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How To Sign Up College Students With a Limited Credit History

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Jamie Verdi, the Director of Account Management at Andera, explains how thin credit files make it difficult for college students---potentially your most valuable demographic--to complete the online account opening process, and what you can do to fix the problem. To hear the audio visit: http://www.andera.com/resources/videos.aspx?altTemplate=ResourceDetail&nId=/videos/best-practices/sign-up-college-students-with-limited-credit-history.aspx

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How To Sign Up College Students With a Limited Credit History

  1. 1. How to Sign Up College Students witha Limited Credit History1
  2. 2. How to Sign Up College Studentswith a Limited Credit HistorySeptember 19, 2012Featuring Jamie Verdi,Director of Account Management
  3. 3. Hello!We’re glad you’re here! We’ll start soon. A video of this presentation will be sentto you next week. Email questions to: info@andera.comWhile you’re waiting, register for oFlows Account Opening Demoour next webinar: Wed, Sep 26, 2012 2:00 PM - 3:00 PM EDT With Scott Pitts, Chief Product Officer3 http://bit.ly/Sept26Demo
  4. 4. Who We Are • Financial software company 550 • 550+ customer institutions 508 520 • Over 90 employees 443 • Based in Providence, RI; offices also 358 379 in San Francisco and New York Customers 260 232 193 143 111 82 58 37 23 2 102004 2005 2006 2007 2008 2009 2010 2011 2012 4
  5. 5. What We Do We simplify deposit account and loan origination online, in branches, out in the field, and over the phone. 550+ Clients 40+Integrations 5
  6. 6. 6 The Goal o Maximize the % of approved applications Online Application Approved Application
  7. 7. 7 Online Account Opening Funnel
  8. 8. Why College Students Online? 1. With online banking, college students won’t need to switch banks if they relocate after graduation 2. Average lifetime earnings of a college graduate: $2.1 Million (US Census Bureau) 3. Online applicants are on average more educated and earn more than applicants in the branch or call center. (Andera)  Register for our next webinar: “Why Online Applicants Can Be Your Most Profitable Customers” http://bit.ly/GrowOnline
  9. 9. The Trouble with College Students
  10. 10. Why Thin Credit Files are a Problem Applications 0% Successful Failed or 41% Abandoned 59% Pooled data from 64,271 applications in August 2012
  11. 11. Identity Verification in the Branch 11
  12. 12. Identity Verification Online Verified! Online IDV Provider ?Application Submitted Hard Approved Fail Rejected Review
  13. 13. Three Strategies for Review 1. Mailed or Faxed Documents 2. Uploaded Documents 3. Public Record Data
  14. 14. 1. Mail or Fax Documents Verified! Online IDV Provider ? HardApplication Submitted Fail Approved Submit; Verified! Review: Mail or Fax Documents Submit; Hard Fail Never Rejected Submit Abandoned
  15. 15. 1. Mail or Fax Documents
  16. 16. 2. Upload Documents Verified! Online IDV Provider ? HardApplication Submitted Fail Approved Submit; Verified! Review: Upload Documents Submit; Hard Fail Never Rejected Submit Abandoned
  17. 17. 2. Upload Documents
  18. 18. oFlows Photo Upload Capabilities
  19. 19. 3. Public Record Data1. Credit Bureaus who use 2. Other IDV providers who mainly credit data to verify draw on public records to identities verify identities
  20. 20. 3. Public Record Data Verified! Online IDV ProviderApplication Submitted Hard ? Approved Fail Verified! Public Record Data Hard Fail Rejected
  21. 21. Waterfall vs. Mailed or Faxed Documents 70.00% 60.00% 30% Lift! 50.00% 40.00% Percent 30.00% 20.00% 10.00% 0.00% Successful Failed or Abandoned Non-Waterfall 36.84% 63.16% Waterfall 48.07% 51.93% Non-Waterfall: From 16,313 applications in August 2012 Waterfall: From 42,605 applications in August 2012
  22. 22. Follow us on blog.andera.com
  23. 23. Questions and Wrap UpUpcoming Webinars :oFlows Account Opening DemoWed, Sep 26, 2012 2:00 PM - 3:00 PM EDTWith Scott Pitts, Chief Product Officer Additional questions:http://bit.ly/Sept26Demo info@andera.comWhy Online Applicants Can Be Your Most Profitable CustomersWed, October 10th, 2012 2:00 PM - 3:00 PM EDTWith Laurie McLachlan, VP Marketinghttp://bit.ly/GrowOnline

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