For the third time, Banno founder Wade Arnold made his way to Finovate to unveil a product he hopes wows an audience filled with banking and financial industry execs.
“To some extent, a lot of people who present at Finovate are here to disrupt banking,” Arnold today told Silicon Prairie News. “We’re empowering them with tools that allow them to meet the consumer’s needs.”
The Cedar Falls company’s new tool is Kernel, an ad platform that aims to let banks and credit unions market their own products—think loans and saving accounts—to their customers.
Thanks to our sponsor
“Financial institutions have 90-plus percent of their customers returning to their website because of self-service tools,” Arnold said. “Every once in a while, they start thinking about additional products and services.”
Now what if a bank could better market their products at that instance?
That’s Kernel, a product Arnold promises is as easy for banks to add as Google Analytics.
“Kernel rotates through all the different product promotions that institutions may have, trying to find the one that the person is in the market for,” he said. “Since we know most of those customers, we can tailor those ads and deliver them the most relevant advertisement,” Arnold (right) said.
Kernel offers banks a dashboard that shows what their customers are viewing, what they click through and which advertisement is displayed at that time. It also adjusts advertisement delivery between mobile, online banking and other experiences, according to a Banno press release.
“This will be the first Finovate that I’m really excited about from the staff standpoint because every division of the company is well-represented today,” he said, noting that Kernel rounds out the company’s offering. Banno builds websites for banks—the consulting part of its business—and sells banks a white-label mobile app, Grip.
“It really is the product that merges our two main product offerings,” Arnold said.
Arnold said some customers have Kernel in their hands today. Bank Technology News reported that Banno would charge a typical community bank about $500 a month to use the product.
Credits: Screenshot from banno.com. Wade Arnold photo courtesy of Banno.
