Finovate Europe 2014: mobile wallets to be a key theme for the year ahead

Technologies enabling the 'always-on and always-connected' customer will influence how people deal with money

Amber Stokes
Amber Stokes
By Amber Stokes on 12 February 2014
Finovate Europe 2014: mobile wallets to be a key theme for the year ahead

Mobility continues to dominate executive agendas in financial services technology. Finovate Europe, held on 11 and 12 February at Old Billingsgate Market Hall in London, was no exception.

Speaking to Finance on Windows about the event, Finovate CEO Eric Mattson said: “This year we are seeing a number of broad trends have an even greater impact on the industry. Mobile devices as a replacement for a wallet will become a top theme this year, and technologies enabling the ‘always on’ and always-connected customer will become more prevalent and influence how people deal with money.”

Microsoft partner Pixeliris demonstrated its solution that allows you to turn any phone into a mobile wallet. “Currently, only 10% of smartphones in the world are NFC-compatible and there is no perspective to change this figure in the near future,” explained Christian Ruiz, sales manager, Pixeliris. “Copsonic is based on sonic communication transiting through the devices’ speakers and microphones. Therefore, our technology is compatible with 100% of existing phones and smartphones, unlike NFC technologies.”

Similarly, Kofax demonstrated how its solution can even enable bank customers to open a new account without even having to go to a branch. “Consumers don’t like going to branches. So we’re going to show you today how any bank can turn a mobile device into a branch,” said Drew Hyatt, senior vice president, mobile applications, Kofax. “Kofax technology turns smartphones into sophisticated scanning devices and intelligent document-capture devices. It’s like having a little banker on your mobile device that can read the data, understand what it is and pull out the important information and enter it into the system of record.”

Other demonstrations focused on the benefits of cloud technology. Microsoft partner Atsora is driving hybrid cloud solutions in the industry. Its solution Momentum is an online and mobile value-added service and an engaging collaboration platform between SMEs and banks. Five Degrees also showcased its solution Matrix Accounts, to demonstrate universal banking in the cloud.

This year’s Finovate Europe has been its largest international event to date with a crowd of over 990 attendees, featuring a variety of long-standing technology providers and start-ups showcasing the future of financial and banking technology.

“Technology innovation is gaining tremendous momentum in the financial services industry today, and what we offer to people is the chance to keep a finger on the pulse on that innovation and better compete in what is a rapidly changing dynamic,” said Mattson. “We see Finovate as a catalyst, where we find great ideas and put them on stage in front of an audience that can help make them a reality in the industry. Our fundamental aim is to move the whole industry forward just a little bit faster.”

Read the full interview with Eric Mattson.

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