American Banker’s Penny Crossman ranked Breach Clarity as one of just six “fintech standouts” at this week’s Finovate event, where hundreds of industry leaders from all over the world gathered to see live demos from 72 companies. You can read the article here (paywall may be in place).
I thoroughly enjoyed the opportunity to get feedback from industry leaders in digital, retail, payments, consumer financial health, and more. We’re on course to have a Premium product ready for retail financial services organizations (banks, credit unions, issuers, brokers, insurers, you name it) to provide to their customers in early 2020, and it’s fascinating to see how true first movers assess something unprecedented like ours. Seriously: given that one of the most prudent questions ask a potential vendor is “who else is deploying this?”, it can’t be easy for our potential future clients to evaluate something that doesn’t actually replace anything else (other than confusion, and I don’t mean to sound clever by saying that).
One of the interesting things we’re hearing from literally every financial institution is this: consumer adoption of safety or account controls is subpar everywhere. At Javelin, I’ll admit that I was among the earliest voices calling for FIs to prioritize these alerts, transaction thresholds, and other empowerment capabilities. As a result, I now feel disappointed to hear that FIs aren’t getting the uptake they had hoped for. Perhaps consumers simply lack the context or expertise to know how and when they should enable account controls, and if that’s true then Breach Clarity can be the trigger that informs and motivates people to take a timely, precision, and event-driven approach to controlling their financial assets. The typical consumer is breached a couple times per year, and perhaps breach events will become the perfect time for individuals to adjust their account safety controls.
Breach Clarity will also be at Money2020 to meet with additional future early deployers, many of whom are now setting up calls to learn more about what Breach Clarity can do for their relationships and the bottom line of their digital investments.