Banno (formerly T8 Webware) provides progressive, custom-branded mobile applications, websites and personalized payment card services.
The company has announced a partnership with ProfitStars®, a division of Jack Henry & Associates Inc. ®, to offer iPay Solutions™ integrated bill pay and Remote Deposit Anywhere™ mobile RDC solution through its financial decision support tool, Grip.
With Banno's Grip, financial institutions can brand and offer an app providing comprehensive mobile services. The app, which requires no core integration, improves consumers' all-around purchasing behavior by analyzing and accessing the best price, place to buy, time to buy and payment method. It provides real-time, accurate forecasting to replace all of the manual estimates that people naturally make when considering an on-the-go purchase. Now, with the inclusion of mobile RDC and integrated bill pay, the mobile funding and purchasing cycle is complete. ProfitStars' proven funds transfer tools within Grip make for a seamless mobile experience.
"Grip already satisfies the real-time purchasing ability that consumers demand in mobile services, and now it enables financial institutions to cost effectively extend competitive funding and payment options through a single, turnkey solution," explained Wade Arnold, CEO of Banno. "Mobile banking and mobile PFM solutions have not previously been aligned with how the masses intend to use their smartphones and tablets. We can help people answer questions like 'Where did my money go, and how much can I spend?' and provide the power (and funding) to execute transactions."
Celent reported in October that 49 percent of financial institutions have, are piloting or are planning for mobile RDC, compared to just 8 percent in 2009. The number of institutions with no plans for mobile dropped from 72 to just 18 percent in the last three years. A recent Aite Group study also found that the greatest anticipated growth for bill payment transaction volumes was for mobile channels.
According to Arnold, "The industry has yet to see the full adoption, and thus the full potential, of mobile RDC and bill pay. Integrating proven solutions into platforms that provide consumers with an end-to-end financial picture will help drive the future of all our efforts."
Grip uses pre-transaction insights derived from location, historical spending outliers and upcoming bills to provide consumers with all of the information they need to augment their purchase from any location at any time. In a unified, up-to-the minute view, Grip aggregates users' balance and transactional data across institutions and analyzes the greatest changes in monthly spending with upcoming bills and usual payments to present an accurate, holistic view of their money. The tool's predictive analytics also reveal a potential purchase's impact on finances, including variable outcomes from interest rate and cash/debit purchases.