OMAHA, Neb.--(BUSINESS WIRE)--Lodo Software, a provider of personal financial management (PFM) software for banks and credit unions, today announced that 120 financial institutions have signed on to use Lodo’s OurCashFlow solution integrated with Jack Henry & Associates’ NetTeller Online Banking system. Jack Henry & Associates made the integrated online financial management (OFM) solution available to its customers at the end of 2010.
Pete Hopkins, general manager of Internet solutions at Jack Henry & Associates, said, “We’re very pleased with the results from our first year of providing an OFM solution to our customers. On average, every three days another NetTeller client has chosen to deploy OFM, and we expect that number to grow substantially as more banks and credit unions realize the value to their organizations and their customers.”
As of the end of January 2012, 120 financial institutions had chosen Lodo’s solution. Among the financial institutions that have enabled end-user access, a total of 25 percent of their active online banking users have begun using OFM. The usage rate has climbed as high as 74 percent of online members at one credit union.
Mark Vipond, CEO at Lodo Software, said, “The rate of end-user adoption has been good but is very dependent upon the education that financial institutions provide to their customers. The most successful institutions have made the effort to educate their customers on the value of personal financial management, and it shows in their adoption rates.”
OurCashFlow is designed to be bank-branded, adopting the look and feel of existing web sites. The standard PFM features – monitoring account balances and transactions, categorizing spending and net worth, and creating and managing budgets – can be grouped within a tab or embedded as standalone functions within online banking sites. OurCashFlow includes a cross-selling tool that is purpose-built for use with the PFM. It helps financial institutions organize and launch highly targeted campaigns using information gathered by the PFM platform.
Lodo markets its software directly to financial institutions while also integrating with best-of-breed online banking systems such as NetTeller.
About Lodo Software
Lodo develops personal financial management solutions that banks and credit unions can brand and integrate with their online banking sites. The company’s FI Dashboard offers a powerful cross-selling tool that leverages information gathered by the PFM platform to create targeted promotional campaigns. Founded in 2005, Lodo is headquartered in Omaha, Neb., with software development based in Denver, Colo. Learn more about the company at www.lodosoftware.com.
About Jack Henry & Associates, Inc.
Jack Henry & Associates, Inc. (Nasdaq: JKHY) is a leading provider of computer systems and ATM/debit card/ACH transaction processing services primarily for financial services organizations. Its technology solutions serve more than 11,200 customers nationwide and are marketed and supported through four primary brands: Jack Henry Banking, Symitar, ProfitStars and iPay Technologies. Additional information is available at www.jackhenry.com.