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As more and more credit unions, banks, and financial institutions recognize the opportunities to better serve member lending needs during the all important account opening process, we are responding with solutions that help to help make this process even easier. With Andera's help we're making it possible for organizations to form longer-lasting relationships with their members and customers.
Tim Kelly
CEO
Teres Solutions

Overview

The Andera platform offers financial institutions an end-to-end solution for online account opening and funding.

Key Features

  • Core Integration. Seamless integration with many leading bank and credit union core processing systems.
  • Instant Approvals. Integrated risk management for immediate account approvals or declines based on configurable business rules.
  • Same-Session Funding. Integrated funding platform supports ACH, Credit Card, and Debit Card processing, with dynamic assignment of funding limits based on configurable business rules.
  • Funding Account Verification. In partnership with Yodlee, seamless ownership of ACH funding account via instant or trial deposit methods, depending on applicant's preference
  • Cross Selling. Cross selling engine dynamically presents loan and credit offers to pre-qualified applicants.
  • Multi-Channel Platform. Unified platform assures consistency across Branch, Call Center, and Web users, including ability to start and resume applications in different channels
  • Design Focus. Strong emphasis on user interface design and usability, including support for full branding customization
  • Information Security. Andera undergoes regular audits for SAS70 Type II and PCI Compliance, ensuring the highest level of security for your sensitive customer and transaction data.

Market Trends

  • The number of US financial institutions offering automated online account opening capabilities will increase from fewer than 2% in 2007 to between 18% and 20% by 20101
  • New core deposit accounts opened entirely online will grow from over 4 million accounts in 2006 to over 9 million accounts in 20091

Business Case

  • A mid-sized bank with 20% of their new accounts opened online could realize $1,125,000 in savings over traditional account opening methods2
  • Only 10% of applicants abandon Andera's online application prior to funding, versus 75% average abandonment for the traditional "print and mail" approach
  • Andera clients attract average initial deposits of $4,590 (via ACH) and $499 (via Credit/Debit Card)3
  • Online applicants are an attractive demographic with more than 90% becoming active online banking users
1 Celent report The Millennials, Financial Services, and the Web, July 2007
2 Aite Group report Something For Everyone, October 2006
3 Andera Aggregate Customer Results, Initial Deposits, Dec - Jan 2008

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