Demo & More
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Aite Group has identified online account opening and funding as an imperative for U.S. financial institutions. Andera has more customers for account opening and funding than any other vendor we profiled, suggesting that they are gaining traction, particularly among small and mid-tier institutions.
Eva Weber
Analyst
Aite Group

Press Release

Andera Announces Seven New Credit Union Customers

Credit Unions Select Andera for Real-time Online Member Acquisition and Funding

PROVIDENCE, RI - April 28, 2005 - Andera Inc., the leading provider of online account opening, enrollment, and cross-selling solutions to the community financial institution market, today announced seven new credit union customers. Agriculture FCU, CSC Employees FCU, Genesis FCU, Insight Financial CU, Kraft Foods FCU, Neighbors FCU, and Sunmark FCU all join the growing list of credit unions who have picked Andera to add enrollment, account opening, and initial funding capabilities to their online offerings.

Andera's New Accounts Online provides credit unions with the ability to instantly enroll new members through their online channel. A complete solution, the service includes real-time identity authentication, integration with ChexSystems®, credit-based cross selling, electronic signatures, OFAC screening, and interfaces to leading credit union core systems.

"The credit union industry is experiencing a net member growth rate of 1.48% - the lowest membership growth rate in years," said Alix Patterson, Vice President of Operations at Callahan and Associates. "By providing the ability to conveniently enroll and fund new accounts online, credit unions can begin to attract both new and more profitable member relationships."

"Providing online membership enrollment functionality was an imperative for us this year," said Robert F. McDonald, Executive Vice President at Sunmark FCU, "and we looked at several products that had various levels of online account opening functionality. Andera's New Accounts Online was the only product that provided real-time account opening through a comprehensive, easy to use interface. They had the best product and a great reputation, making our decision easy."

By offering a variety of configuration options, New Accounts Online can be tailored to the individual needs of individual credit unions. Credit unions have the option to offer a completely real-time experience to the member - allowing an applicant to be approved for membership, instantly fund their new accounts, and log into home banking within a single ten-minute session - or they may choose to review applications as they are submitted, prior to granting access to home banking and check ordering.

"We're proud to be working with each of these credit union leaders," said Charlie Kroll, President of Andera. "By focusing exclusively on the enrollment and account opening process, Andera has built the best-of-breed new accounts platform in the market today."

About Andera
Andera is a leader in online customer acquisition technologies for community financial institutions. Dedicated to helping banks and credit unions use the Web as a tool for sales and growth, Andera offers a suite of integrated products and services for automated online account opening, funding, and cross-selling. Andera is headquartered in Providence, RI.


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