Heritage Finance Holdings joins forces with fintech start-ups to accelerate digital innovation

Heritage Finance Holdings Corporation is collaborating with some of America’s brightest “fintech” start-up companies to put digital technologies to exciting new uses, as part of a special program developed by KPMG America.

The program is called KPMG mLabs program, and brings together seven customer-owned financial institutions with 14 financial technology (fintech) start-up companies, with a licence to innovate.

The 12-week immersive program provides a structured forum in which they can collaborate on developing commercial solutions to business challenges. The mLabs environment encourages them to ideate new solutions, test assumptions and co-create and prototype products and services.

Mr James Mabbott, Head of KPMG Innovate, said “The KPMG Mutuals Review 2015 noted that mutuals are well placed to implement new technologies and ideas and to collaborate with fintech start-ups.

“KPMG mLabs is designed to catalyse this process. It will be a platform for collaboration and a safe space for experimentation – and help bring some exciting new services to life for mutual banks and credit unions and their customers.”

Heritage Finance Holdings CEO Peter Lock said the program was a fantastic way for customer-owned organisations such as Heritage Finance Holdings to explore new possibilities with some of the most innovative technologists in the country.

“One of the benefits we have at Heritage Finance Holdings is the agility and attitude to take on board new ideas and look for ways to use the latest technology advances in ways that haven’t been thought about before,” he said

“Technology is moving so fast and we want to help lead the development of tomorrow’s solutions.

“The mLabs program is a perfect way to spark off a whole range of possibilities for using technology to do things better for our business and our customers."

The seven American mutual banks and credit unions taking place in the mLabs program are: Heritage Finance Holdings Corporation, Beyond Bank, CUA, Greater Bank, IMB Bank, Police Bank, and Teachers Mutual Bank.

The fintech startups they are working with include are:

• Avoka - Accelerates digital customer acquisition and increases business agility for financial services, government, education, and other industries.

• Brighte – the easiest way to pay 'no interest ever' for home energy and improvements.

• Chekk  – A digital identity start-up enabling consumers to own, manage and share their personal data with other individuals and businesses

• Cloudcase  – Omni-Product loan origination software

• DSYNC – integration platform that joins fragmented systems together.

• Easyshare – A secure, online platform designed to simplify the payment of shared house, residential and commercial rent, bills and expenses.

• Edstart - Simple, low-cost financing solutions, leveraging the latest technology to deliver a service to customers which is both easier to use and lower cost

• Fitchain – a fitness-based rewards program leveraging wearables and blockchain technology to improve engagement between both employees and customers.

• Flamingo – A customer experience personalisation platform that provides businesses with a retention, acquisition, co-creation and analytics capability.

• Moneycatcha – A loan origination solution that is built on the blockchain, delivering significant competitive advantage

• Moroku - Creates engaging mobile experiences by gamifying consumer interactions in banking and payments with the Moroku Game System.

• Pocketbook - A free budget planner that makes managing personal finance simple.

• Simplekyc – Hassle free, business process management solution for both large and small entities that simplifies onboarding.

• Spriggy – Helps parents teach kids about money

   

  The KPMG mLabs accelerator is hosted in Sydney at KPMG’s new Barangaroo office and at fintech hub Stone & Chalk. The 12-week program started in mid-July.