Banno, a provider of mobile applications and personalised payment card services is updating its financial support tool, Grip (view press release). Using Grip, financial institutions can brand and offer an app that provides mobile support for purchases decisions. The new features are designed to bridge the gap in mobile information, from the traditional balances and statements, to real purchasing ability. In addition, 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. Consumers are able to set goals for desired purchases that include budgeting recommendations and best purchasing suggestions. At the end of the purchasing cycle, consumers may then choose a bill pay service directly through Grip.
“Balances and statements remain the top two reasons consumers access mobile banking, but Grip fulfils what we know they are lacking and actually looking for - purchasing ability,” said 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 behaviour through the best price, place to buy, time to buy and payment method.”