Banno scores assist on success of New York firm's first mobile banking app

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Posted: Wednesday, July 10, 2013 12:00 am

When New York-based Generations Bank launched its first mobile banking app in February, Cedar Falls startup Banno was there to help power it. The app, called mygenmobile, has since grown twice as quickly as projected, according to a Banno press release today.

Banno partnered with Allen, Texas-based software company ProfitStars on the project—a familiar pairing as the two companies collaborated last year on ProfitStars' iPay Solutions platform.

"Generations Bank did it right—giving its customers a mobile app that fulfills their most critical banking needs," said Banno CEO Wade Arnold in the release. "Mobile banking must be more than just another channel, or labeled as a service. It drives today's banking preferences and gives a financial institution the access to play an invaluable role in consumers' everyday purchasing decisions."

Still under the name T8 Webware, Banno in September 2011, unveiled Grip, an application that helps mobile users make financial decisions on the go. Nearly two years later, the white-label product costs financial institutions $1.49 per active user per month, 50 cents higher than when the platform first launched.

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