The Bank of Southside Virginia Delivers Banno Mobile - $54 million bank takes on national competitors with "Anytime, Anywhere" campaign, converts 40 percent of online bankers -
MONETT, Mo., June 26, 2014 /PRNewswire/ -- Jack Henry & Associates, Inc. (NASDAQ: JKHY) is a leading provider of technology solutions and payment processing services primarily for the financial services industry. Its ProfitStars® division today announced that The Bank of Southside Virginia (BSV) has fully deployed its Banno Mobile™ solution. This up-to-the-minute financial aggregation app enables financial institutions of all sizes to offer the latest innovative solutions in mobile banking.
BSV is experiencing strong demand for Banno Mobile; more than 40 percent of its online banking customers downloaded the app in the first four months it was offered. Conversion rates are spread across Millennial, Gen X and Baby Boomer customers, and the app has attracted new customers to the bank. "Days after our first promotion, a customer commented that our app was better than a top-five bank's app; it makes me proud to be a community bank that can offer such excellent service and grateful that our customers recognize that value," said Will Clements, investment officer at BSV.
Banno Mobile works with any core processing system, providing financial institutions of all sizes with a quick, cost effective way to deploy mobile services. Banks and credit unions can market Banno Mobile consistent with their own brand identity, earning recognition as innovative, trusted service leaders. BSV elected to offer the app in conjunction with iPay Solutions™ person-to-person (P2P) payments, bill pay, and Remote Deposit Anywhere™ mobile RDC solutions.
Clements spearheaded the effort to find a mobile app for BSV that would invigorate the bank's self-service channel. The 25-year-old, who first began working at the bank during summers in high school, wanted a technology partner who looked beyond traditional banking technology. "ProfitStars had current designs and innovative ideas, and the Banno Mobile solution worked with our existing infrastructure. Integrating the modern mobile PFM functionality with payment technologies gives us a competitive all-in-one solution that looks good and is easy for customers to navigate," he commented.
David Foss, president of ProfitStars, added, "BSV offers an exemplary tale of how community banks can compete and flourish through self-service channels with help from the right technology partner. As we look to the future, all financial institutions will need a fully integrated, end-to-end solution, making their mobile experience more robust than legacy digital channels."
As a diverse, global division of Jack Henry & Associates, ProfitStars combines JHA's solid technology background with the latest breakthroughs in five performance-boosting solution groups – financial performance, imaging and payments processing, information security and risk management, retail delivery, and online and mobile. Explore the power of ProfitStars-enhanced performance at www.profitstars.com.
About Jack Henry & Associates, Inc.
Jack Henry & Associates, Inc.® (NASDAQ: JKHY) is a leading provider of computer systems and electronic payment solutions primarily for financial services organizations. Its technology solutions serve more than 11,300 customers nationwide, and are marketed and supported through three primary brands. Jack Henry Banking® supports banks ranging from community to mid-tier institutions with information processing solutions. Symitar® is the leading provider of information processing solutions for credit unions of all sizes. ProfitStars® provides best-of-breed solutions that enhance the performance of domestic and international financial institutions of all asset sizes and charters using any core processing system, as well as diverse corporate entities. Additional information is available at www.jackhenry.com.
Statements made in this news release that are not historical facts are forward-looking information. Actual results may differ materially from those projected in any forward-looking information. Specifically, there are a number of important factors that could cause actual results to differ materially from those anticipated by any forward-looking information. Additional information on these and other factors, which could affect the Company's financial results, are included in its Securities and Exchange Commission (SEC) filings on Form 10-K, and potential investors should review these statements. Finally, there may be other factors not mentioned above or included in the Company's SEC filings that may cause actual results to differ materially from any forward-looking information.
SOURCE Jack Henry & Associates, Inc.