Mountain America Credit Union has deployed a new digital deposit account tool from Blend.
The tool enables the credit union to offer a seamless digital-account opening experience to consumers across desktop and mobile, within existing mortgage or home-equity-lending workflows.
Mountain America Credit Union was able to roll-out Blend's deposit account product in one month, with all online account opening traffic now flowing through Blend's platform. The credit union reports that 53 percent of applications come through mobile, that hadn’t been used for deposits. Also, the time it takes to apply for and open an account has dropped by 46 percent.
"We knew Blend shared our vision for a simpler, more transparent consumer lending ecosystem," said Kelly Albiston, Mountain America's senior vice president of digital banking, deposits and card services. "By partnering with them on multiple products, including deposit account opening, we are providing a consistent and streamlined experience for our members across the board and taking friction out of the process."
Although critical to the health of banks and credit unions, the deposit account opening experience, hasn’t kept pace with changing consumer expectations. For instance, 32 percent of consumers begin their deposit account applications on mobile, though almost half of them don't complete their applications, forcing consumers offline or to tech-forward competitors, according to Javelin Strategy & Research. In comparison, 34 percent of consumers complete their applications in their local branches.
According to Blend, its deposit account product provides the capability for banks and credit unions to offer consumers a modern account opening experience on any device. The digital experience removes the need for a branch visit and eliminates paperwork by pre-filling applications with required data directly from the source, shortening the process to as little as two minutes for some customers.
"By making deposit account opening easier, Blend is enabling banks and credit unions, to deepen consumer relationships and stay competitive in a crowded market," said Olivia Teich, head of product at Blend. "This is an important step in our journey to build a single platform for lenders to provide exceptional customer experiences across their products."
