mFoundry Launches Mobile Banking Solution for Conestoga Bank

SAN FRANCISCO, April 12, 2012 /PRNewswire/ -- mFoundry, the most popular provider of mobile banking and payments solutions, today announced Conestoga Bank has successfully deployed its mBanking mobile banking solution. mFoundry's mobile banking solution is now used by nearly 10MM users across more than 650 financial institutions nationwide, including one-third of the top 50 banks in the U.S.

Conestoga Bank is the latest financial institution to choose mFoundry's mobile banking and payments platform to serve the mobile financial services needs of its customers. With its new mobile banking solution, Conestoga Bank is providing customers with a suite of mobile banking services that includes three platforms – a smartphone app, a mobile Web service and an SMS/text banking service. These options will enable Conestoga's users to do their banking from the widest range of mobile devices in the market today.

"Our mobile banking service is all about convenience," said Lori Adamski, EVP, COO, Conestoga Bank. "Making banking more convenient and available on all the platforms our customers are using makes sense as the mobile channel continues to evolve. We're pleased to be able to offer technology such as this to serve our customers better."

"Conestoga's growth to date is on par with what we see for other financial institutions with a similar technology profile," said Drew Sievers, Co-Founder and CEO, mFoundry. "It's common for us to see greater than 20% adoption of an FI's online banking customer base within six months of launch. While these numbers vary from one institution to the next, our team works closely with FIs like Conestoga to ensure they're leveraging the full extent of our adoption best practices to reach their unique adoption goals."

In addition to Conestoga's mobile apps, mobile Web and SMS banking features, the bank rolled out mobile deposit features as part of its mobile offering for customers, enabling smartphone users to take a picture of a check and deposit it into their accounts without having to go into the branch. Leveraging mFoundry's SaaS-based, cloud-based mobile banking platform, it's much easier for banks to activate new features and services as they choose to offer them.

"Conestoga is the first bank using the mBanking solution to integrate directly into our Open Solutions Inc./DNA core system, which is completely independent from our online banking offering," adds Adamski. "We chose this structure because we see mobile as the future of banking, and wanted the flexibility to align our delivery channels perfectly with our target market and customer demographics."

"mFoundry's mBanking solution has quickly become the de facto choice among banks and credit unions of all sizes, because of our ability to service financial institutions of any size," adds Sievers. "Conestoga Bank is a great example of this flexibility, as we were able to provide seamless integration with the bank's core system, bypassing the need to overlay mobile banking on its online banking solution. This extends the reach of Conestoga Bank's mobile channel beyond its online banking users, putting it in a position to generate greater revenue production from the mobile channel."

"The response to our mobile banking offering has been significant to date," said Adamski. "Since rolling out mobile banking, we've seen demand continue to strengthen as our users look to interact with us through the convenience of their preferred mobile devices. We expect adoption of mobile banking to grow even faster as more of our customers discover the convenience of the mobile channel."

For more information on Conestoga Bank's mobile banking solution, please visit: http://conestogabank.com/ways-to-bank/mobile-banking.

About mFoundry

mFoundry is the most popular mobile banking solution in the U.S., currently the choice of more than 650 banks and credit unions nationwide. mFoundry's mBanking product is the leading software-as-a-service (SaaS) based mobile banking solution in the market today, used by nearly 10MM users. mFoundry's mobile banking customers include leading financial institutions, such as Bank of America, PNC Bank and Zions Bank.

In addition to its mobile banking experience, mFoundry has established itself as a leader in mobile payments, through its work with retailers like Starbucks Coffee Company. mFoundry developed and manages Starbucks Card Mobile program, the most successful mobile payments program to date, currently used in more than 6,800 stores nationwide. mFoundry was founded in 2004 by Drew Sievers and Rodney Aiglstorfer.

The company is headquartered in Larkspur, California, with additional offices in downtown San Francisco. For more information on mFoundry, please visit http://www.mfoundry.com.

About Conestoga Bank

Conestoga Bank is a wholly-owned subsidiary of Conestoga Bancorp, headquartered in Chester Springs, Pa. Conestoga Bank is a full-service financial institution, with 14 branches in Center City and South Philadelphia, Bucks, Chester, Delaware, and Montgomery counties, specializing in commercial loans, Small Business Administration, and leasing, along with convenient personal checking and savings products. For more information, please visit http://www.conestogabank.com.

SOURCE mFoundry