Press Releases
CashEdge Announces Release of White Paper on Benefits of Online Account Opening and Funding for financial institutions
New York, NY – April 7, 2008 — CashEdge, Inc. (www.cashedge.com), the pre-eminent provider of online funds transfers and the pioneer behind opening and funding accounts online, has issued a white paper entitled "Profit From Your Online Channel: Acquire Profitable Customers with an Integrated Approach to Real-Time Account Opening & Funding."
Researched and compiled by CashEdge's Vice President of Marketing, Jeremy Sokolic, the white paper is based on CashEdge's extensive experience in providing solutions in online account opening and funding applications and how they provide distinct value for financial institutions.
The online channel is increasingly becoming the most important tool available to financial institutions for the acquisition of new, profitable customers. According to Tower Group, top-tier banks report that online banking customers hold up to 50 percent more accounts and generate 20 to 40 percent more profit than their offline counterparts. Consumer adoption of online account opening and funding has soared over the past few years and analysts expect this trend to continue, predicting that 13 percent of all U.S. checking accounts will be opened online by 2010 (Aite Group).
According to the white paper, instant account opening and funding solutions can help cost-effectively scale customer acquisition, improve customer experience and increase account close and funded rates to more than 60 percent. Furthermore, CashEdge recommends that financial institutions who want to leverage the full value of online account opening should:
- Provide an opportunity for instant gratification
- Solidify the relationship immediately
- Encourage applicants to complete the process
"Whether the business goals of the institution are to offer products outside the physical branch footprint or to simply automate the onerous account opening process for traditional target customers, every institution can create value by implementing an instant account opening and funding process,” said Jeremy Sokolic, Vice President of Marketing, CashEdge. "In our estimation, more than fifty percent of applications will be opened through remote channels over the next five years. The financial institutions that lead the market in this area have the opportunity to garner a disproportionate share of those applications.”
Sign-up Now!
Receive Our Press Releases Via Email
Download the Full White Paper (PDF)
* Registration is required to download
the white paper.