Moneyfacts and iE launch outsourced online account opening service

Moneyfacts and iE launch outsourced online account opening service

Financial news and information Web site Moneyfacts has partnered with UK retail banking software vendor Intelligent Environments (iE) to launch an outsourced Internet savings applications service.

The package is targeted at small financial services firms and building societies that lack the resources and connectivity to sign up customers online.
The service will be offered on rental terms, for a minimum contract period and with full hosting and implementation support.

Firms will be charged for each application generated instead of paying a licence fee which, says Moneyfacts, means low upfront investment and running costs.

Moneyfacts also claims the service will save companies money on know-your-customer checks because the applications it generates will already be fully verified.

Stephen Rumbelow, head of Moneyfacts, says the cost of running branches is forcing institutions to focus on the Internet.

"Although the products themselves are often market leading, shortcomings in the application processes can see much of the product potential and investment in product pricing go to waste through poor conversion rates," he says.

Commenting on the move, Jerry Mulle, director, sales and marketing, iE, says: "With we've a 'pay as you go' pricing model to offer a low cost start-up solution that supports the business case for online financial services - reduced cost of acquisition and reduced operational costs."

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