deposit account opening goes full mobile
DESCRIPTION
See how opening deposit accounts is moving to mobile phones. In 5 years, consumers will no longer open bank accounts at a branch or online from a PC: they'll do it straight from their phone. This presentation shows how an actual Android app lets consumers apply for an account from their cellphone and get approved instantly.TRANSCRIPT
Account Opening GoesFully Mobile
Daniel Clark, Banking Up
BANKINGUP
What is the Future of Deposit Account Opening?
Bank Branch
Personal Computer
Mobile Device
2
BANKINGUP
No “Have-Nots”
Everyone is mobile
Under-banked
91%have a mobile phone
Source: FDIC
53%use a smartphone
Source: Morgan Stanley
3
BANKINGUP
Lowest Advertising Costs
All app providers are equal $300MM Bank and $90B Bank are given the same amount of text and screen shots in the app stores to display their app
Competition can’t outspend youSearch function inside app store is “clean”: no one can buy keywords to appear at the top
4
BANKINGUP
The trend is already underway
Open checking account at GreenDot Bank
Open prepaid card account
Open prepaid card account
App App Mobile Web
5
BANKINGUP
Mobile App Enrollment
All-In-One Consumer AppOne download for both initial enrollment and subsequent account access means higher retention
Instantly Engaged Enrollment
Whether channel surfing or on-the-go, wherever you advertise the consumer will find you
6
BANKINGUP
Your Information
What we do…Prior to full CIP verification we provide customizable restrictions and velocities
Why does this matter to you?
You are guaranteed less fraud with a stronger consumer at a reduced cost
7
BANKINGUP
Verification
8
BANKINGUP
Validation
Instantaneous CIP Verification within the App
No hassle or long waiting for your consumer
Customizable ScorecardsTailor CIP verification to your specific consumer type
PassHard FailSoft Fail
9
BANKINGUP
Verification Questions
Consumers Get A Second Chance
Life happens. People move. Not a problem with a flexible CIP scorecard
Out-of-Wallet QuestionsUnique consumer questions pulled from multiple databases
Your choice of 2, 3 or 4 out of 4
10
BANKINGUP
Choose Your Card
Multiple Cards for Multiple Programs
Give your consumer options to engage
11
BANKINGUP
Account Information
Create An Account Immediately
Used for both the mobile app after enrollment and the PC-based online account
12
BANKINGUP
Enrollment Confirmation
Immediate ActionProvide funding options before receiving the card for greater retention
One-Click login engaging your consumer seconds after enrollment
13
BANKINGUP
CIP ServiceBanking Up
Mobile App Servers
How Do We Do It?
Processor
Bank
Score Cardfor CIP
14
BANKINGUP
Where the future is headed…
IDScanNo SSN, no problemUpload a photo ID from your mobile phone and get verified in under 30 minutes
CURP Scoring Instant Mexican citizen verification with a CURP (“Clave Unico de Registracion de Poblacion”) number.
A leader in “1sts”, Banking Up will provide even more in mobile enrollment technology by the end of the year
15
BANKINGUP
Banking Up55 Broad Street, Floor 7New York, NY 10004
We can help Financial Institutionsinterested in letting the 149M1
Americans who own a smartphoneopen a deposit account.
1 Source: ComScore, Nov 2013
16