Social Money, the company that launched – and was formerly known as – the consumer personal finance management solution, SmartyPig, will bring its core processing platform CorePro to Lincoln Savings Bank, an Iowa-based community bank with 17 branches.
For Lincoln Savings CEO Erik Skovgard, advanced technology, mobility, and affordability were among the main reasons why he sought a partnership with Social Money. “CorePro helps us provide a next generation web and mobile bank-in-a-box type of experience,” he said. Skovgard hopes the platform will help his bank attract younger customers “at a price we can afford.”
Social Money CEO Scott McCormack added, “We are making it possible for banks to compete again. It shouldn’t cost so much for innovation, and it certainly shouldn’t cost so much to offer basic services.”
The cost-savings come from being able to run the platform on a stand-alone basis, without having to integrate with legacy systems to get started. CorePro can be used for saving, checking or certificate of deposit accounts, and provides real-time transfers with card platforms, including prepaid. Read more about CorePro here.
Above: Social Money CEO Scott McCormack presenting at FinovateSpring 2012.
As we reported last month, Social Money is also launching its CorePro technology in India, courtesy of a partnership with the Bill and Melinda Gates Foundation. The company announced last fall a partnership with H&R Block to promote goal-based savings for the tax-preparer’s ard customers, and another deal with TMG to bring prepaid payment options to millennials and the underbanked.
Founded in 2008 in Des Moines, Social Money demoed its GoalSaver technology as part of FinovateSpring 2012.