Andera (Providence, R. I.), the provider of online account opening and funding solutions, has entered into a strategic relationship with Digital Insight (Calabasas, Calif., an Intuit company), provider of online banking and financial management capabilities to banks and credit unions in the United States. This agreement enables Digital Insight to provide Andera's online account opening and funding solutions to its client financial institutions.
According to a release announcing the arrangement, Andera's solution allows financial institutions to open and fund new accounts in a "simple" 8-10-minute online process that offers the potential to turn the online environment into a highly profitable sales channel. The vendors noted in the statement that the technology is integrated with most leading bank and credit union core systems, and features risk management, reporting, compliance, cross-selling and configurability, as well as initial funding via credit/debit card or inter-institution transfers over the ACH network.
Digital Insight said that it will offer all four levels ("Editions") of Andera's platform, designed to support a wide range of needs, and that the solutions have been integrated so that existing online banking users can open and fund new accounts without reauthenticating credentials or rekeying personal information.
"In this strained economy, many consumers and businesses are looking to mid-market financial institutions as an alternative to the large, money center banks," said Glenn Tom, senior vice president of consumer solutions at Digital Insight. "Working with Andera helps us arm our clients with yet another important capability to establish and grow a primary financial relationship with new and existing customers."
The release cited Legence Bank (Eldorado, Ill., nearly $160 million in assets) as the first customer to implement the joint solution, going live on Andera's Premium Edition after a two-week implementation process. "As a community bank, it is imperative to provide the personal service our customers prefer, and it is increasingly important to be able to offer the innovative products and technological conveniences of the big banks," said Kevin Beckemeyer, president and CEO of Legence Bank. "The addition of online account opening and funding allows us to provide our customers with the best of both."
Charlie Kroll, CEO of Andera, added, "The combination of online banking and account opening is a natural one, and with broad overlap already between our existing financial institution customers, integrating our solutions and delivery made complete sense."