the ‘purchase’ button. “Consider Amazon,” says Atkin, “at any time there are billions of dollars worth of goods in shopping carts not being purchased, if you can even tick that up by even 5-10% that’s meaningful.”
3. InkTank – Scalable Data Storage At The Right Price
“The IDC says in 5 to 6 years we’ll be storing 15 zetabytes of data. Despite all efforts within the fintech community around better utilization of existing capacity, market still will grow from $35 billion to $55 billion in 2020,” says Bryan Bogensberger, CEO of Inktank.
In response to this growing problem Inktank provides data storage solutions based on the emerging open-source storage platform Ceph. Inktank helps organizations leverage Ceph by freeing them from restrictive and expensive proprietary storage systems.
“A penny per gigabyte per month. That’s all it costs,” Bogensberger says. The price includes support, hardware, data and support.
4. Narrative Science – Human Insight at Machine Scale
“If you have data, we can tell its story,” says Kris Hammond, cofounder and CTO of Narrative Science, a business-intelligence company whose artificial intelligence engine automatically analyzes data and produces clear English narratives.
Their patented technology will take structured data and mine it for insights, spitting it out in language and formats customizable to the audience. In financial markets, the technology can be applied to rapidly generate things like compliance reports, portfolio summaries and market recaps.
“I see tremendous opportunity in research reports and maintenance research, which at the moment takes staff time,” noted Steve Sparkes, Managing Director, CIO, Technology & Information Risk at Morgan Stanley. “That’s a really big market for them.”
5. OpenFin — Helping Financial Services Efficiently Manage Desktop Installation
OpenFin CEO Mazy Dar and cofounder Chuck Doerr recognize the need for financial service firms to improve application deployment on desktops without sacrificing security. At the same time, Wall Street is looking to cut their annual $40 billion IT budgets. A trusted application delivery model could be the answer.
OpenFin’s software enables financial services firms to use the latest HTML standards to deploy high-performance, interactive desktop applications. The company’s patent-pending software enables Web applications to run outside-the-browser and is tailored to meet the strict security and compliance requirements of financial institutions.
According to OpenFin their underlying platform helps clear three important hurdles to adoption:
1) Installation – Often an expensive 3-6 month process, OpenFin offer instant deployment and recall with no installation. 2) Application integration – Applications don’t exist in isolation and interoperability is absolutely critical. 3) Cross Platform – System support for both Windows and Mac devices without sacrificing user experience.
6. ScrollMotion – Changing Marketing Delivery
“Tablets will change everything about life inside companies,” says Josh Koppel, cofounder of ScrollMotion. “We want to become the gold standard for tablet-based interactive content for financial service companies.” From client presentations, internal communications and industry conferences Koppel believes all things will soon be done on tablets.
ScrollMotion is a SaaS based software platform company 100% focused on mobile enterprise. “We’re a multi-tenancy product, encrypted at rest, in transit and on device.”
According to Koppel, enterprises need four things if want to deploy interactive apps on tablets that are more than flat documents, all of which are integrated with ScrollMotion:
- Easily create interactive documents with flexible tools.
- Distribute and recall content in real-time securely across the globe.
- Integrate content with the firm’s core enterprise systems.
- Learn with reporting tool to discover trends and patterns from content use across your company.