OpenNow/FundNow
Account Opening and Funding
OpenNow®/FundNow® is an online account and funding solution that enables financial institutions to capture prospects in real time by providing the opportunity for prospective customers to complete the application and funding initiation in a single, online session via an institution's branded website.
With more than 71 million people in the U.S. currently using online banking (Gartner), the online channel is increasingly becoming the most important tool available to financial institutions for the acquisition of new customers. Financial institutions that are successful in utilizing the online channel for account acquisition have the opportunity to disproportionately attract the most profitable customers.
Key Features:
- Increased Account Acquisition: Converts prospects into customers by providing an enhanced user interface, shorter application processing time and a choice of quick and easy funding methods.
- Instant Identity Verification and Decisioning: Merges information from industry standard and proprietary sources into one decision engine, offering enhanced ID verification and credit assessment for instant decisions.
- Cross-Channel Capability: Enables both the online and call center channels for processing new applications and/or following up on pending applications.
- Robust Account Verification: Facilitates enhanced real-time verification of funding account ownership by using a combination of multiple data sources and CashEdge proprietary verification methods.
- Quick Funding: Enables account funding via the ACH network, offering next-day funds availability and high-value transaction capabilities for added customer convenience.
- Configurable Features and Functionality: Provides a flexible, robust and easy-to-use application that allows for real-time customization of business rules enabling institutions to set their own parameters for application decisioning.
- Account Opening Queue and Operational Workflow: Enables the bank to streamline and monitor the workflow for pending applications using Compass, a web-based partner application.
- Real-Time Cross-Sell: Enables institutions to cross-sell other products based on the applicant's profile.
- Comprehensive Risk Management: Provides access to best-of-breed risk management tools and databases, delivering the most powerful risk management and transaction monitoring capabilities in the market.
Learn More about CashEdge Risk Management Expertise »
Benefits to Financial Institutions
- Increased account close rate
- Quicker growth of assets
- Lower cost of acquisition
- Consistent decisioning
- Pleasant user experience
- Greater ROI from online channel
Benefits to Consumers
- Instant decision
- Real-time access to new account
- Superior user interface
Frequently Asked Questions
"By 2010, 13% of U.S. checking accounts will be opened online, up from 3% in 2006. "
- Aite Group, 2006