One of the big problems that has faced internet banking adoption is how to allow new customers to open and fund new bank accounts online.  Two of the industry leaders (Yodlee and Andera) recently announced that they have enjoyed tremendous success in getting banks to adopt their “Account Verification” technology (which allows customers to open and fund accounts online).  Here’s more from a recent press release:

The Yodlee-Andera partnership integrates Andera’s leading account opening solution with Yodlee’s patented “instant” AccountVerification technology, which confirms account ownership, available balance, and other pertinent information in real-time, for quicker decisioning and dramatically reduced risk and abandonment. In fact, Yodlee’s real-time AccountVerification has reduced abandonment 25% over challenge deposit verification alone.

Yodlee CEO, Anil Arora, explained: “Yodlee’s account verification process gives financial institutions real-time account information in seconds. This is a clear benefit over traditional verification methods, which can take days, or longer. Because an individual’s true financial profile can change faster than traditional verification systems are able to support, a capability like Yodlee AccountVerification is proving extremely valuable, both in terms of managing risk and completing the account opening and funding process in a single user session. That 7 out of every 10 new customers elect to use ‘instant’ AccountVerification in preference to legacy verification methods is very strong confirmation of its value.”

Check out the Yodlee and Andera press release titled: YODLEE AND ANDERA PARTNERSHIP LEADS INDUSTRY IN ONLINE ACCOUNT OPENING AND FUNDING.

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