Leveraging technology from a pair of Finovate alumni – Banno and ProfitStars, Generations Bank heralded the growth of its first mobile app, mygenmobile, in an announcement this week.
Adoption and participation rates with the new app have been impressive. According to Generations Bank, since its January launch:
- More than half of the app users have accessed it more than 10 times.
- The top 10% have accessed the app 45 times or more. The top 5% accessed it 60 times or more, and the top 1% of subscribers accessed it 95 times or more.
- During May the bank’s billpay subscribers increased by 30% with bill pay transactions up to 16%, year over year.
Generations Bank is based in Seneca Falls, New York, and has more than $260 million in total assets. The bank launched its app at the beginning of the year, and has picked up more than 600 mobile banking customers since. Mobile users account for 30% of its online banking base.
Banno specializes in helping financial institutions use their own banking data to better understand their customers and grow their businesses. ProfitStars, a division of Jack Henry & Associates, develops software solutions ranging from imaging and payments processing to security and risk management.
Both companies are veterans of FinovateSpring in San Francisco. Banno presented its marketing solution for banks, Banno Kernel as part of the 2013 show. ProfitStars was on the Finovate stage one year earlier, demonstrating their Budget Manager technology. Banno’s demo is available here. See ProfitStars at work here.