Deposit Account Opening Goes Full Mobile

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See how opening deposit accounts is moving to mobile phones. …

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.

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  • 1. Account Opening Goes Fully Mobile Daniel Clark, Banking Up
  • 2. What is the Future of Deposit Account Opening?  Bank Branch  Personal Computer  Mobile Device BANKING UP 2
  • 3. No “Have-Nots” Under-banked 91% Everyone is mobile have a mobile phone Source: FDIC 53% use a smartphone Source: Morgan Stanley BANKING UP 3
  • 4. 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 you Search function inside app store is “clean”: no one can buy keywords to appear at the top BANKING UP 4
  • 5. The trend is already underway Open checking account at GreenDot Bank Open prepaid card account Open prepaid card account App App Mobile Web BANKING UP 5
  • 6. Mobile App Enrollment All-In-One Consumer App One download for both initial enrollment and subsequent account access means higher retention Instantly Engaged Enrollment Whether channel surfing or on-thego, wherever you advertise the consumer will find you BANKING UP 6
  • 7. 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 BANKING UP 7
  • 8. Verification BANKING UP 8
  • 9. Validation Instantaneous CIP Verification within the App No hassle or long waiting for your consumer Customizable Scorecards Tailor CIP verification to your specific consumer type Pass Hard Fail Soft Fail BANKING UP 9
  • 10. Verification Questions Consumers Get A Second Chance Life happens. People move. Not a problem with a flexible CIP scorecard Out-of-Wallet Questions Unique consumer questions pulled from multiple databases Your choice of 2, 3 or 4 out of 4 BANKING UP 10
  • 11. Choose Your Card Multiple Cards for Multiple Programs Give your consumer options to engage BANKING UP 11
  • 12. Account Information Create An Account Immediately Used for both the mobile app after enrollment and the PC-based online account BANKING UP 12
  • 13. Enrollment Confirmation Immediate Action Provide funding options before receiving the card for greater retention One-Click login engaging your consumer seconds after enrollment BANKING UP 13
  • 14. How Do We Do It? CIP Service Banking Up Mobile App Servers Score Card for CIP Processor Bank BANKING UP 14
  • 15. Where the future is headed… A leader in “1sts”, Banking Up will provide even more in mobile enrollment technology by the end of the year IDScan No SSN, no problem Upload 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. BANKING UP 15
  • 16. We can help Financial Institutions interested in letting the 149M1 Americans who own a smartphone open a deposit account. 1-212-671-1015 Banking Up 55 Broad Street, Floor 7 New York, NY 10004 BANKING UP 1 Source: ComScore, Nov 2013 16