I covered the first Finovate event organized by Jim Bruene back in October 2007 (in New York City). The event was such a success (it sold out in only 6 weeks) that Jim decided to organize two more Finovate events in 2008: FinovateStartup & Finovate 08.
I was delighted when Jim invited me to be the official live blogger on NetBanker at FinovateStartup in San Francisco. Before the event, I plan to blog about most of the 40 startups which will demo their products. My goal is to give you a brief overview of those innovative startups.
Andera, the leading provider of online account opening solutions
Andera was already presenting at Finovate in 2007.Andera was co-founded by their CEO, Charlie Kroll, back in 2000. I first met Charlie at Finovate in New York.
Andera is the #1 provider of online account opening & funding in the market, about to pass 200 financial institution customers, ranging in size from very large (top 10 bank) to the low end of the mid tier (i.e. $100MM credit union).
Andera partnered with many leading vendors in the online banking industry, such as Yodlee, S1 or Sybase.
Importance of Online Account Opening and funding in the US
According to a 2006 Aite Group report entitled Something for Everyone: Online Account Opening Delivers the Goods…“ online account opening functionality is quickly becoming a competitive must-have for financial institutions. Among participants in an Aite Group research panel of Top 50 banks, 72 percent indicated that they offered account opening and funding (62 percent) or account opening without funding (10 percent).” The report also concluded that “the potential savings from online account opening solutions are compelling. For example, a mid-sized bank with 20 percent of new accounts opened online could realize a whopping $1,125,000 in savings over traditional account opening methods.”