(Omaha, Neb.) January 26, 2012 – Lodo Software, a provider of personal financial management (PFM) software for banks and credit unions, today announced that Arvest Bank has contracted with Lodo to enhance their online offering by leveraging Lodo’s proven PFM and customer analytics capabilities. Lodo’s solution will help Arvest deliver an improved and personalized online experience that allows bank customers to monitor and manage their finances with greater convenience and control.
With $12 billion in assets, Arvest ranks among the top 100 banks in the U.S. In addition to partnering with Lodo to update their online services, the bank has taken an equity position in Lodo and has joined the company’s advisory board to help guide the future direction of Lodo products.
Cary Parker, executive vice president of information services at Arvest, said, “We like Lodo’s technology and the way their vision aligns with ours in terms of where online banking is headed.Online PFM features can help consumers get a better understanding of where their money is, where they’re spending, and what they can do to improve their financial health. More effectively completing this financial picture, we believe, will bring significant value to our customers and strengthen our relationships.”
Mark Vipond, Lodo CEO, said, “Online banking systems are evolving from the static checkbook registers of the 1990s to something that’s more graphical, more analytical and more engaging. This creates a real opportunity for banks to build loyalty and attract new customers by hosting a richer set of more meaningful, useful data. Banks are also tapping that information to better target their offers and understand their customers in new ways.”
Lodo’s OurCashFlow PFM is designed to be bank-branded and hosted, adopting the look and feel of existing web sites. Its core features – monitoring account balances and transactions, categorizing spending and net worth, creating and managing budgets – can be grouped within a tab or embedded as standalone functions within online banking sites. The software can be operated by a single institution or by a bank holding company on behalf of multiple institutions, each presenting a unique look and feel. More than 100 banks and credit unions have selected OurCashFlow to enhance their online services.
Lodo’s FI Dashboard is a cross-selling tool that’s purpose-built for use with OurCashFlow. The solution captures enriched data about PFM users including assets, accounts, transactions, budgets, savings goals and spending activity. The software organizes and analyzes the information, allowing financial institutions to precisely target the customers who are most appropriate to receive a product or service offer.
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, Nebraska, with software development based in Denver, Colorado. Learn more about the company at www.LodoSoftware.com.
About Arvest Bank
Arvest Bank operates more than 230 bank branches in Arkansas, Oklahoma, Missouri and Kansas through a network of 16 locally managed banks, each with its own advisory board of directors and management team. These locations service customers in 90 communities with 12-hour weekday banking at most locations. Arvest also provides a wide range of banking services including loans, deposits, treasury management, asset and wealth management, life insurance, credit cards, mortgage loans and mortgage servicing. Arvest is an equal housing lender and member FDIC.