Image from: Associated Builders and Contractors, Universitas Gadjah Made 


Finovera has never seen the amount of chatter in the industry as there is today. Well, maybe “chatter” is the wrong word but, perhaps, upheaval. Better yet, “Innovation”.

On one hand, there is a lot of energy around things like embedded finance, banking as a service, hyper-personalization and financial literacy as a part of diversity and inclusion initiatives. On the other hand, there is the explosion of “Fintechs” entering specific target markets by offering unique innovations that have cool features that come with benefits that we’ve never seen before. They also have cool names: BillShark, YSplit, eCredable, and SilverBills to name a few.

At Finovera, we’ve got a lot of clients that fall into the classification of “Fintech”. Here are some of their initiatives using our tools:

  • Providing Financial Guidance that offer features like Subscription Management and Bill Monitoring among others.
  • Improving credit rating scores by capturing and reporting on successful payments for everyone. This is most helpful relative to helping those that have been underbanked.
  • Assuring KYC and avoidance of identification fraud is another huge benefit to the Finovera solution. With Finovera’s patented data extraction tool, we can extract information from the biller statements (name, address, etcetera) and compare it to the new account applicant’s application. This way you are absolutely safe if the address on the statements match the address from the application.

Finovera has some great and standard end user tools. For example, the user can set up alerts to inform them when a bill has exceeded a dollar amount or is a certain percentage over average. The user can even auto-pay a bill if it is under a dollar amount but not if it exceeds a threshold. What is more is that we have really just begun to understand how to use the data extracted from bills and statements. Moreover, you can develop your own features and benefits using the granular data we collect and make available. Talk about differentiation!

Regardless, if any financial entity wants to perform hyper-personalization, execute on improving community commitments or embedding banking into their digital platform it is going to be based on data. And if they don’t have visibility into the user’s payment history because the users now do the majority of their payments on their Marriott Bonvoy or Lowes Home improvement card, the initiatives will be non-starters.

• What could you do if you see a user who is getting cash advances on a competitive card at a really high rate?

• What if you have users who is carrying a large dollar amount on their card at 29% interest?

• What if you have a user who’s credit rating suffers because their on-time payments aren’t being reported?

• What can you do if you have a users who have lost track of their spending because their card statement exceeds ten pages?

• What will your users think of their relationship with you if you can show them billers who are trying to sneak in a rate increase?

• What will your users think of their relationship with you if you can show them subscription-based bills where the user no longer uses the product or service?

These are the types of benefits that companies are beginning to provide to users through their digital platform. Let Finovera show you how you can too.