Financial mobile outfit Banno introduced a new version of its mobile PFM tool, Grip.
According to Wade Arnold, the CEO of Banno, Grip allows banks to customize and brand an app that provides comprehensive mobile support for customer's purchase decisions.
According to Arnold, Grip is a way for banks to quickly and efficiently deploy mobile services without core integration, and it offers several mobile reports, including balance inquiries, transaction listings, notifications of account limitations and branch/ATM location searches. Financial institutions also have access to a metrics dashboard to provide insight to debit usage trends, predict the most profitable future branch and ATM locations and more.
Arnold says Grip offers an analysis on available funds at a given location based on historical records as well as predictive analytics showing a potential purchase’s impact on finances, including variable outcomes from interest rate and cash/debit purchases.
Grip is also designed to prevent complete product or service abandonment by providing consumers with a “wish list” feature; they can set goals for desired purchases that include budgeting recommendations and best purchasing suggestions. Reminders notify the user when considering a purchase that may be more in line with his or her financial situation, and at the end of the purchasing cycle, consumers may then choose a bill pay service directly through Grip.
Arnold says that Banno already is in discussions with several financial institutions, including a top-15 bank, to utilize Grip for their customers.
Bryan Yurcan is associate editor for Bank Systems and Technology. He has worked in various editorial capacities for newspapers and magazines for the past 8 years. After beginning his career as a municipal and courts reporter for daily newspapers in upstate New York, Bryan has ... View Full Bio