Capgemini and Efma announced today the winners of this year’s Financial NewTech Challenge 2020. The competition aims to recognize the most innovative financial NewTechs and identify the most inspiring collaborative projects between NewTechs and financial institutions.
“We’ve seen applied innovation and effective collaboration at its highest level during this year’s Financial NewTech Challenge” said Elias Ghanem, Vice President and Global Head of Market Intelligence for Capgemini’s Financial Services. “NewTechs are no longer disrupting the industry but are now full-fledged industry participants as shown by the degree of collaboration at scale that is occurring. This effective collaboration mindset is yielding innovation that is shaping what the industry of the future will look like as we achieve hyper-personalized customer experience, which is highly demanded by customers especially in these unprecedented times.”Fintech News
The Financial NewTech Challenge is hosted on the FinTechVisor portal, a global platform that enables FinTechs, InsurTechs, RegTechs, DataTechs – defined as “Financial NewTechs” to showcase their solutions. To date, more than 1,300 StartUp and ScaleUp NewTechs are registered on the platform. Through an interactive matchmaking tool, FinTechVisor also empowers Financial NewTechs and Financial Institutions to foster new partnerships.
To participate in the challenge, Financial NewTechs completed submissions across three business categories (Retail Banking, Payments, and Wealth Management) and two maturity stages (Startups and ScaleUps). Also, Financial NewTechs and Financial institutions jointly submitted their collaborative use cases. Votes were collected along with an assessment of each entry by a global panel of industry experts.
A total of 164 submissions were received from around the world and more than 2,700 votes were cast resulting in the following winners of The Financial NewTech Challenge 2020:
MoEngage Inc (USA) & Mashreq Neo (UAE) in the Financial NewTech Collaboration Category for ‘Sherpa,’ an intelligent customer engagement platform that enables Mashreq to understand customer behavior down to each unique user and make proactive decisions with straight-through processing, reduced manual intervention, and enhanced AI capabilities.
Futurae Technologies AG (Switzerland) in the Retail Banking, StartUp Category for their seamless and secure multi-factor authentication and transaction confirmation process for end-users and organizations via machine learning and sensor signal technology.
Flaminem (France) in the Retail Banking, ScaleUp Category for their innovative cloud-based Know Your Customer (KYC) solution that acts as a single window for digitizing the entire KYC diligence process, from its creation to its archival with an audit trail.
Xaalys (France) in the Payments, StartUp Category for their SAAS solution which offers both personalized digital banking services as well as financial education content aimed at the teenage market.
viafintech (Germany) in the Payments, ScaleUp Category for their pan-European transaction platform that shortens the cash cycle for both consumers and businesses while providing various services through barcodes such as bill payment, money transfer etc.
Monuma (France) in the Wealth Management, Investment & Capital Markets, Startup Category for ‘Blockchain Mobility,’ the first global blockchain application dedicated to certifying and transporting goods securely in just one click.
Raisin (Germany) in the Wealth Management, Investment & Capital Markets, Scaleup Category for their marketplace that provides partner banks with seamless, flexible access to wider European deposit markets, and helps distribution partners broaden their product portfolio.
A shortlist of 10 StartUp and 10 ScaleUp applicants in each of the three NewTech categories plus the 10 collaborative financial institution and NewTech applicants were selected by a committee from Efma and Capgemini and announced on FinTechVisor on March 16, 2020. From the shortlisted entrants, the winners were selected by a jury of experts (75% weighting of the vote) and online voting accessible to both financial institutions and NewTechs (25% weighting of the vote). Winners were announced during today’s online event to an audience of key decision-makers, senior executives, and major sector players within the industry.
During the same event, Efma and Capgemini published the “Efma-Capgemini Financial NewTech Watchlist 2020,” which groups the best StartUps and ScaleUps worth observing closely as they help in reshaping the financial industry landscape in the years to come. The “Efma-Capgemini Financial NewTech Watchlist 2020,” can be accessed here.
“Since its launch in May 2018, the FinTechVisor portal has become the home of a strong community of innovative FinTech organizations,” said John Berry, CEO of Efma. “FinTechVisor’s Financial NewTech Challenge builds on this, providing a platform for FinTechs to showcase the strength of their propositions and benchmark them against those of their peers, while underlying the impact that efficient collaboration between FinTechs and institutions will have on the future of financial services.”