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.
Founded in 2008 in Des Moines, Social Money demoed its GoalSaver
technology as part of FinovateSpring 2012
Yesterday, Social Money debuted iWish, a product powered by GoalSaver, in India.
ICICI Bank, India’s largest private sector bank, now allows customers to publicly save for a goal using iWish, a product that has similar features as SmartyPig, one of Social Money’s consumer products.
One difference between iWish and SmartyPig, however, is that iWish offers an interest rate of 7.5% while SmartyPig offers 1%.
While ICICI is the first to offer a GoalSaver-powered product to its customers, there are many more FIs interested in the product, according to Scott McCormack, Social Money CEO.
To learn more about Social Money’s GoalSaver product, watch its FinovateSpring 2012 demo.