- Briefing Room
- Consumer Engagement
- Commerce 3.0
Banno (formerly T8 Webware), the provider of progressive, custom-branded mobile applications, websites and personalized payment card services, introduced new enhancements to Grip, its financial decision support tool, at FinovateFall.
With Grip, financial institutions can brand and offer an app that provides comprehensive mobile support for purchase decisions. Its new features are designed to bridge the gap in mobile information, from the traditional balances and statements, to real purchasing ability. Pre-transaction insights derived from location, historical spending outliers and upcoming bills are analyzed to provide consumers with all of the information they need to augment their purchase from any location at any time.
“Balances and statements remain the top two reasons consumers access mobile banking, but Grip fulfills what we know they are lacking (and actually looking for): purchasing ability,” explained Wade Arnold, CEO of Banno. “Traditional money management tools can be great for a retrospective view of finances, yet they do nothing for mobile users needing real-time decision support. Our latest enhancements to Grip will improve consumers’ all-around purchasing behavior through the best price, place to buy, time to buy and payment method.”
Grip was introduced at last year’s FinovateFall as a mobile application that enables consumers to aggregate all of their balance and transactional data from multiple financial institutions into a single, up-to-the-minute view. It has evolved to automate the natural regression analysis people estimate when looking at account dashboards. The tool’s predictive modeling analyzes the greatest changes in users’ spending month over month merged with upcoming bills and usual payments, giving them an accurate, holistic view of their money and current purchase ability.
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 also prevents 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. At the end of the purchasing cycle, consumers may then choose a bill pay service directly through Grip.
Arnold said, “Grip exists so consumers can know exactly where they are at any given moment across all their financial accounts. The ability for banks and credit unions of all sizes to offer such comprehensive insight turns the tables on mobile banking and PFM tools as we knew them.”
Grip gives financial institutions a fast, cost effective way to deploy mobile services without core integration. It still offers the most demanded mobile reports, including balance inquiries, transaction listings, notifications of account limitations and branch/ATM location searches. And, financial institutions have access to the metrics dashboard (number of mobile users, usage, total logins, ATM patterns, etc.) to provide insight to debit usage trends, predict the most profitable future branch and ATM locations and more. Some financial institutions have opened call centers focused exclusively on cross-sell action items derived from this data.
Grip uses an open protocol method enabling it to access end user information securely and without revealing identity. Aggregated consumer banking information is solely for the end user and is not shared between financial institutions.
Banno (formally T8 Webware) provides and powers solutions that help financial institutions harvest behavior-driven banking data to stimulate growth and retain business. Its Banno.com-powered websites, mobile banking, account aggregation and enriched transactions provide segmented customer analysis based on anonymized data that can be used for actionable product offerings.
Banno.com architecture is built with Open APIs to allow simple integration with existing digital channels. To learn more, connect with us at www.Banno.com.