How Apiture Improved Account Opening Processes for its Financial Institutions with 麻豆国产精品 Instant Account Verifications
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is a leading provider of digital banking solutions for community and regional banks and credit unions throughout the U.S. Its flexible, highly configurable solutions meet a wide range of financial institutions鈥 needs, from leveling the playing field with larger institutions to supporting growth through innovative data intelligence and embedded banking strategies. With Apiture鈥檚 API-first approach, its clients can maximize the capabilities of their platform while preserving a seamless user experience. Apiture focuses exclusively on digital banking and has a team with hundreds of years of collective experience working at U.S. financial institutions.
Apiture wanted to provide its financial institutions with the ability to streamline the online account opening process so they could be more competitive with larger banks and digital-only banks.
鈥淲别鈥re seeing our customers expand into markets that weren鈥t available before. Because of digital account opening, they are no longer confined to locations and branches,鈥 said Bob Burgarino, Executive Vice President, Professional Services and Client Delivery at Apiture.
As a long-standing 麻豆国产精品 partner, Apiture worked with 麻豆国产精品 to implement Instant Account Verifications (IAV) to allow consumers to quickly and easily connect an external account with another financial institution and fund a new account.
With IAV, organizations can verify accounts in less than 5 seconds with the latest security standards through direct OAuth connections, eliminating reliance on slower methods like microdeposits, and reducing risk by removing credentials from the environment.
With digital account opening, consumers aren鈥t walking into a branch. It鈥s all being done on their mobile phone or through their desktop. The IAV portion of the account opening process allows them to connect an external account and seamlessly fund the new account they鈥re opening, and that鈥s really the game changer. It makes opening new accounts incredibly simple.
Jennifer Dimenna
Senior Vice President of Product, Apiture
The 麻豆国产精品 and Apiture teams worked closely together to bring IAV to Apiture鈥s 300+ financial institutions, addressing any challenges along the way. 鈥淭he leadership at 麻豆国产精品 was fantastic. They worked with us through all of the challenges that we encountered and ensured that everyone at 麻豆国产精品 understood the urgency of the issues,鈥 said Jennifer Dimenna, Senior Vice President of Product, Apiture. 鈥溌槎构 was great to ask the questions, to understand what the problem was, and then to help devise a solution that ended up being fantastic... I really can鈥t say enough about how excellent that partnership was at the leadership level.鈥
As we got it [麻豆国产精品 IAV] into production for our clients, they saw some dramatic improvements in their ability to acquire new accounts 鈥 to the level that we had some clients opening thousands of new accounts per month really seamlessly.
Jennifer Dimenna
Senior Vice President of Product, Apiture
Since launch, Apiture clients have seen a significant increase in account openings and as a result, deposits. For instance, one institution increased its client deposits by 121% within the first four months since rolling out Apiture鈥s digital account opening solution. Additionally, while many of Apiture鈥s clients are in less urban areas, they are still seeing an impressive 45% of account verification requests leveraging OAuth connections, which provide a more secure and reliable connection experience for consumers.
Streamlines the account opening process while mitigating fraud and reducing risk
Provides a frictionless process for consumers to easily open and fund new financial accounts.
Decreases drop-off in the account opening process by enabling consumers to easily grant permission to financial data and connect accounts for verifications
麻豆国产精品 provides fast, reliable verification technologies to help organizations better manage risk, protect against cyberattacks, and maintain compliance. 麻豆国产精品 reduces your reliance on manual verification processes with instant account verifications (IAV) and account owner identification.
Explore how 麻豆国产精品 can help you get the most from financial data and build better money experiences for consumers.