Finovate Presenters Put Community Into Focus

Learning from one another was the theme of Finovate 2008.

Held yesterday in New York, the conference boasted 24 companies that demoed their latest offerings in seven-minute presentations. (Finovate isn’t kidding about the seven-minute demo limitation either. Microphones get muted; jazz music takes over.) The feel of the show reminded me of a magic show crossed with a speed dating event.

Attendance seemed strong and attention was acute, but that doesn’t mean all attendees were positive about the sector’s future. Outside of the demos and in the networking hall, some attendees questioned the introduction of financial management companies during a troubled economy while others took the mentality that the present is a perfect time to do just that.

As the credit crisis deepens, many companies suggested consumers must straighten up their finances more than ever, and networking with other consumers is one way to do just that. Worth noting is Quicken revealed its service is now free, targeting Americans living paycheck to paycheck.

The biggest trend throughout all the demos? A community emphasis: To help with your finances, meet and greet other members on the web sites or offer product reviews to guide fellow members’ finances.

Although many companies, like Wesabe, an online money management tool provider, have relied on an online community to help improve consumer’s financial decisions for some time, the trend continues to deepen.

Take WeSeed for example. Although it is still only offered in beta version, WeSeed lets users play the stock market with fake money, and capitalizes on the social networking theme by boasting an online social community. Members can check out what others are buying and connect with them.

FiLife, a personal finance website, uses community reviews and expert advice to help consumers find the “right” financial products and just launched this month. Letting consumers voice their opinions echoes the community aspect many Finovate presenters revealed.

What’s the future for financial technology? If Finovate 2008 is any indicator, there will be an even greater focus on community.