CashEdge, a provider of intelligent money movement products for financial institutions, said that in 2008, the company facilitated the acquisition of more than $4.5 Billion in assets for its financial institution clients through its industry leading online account opening and funding products, OpenNow/FundNow and OpenNow/FundNow Express. This figure is an increase of more than 27 percent from 2007.
OpenNow/FundNow is an online account opening and funding solution that enables financial institutions to capture prospects in real time by opening and funding a new account in a single, online session via an institution's branded website. OpenNow/FundNow Express offers the same features and benefits in a solution designed specifically to meet the needs of small and mid-sized institutions. According to the 2008 CashEdge Consumer Survey, consumers view online account opening as a mainstream application, and 82 percent of respondents expect their bank to offer the ability to open accounts online.
"According to Gartner, more than 71 million people in the U.S. are currently using online banking, making the online channel one of the most important tools available to financial institutions for the acquisition of new customers," said Sanjeev Dheer, CEO of CashEdge, in a press release. "Financial institutions that are successful in utilizing the online channel for account acquisition have the opportunity to disproportionately attract the most profitable customers. Our account opening and funding products help financial institutions cost-effectively scale customer acquisition, improve customer experience and increase account close and funded rates, all which translates to greater ROI from the online channel for financial institutions," he said.