Banno on Wednesday unveiled an upgraded version of Grip, its application designed to help users make financial decisions on the go.
Banno CEO Wade Arnold (near left) and engineer Ben Metz (far left) showed off the overhauled app at FinovateFall 2012 in New York. Banno, a Cedar Falls-based company that makes mobile applications, websites and personalized payment card services, first introduced Grip last year at the same event.
The original version of Grip enabled consumers to aggregate all of their balance and transactional data from multiple financial institutions in a single place.
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The revamped version of the app includes that same functionality but also features a new-look user interface and more extensive tools to help users determine their purchasing ability. The app now analyzes things like location, historical spending patterns and upcoming bills to help guide users’ purchasing decisions. Other features include predictive analytics that help illustrate a potential purchase’s impact on finances and a “wish list” function that lets users set goals for desired purchases.
“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,” Arnold said in a release. “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.”
Banno is offered to financial institutions as a white-label product. At a cost to those institutions of $1.49 per active user per month, the app offers an array of mobile reports, including balance inquiries, transaction listings, notifications of account limitations and branch/ATM location searches.
“The ability for banks and credit unions of all sizes to offer such comprehensive insight turns the tables on mobile banking and (personal financial management) tools as we knew them,” Arnold said.
For more on the upgraded Grip, check out Finovate’s quick overview from yesterday’s event. Stay tuned to Silicon Prairie News for more in the coming days, as video of Arnold and Metz’s presentation is due out soon.
Credits: Photo from finovate.com.
