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KeyCorp : KeyBank Launches New Mobile Banking Solution with mFoundry

04/23/2012 | 09:05am US/Eastern

SAN FRANCISCO, April 23, 2012 /PRNewswire/ -- mFoundry, North America's largest mobile banking and payments provider, today announced KeyBank launched mFoundry's mobile banking technology, mBanking, to expand the bank's mobile banking offering. mFoundry's mobile banking solution is now used by nearly 10 million consumers across more than 675 financial institutions nationwide, including one-third of the top 50 banks in the United States. KeyBank is the latest financial institution to select mFoundry's mBanking solution to support its mobile banking requirements.

"KeyBank is committed to providing client-focused solutions in the mobile channel that are secure, save time, and are easy to use," said Jordan Olack, KeyBank vice president and mobile channel manager. "Our clients' top request in mobile banking features and service was access to native mobile banking apps for Android, BlackBerry, and iPhone."

"After an exhaustive vendor evaluation, it became obvious mFoundry was best positioned to provide KeyBank with applications to satisfy our clients and to provide us with a mobile foundation to build upon as we deploy new features and services in the future," Olack added.

Adhering to an aggressive schedule, mFoundry launched KeyBank's mobile banking applications with very successful results. In the first week following the launch of its new mobile banking apps, half of KeyBank's existing Android users upgraded to the new app. The number of new user downloads of the iPhone application has exceeded the bank's expectations by nearly two-fold. "It's great to see so many clients tapping our expanded mobile services. Their enthusiasm for the new service demonstrates Key's commitment to developing services based on clients' insight," said Olack.

"Tightly controlled execution is critical anytime you are replacing and enhancing an existing mobile offering," said Drew Sievers, CEO and co-founder, mFoundry. "We provided KeyBank with the best possible solution in the shortest period of time, while putting an extensible foundation in place - our mobile financial services network - that will allow KeyBank to roll out new features and enhanced mobile banking services faster in the future."

Olack said KeyBank's mobile channel strategy is to build in phases, evaluating each new service in terms of client insight and industry best practices. The bank is also evaluating services like mobile deposit for its customers - services that can be seamlessly activated through its mFoundry mobile banking applications. The bank is also in the early stages of evaluating services that will help it provide customers with an integrated payment experience - mFoundry currently provides multiple mobile payments options for banks and credit unions.

For more information on KeyBank's Mobile Banking Solutions, including its new mFoundry-powered native mobile applications, please visit: https://www.key.com/mobile

About mFoundry

mFoundry is North America's largest provider of mobile banking and payments services, currently the choice of more than 675 banks and credit unions nationwide. mFoundry's mBanking product is the leading software-as-a-service (SaaS), cloud-based mobile banking offering in the market today, used by nearly 10MM users. mFoundry's mobile banking customers include 1/3 of the top 50 financial institutions in the U.S., including 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 KeyCorp

Key traces its history back more than 160 years and is headquartered in Cleveland, Ohio. One of the nation's largest bank-based financial services companies, Key has assets of approximately $89 billion at December 31, 2011.

Key (NYSE:KEY) provides deposit, lending, cash management and investment services to individuals and small businesses in 14 states under the name KeyBank National Association. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name.

For more information about Key, visit www.key.com or follow Key on Twitter @KeyBank_News and @KeyBank_Thrive. KeyBank is Member FDIC.

SOURCE mFoundry

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