“The next frontier in mobile banking is mobile account opening. Enabling consumers to open accounts on smartphones and tablets is especially critical for those institutions interested in serving tech-savvy Millennials or unbanked and underbanked households who use smartphones as their sole means of Internet access.
Until now, mobile account opening has been hampered by two challenges, which turn out to be related. First, financial organizations have difficulty collecting and verifying Customer Information Program (CIP) data from consumers on mobile devices. Second, mobile interfaces often require a lot of typing, which can lead to errors and variations that make CIP data hard to verify, and which also make degrade the customer experience of using the mobile app.”GET THIS PAPER
“Even when institutions win business and open accounts, risks persist. Not all customers will be profitable. Some will charge-off because of losses, and a few will perpetrate fraud. But others will become loyal, profitable customers, and some of these profitable customers will be willing to consolidate their business with the institution.
If institutions can recognize these profitable customers at account opening, they take proactive steps to win a larger share of these customers’ business.”GET THIS PAPER
At many financial institutions today, clearing discrepancies in Customer Identification Program (CIP) data is a batch process that occurs on Day 2—after the customer has already left the branch. This delay can be costly. It increases the chances of losses from fraud and compromises the quality of the onboarding experience. Real-time discrepancy clearing enables branch associates to work with customers to clean up data at account opening, making it easier for the institution to catch fraud, to reduce costs, and to deliver the best possible onboarding experience.GET THIS PAPER
Technology has changed dramatically over the past decade, but for many institutions, account opening has changed little since the advent of Check 21. As a result, institutions are missing opportunities to improve customer experience and operational efficiency. Read this white paper to learn how financial institutions can take advantage of recent advances in software architectures and scanning technology to make account-opening more pleasant for customers and more cost-effective and profitable for institutions.GET THIS PAPER
Banks and credit unions struggle to make DDA accounts profitable. Recent surveys show that the average DDA account generates $414 in annual revenue, but only 40% of DDA accounts turn out to be profitable. By integrating real-time data analytics into account screening and onboarding, financial institutions can segment customers into the most profitable types of accounts on Day 1, while also streamlining operations, reducing costs, and improving customer experience.
Read this white paper to learn how real-time data analytics can transform the account-screening process and make customer onboarding profitable and efficient.GET THIS PAPER
Nearly a third of American households rely primarily on non-traditional financial services to manage their money. Many of these households are interested in opening DDA accounts, but the account-screening services used by most banks and credit unions are often unable to verify the identities of these applicants.
Read our Unbanked and Underbanked White Paper to learn how new account-screening services can help open this important new market for banks and credit unions.GET THIS PAPER
Financial institutions can grow deposits, cross-sell more products, and increase brand loyalty by focusing on the first 90 days of customer relationships—it’s during this short window of opportunity nearly 75% of cross-selling occurs. By optimizing in-branch workflows to take advantage of real-time identity verification, financial institutions can grow accounts, cross-sell effectively, increase branch profitability, and reduce fraud.
To learn more, read our white paper, Increasing Sales and Reducing Fraud through Real-time Identity Verification.GET THIS PAPER
How is fraud changing? How can you stop it? When banking changes, banking fraud changes with it. To stay one step ahead of fraud operators, financial institutions need to keep a watchful eye on payment technologies, customer trends, and new forms of cyber-attacks, including mobile malware. Which new threats matter the most?
To learn more, read our white paper, Four Insights on the Future of Payments Fraud.GET THIS PAPER