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Mobile Payments

Banno adds new features to Grip financial aggregation app

Thursday 13 September 2012 | 10:27 AM CET

Banno, a US provider of mobile applications, websites and payment card services, has made new enhancements to its financial decision support tool dubbed Grip.

With Grip, financial institutions can brand and offer an application that provides mobile support for purchase decisions. Its new features include pre-transaction insights derived from location, historical spending outliers and upcoming bills which are analyzed to provide consumers with the information they need to enhance their purchase experience.

Grip is a mobile application that enables consumers to aggregate their balance and transactional data from financial institutions into a single view. It automates the natural regression analysis people estimate when looking at account dashboards. The tool’s predictive modeling analyzes the changes in users’ spending month over month merged with upcoming bills and usual payments, giving them a view of their money and current purchase ability.

The Grip mobile application provides 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 provides 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.

The application provides financial institutions with a way to deploy mobile services without core integration. It offers mobile reports, including balance inquiries, transaction listings, notifications of account limitations and branch/ATM location searches.

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