On Tuesday, Bank Director and Promontory Interfinancial Network announced the finalists for the 2018 Best of FinXTech Awards, which is described as an event that recognizes institutions that exemplify how collaborative efforts can lead to innovative solutions and growth in the banking industry.
The duo reported that the winners of the 2018 Best of FinXTech Awards will be revealed at the FinXTech Annual Summit, which will be held in Scottsdale, Arizona on May 10th. This event brings together senior executives from across the financial space to focus on new growth strategies and opportunities available to banks today. The finalists are the following:
Startup Innovation Finalists
- Seacoast Banking Corp. and SmartBiz Loans: Stuart, Florida-based Seacoast partnered with online lending marketplace and platform SmartBiz, of San Francisco, to take the bank’s Small Business Administration loan business nationwide.
- Radius Bank and Alloy: Radius Bank partnered with FinTech Alloy to help transform into a digital-first bank. By using Alloy’s smart identity platform and API, Radius can deliver a superior experience to their new customers signing up online – offering an instant decision in 98% of the cases, whilst reducing onboarding fraud by 50%.
- ChoiceOne Financial Services and AutoBooks: ChoiceOne Financial Services of Sparta, Michigan, expanded its services to small business clients by partnering with Detroit-based business banking platform AutoBooks to offer treasury services.
- Pinnacle Financial Partners and Built: Pinnacle partnered with Built, a fintech firm focused on construction lending, to streamline the bank’s construction loan management process. Both companies are based in Nashville, Tennessee.
Innovative Solution of the Year
- U.S. Bancorp and SpringFour: Seeking to help mortgage customers that were falling behind on their loan payments, U.S. Bancorp integrated Chicago-based SpringFour into the bank’s mortgage servicing operations and website.
- CBW Bank and Yantra Financial Technologies: CBW Bank became the first bank in the U.S. to publish its APIs by working with Yantra Financial Technologies to launch the Y-Labs Marketplace. The Y-Labs Marketplace is an initiative that enables banks to rapidly introduce new payments, products, and services with industry-specific benefits.
- USAA and Clinc: USAA partnered with the artificial intelligence platform Clinc, based in Ann Arbor, Michigan, to pilot an Amazon Alexa skill that helps USAA members access information about account balances, transactions, and spending patterns.
Best of FinXTech Partnership
- MVB Financial Corp. and BillGO: MVB and BillGO, based in Fairmont, West Virginia, and Fort Collins, Colorado, respectively, partnered to develop a real-time bill payment solution that improves the financial lives of more than 5 million Americans.
- TCF Financial Corp. and D3 Banking Technology: As part of TCF’s digital transformation, the Wayzata, Minnesota-based bank leveraged D3’s digital banking platform to improve the customer experience, including a re-designed and intuitive mobile banking app; easier ways to deposit checks, pay bills and transfer money; and advanced budgeting and savings tools.
- Citizens Financial Group and Fundation Group: Citizens Financial, of Providence, Rhode Island, partnered with Fundation, of Reston, Virginia, to digitize the credit delivery process across all channels for small business loans and lines of credit.