In the fast-evolving landscape of digital banking, staying ahead of the curve is essential for financial institutions seeking to provide seamless, convenient, and secure experiences for their customers. Among the array of technologies reshaping the banking industry, digital account opening stands out as a critical component in attracting and retaining customers in today’s competitive market.
That’s why we’re excited to share that Blend was included in the American Bankers Association’s (ABA) very first Digital Account Opening Product Assessment.
What does the assessment measure?
As part of this initiative, the ABA commissioned Datos Insights to research and evaluate a selection of available products and develop resources to support member banks’ vendor and product decisions.
The ABA’s digital account opening product assessment highlights the key trends and challenges shaping the digital account opening space. Digital account opening enables financial institution clients and prospects to seamlessly and intuitively open and fund a new account.
The assessment analyzes the key trends impacting this market, as well as those capabilities needed to enable banks to remain competitive today and in the future. It also evaluates several technology solutions in the space, focusing on vendor stability, client strength, product features and roadmap, and client services/satisfaction.
How did Blend do?
According to the assessment, “Blend provides a comprehensive deposit account opening solution that allows clients to open accounts digitally using any device. With its Cloud Banking Platform, Blend addresses challenges faced by FIs and promotes opportunities through a flexible and scalable workflow. The solution enables clients to open accounts in branches, through call centers, or digitally, ensuring a seamless experience.”
The assessment concluded that Blend’s greatest strengths and differentiators include the following:
- Blend’s platform supports experiences for both consumers and bankers, including a self-serve, end-to-end process from application start to funding.
- Blend’s platform supports the ability to cross-sell into other common consumer finance products, such as deposit accounts, personal loans, vehicle loans, home equity, credit cards, and mortgage.
- Blend provides fast response times to change requests as well as access to a dedicated cloud development environment.
- Average application from start to submit for deposit applications is approximately three minutes, and the platform offers third-party prefill features.
- It has strong fraud mitigation features: document verification, machine learning, Identity fraud, email, phone and address risk scores, device risk detection, synthetic fraud, and alert list (known fraudster database).
By partnering with Blend, banks and credit unions can unlock new opportunities for growth, differentiation, and customer engagement. From attracting new customers to deepening existing relationships, Blend’s deposit account solution empowers financial institutions to thrive in today’s digital age.