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Temenos Innovation Jam crowns ebankIT and Kerv winners

Payments startups ebankIT and Kerv were the toast of the Temenos Innovation Jam in London this week as they walked away winners of an audience vote.

A host of aspiring FinTech startups presented their products to an audience of bankers and vendors at London’s Canary Wharf accelerator Level39 this week. All hoped to come away with a ticket to Temenos’ Barcelona-bound community forum in May.

Related: Temenos take Sales League Table crown

Both winning companies are home-grown and based in London. ebankIT says that it aims “to bring core banking to customers in a way they will enjoy and engage with” by creating mobile and social banking applications.

Kerv, meanwhile, aims to take contactless payments to the next level by created “the world’s first contactless ring”. The ring enables the user to make payments by waving their hand over compatible terminals.

Questions on the future were brought to the fore by speaker and Director of Innovation at Temenos Aaron Phethean. “The challenge for banks,” he told the audience, “is to remain profitable and leverage technology at the same time and the barriers [to that] are being lowered”.

Read more: Temenos powers digital banking ventures

Phethean pointed to an example of how regularly different companies make changes to their products. Amazon, he said, release a change every 11.6 seconds while Google perform 160 in a day. A bank that Temenos had spoken to (and remained nameless), he continued, had made three changes in 14 years.

Banks need to stop looking at the High Street for competition, he added. Google, Apple and Alibaba are their new competition.

By Alex Hamilton

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