Finovate, one of the financial industry’s most recognizable conferences that popularized the “no slide demo-style” presentation format, recently had its Spring edition with over 70 companies participating in the demo portion of the show. Touching on numerous facets of the industry – payments, fraud, small business, lending, digital banking, etc. – it (as well as most conferences) can leave an attendee wondering what is relevant to them and their company’s business.
While attending Finovate, we were also looking at what Payments developments would be relevant to our clients and the industry at large. A key part of this was identifying some of the leading innovators in the retail payments space. In order to do this, we thought of what criteria a company’s product must meet for someone to say ‘this is relevant to me.’ We identified three questions that each audience member should readily and clearly be able to answer after a demonstration to help determine which new technologies should be on their radar.
- Why is this product unique? The product should be taking a novel approach to an industry need and provide clear benefits that aren’t being achieved elsewhere.
- How can this technology be utilized? The technology’s application to real-world problems and where it’s natural fit within a payments operation is – Marketing? Cross-sell? Analytics? – should be identifiable.
- Who are ideal partners for this company? Is it an individual financial institution? If so, what asset size? A card processor? Even if not considering a partnership, companies need to think about this in case the competition is – specifically, what would it mean if they partnered/acquired/piloted with this company and how would that change the competitive landscape?
While attending Finovate, we considered these questions and subsequently identified four retail payments companies that offered compelling answers: Alpharank, Dynamics, moneyamigo, and Status Money. In our latest report, Innovative Payment Technology Prospects: FinovateSpring 2018, we analyze each of these companies through these three lenses, highlighting the ways each is pushing payments innovation forward.