CEDAR FALLS, Iowa and MONETT, Mo., July 10, 2013 /PRNewswire/ -- Generations Bank ( $264 million assets) has launched its first mobile app, mygenmobile.The app is powered by the partnership between Banno and ProfitStars ®, a division of Jack Henry & Associates Inc. ®.
Seneca Falls, N.Y.-based Generations Bank launched mygenmobile in February and customer adoption is growing twice as fast as what the bank projected. Furthermore, usage is strong; in one month, half of the app's subscribers accessed it more than 10 times. The top 10 percent entered mygenmobile at least 45 times, the top 5 percent at least 60 times, and the top 1 percent at least 95 times.
Generations Bank has many Millennial customers who never enrolled in online banking, but they have now seen a surge of those customers signing up for mygenmobile. There has also been wide adoption of the app among the bank's online bill pay customers, most of them now leveraging that functionality through mobile. During the month of May, Generations Bank bill pay subscribers were up 30 percent and bill pay transactions had increased 16 percent when compared to the year prior.
Derek Dyson, project analyst at Generations Bank, explained, "Our customers expect seamless, comprehensive mobile banking. Banno and ProfitStars gave us a fast, cost effective way to brand and launch that option, plus provide a tool that is much more sophisticated than simply showing balance and transaction details. With mygenmobile, our customers have the insights to make better financial decisions and act on that purchase or funding opportunity."
Banno and ProfitStars' iPay Solutions™ partnered last year to offer the integrated bill pay as well as Remote Deposit Anywhere™ mobile RDC, providing a more complete financial cycle. Generations Bank has been an iPay Solutions bill pay client since 2009, and was confident in how its technology could parlay into mobile.
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