Yodlee, the #1 provider of combined real-time account verification and funding solutions, and Andera, the #1 provider of online account-opening solutions, today marked a milestone in their strategic relationship.
In less than ten months, more than 30 financial institutions have selected the combined Yodlee/Andera solution for their online account verification, opening and funding.
New customer and account acquisition is a primary objective for any financial institution and online account opening is fast becoming a strategic tool to lower account acquisition cost and facilitate new revenue generation. Until now, one key challenge in online account opening has been the ability to verify external accounts in order to fund new accounts in real time. Yodlee is the industry leader in real-time account verification, processing more than 10,000 verifications per day and also has integrated funds transfer capabilities.
With over 200 current customers, Andera has long been a leading provider of account opening solutions. Combined, Yodlee and Andera deliver an account opening and funding solution that is both innovative and advantageous in the industry, helping financial institutions of any size satisfy customers and favorably impact the bottom line.
"Celent forecasts that 20 percent of U.S. banks will take up online account opening and funding by 2010 - up from two percent as of mid-year 2007," said Edward Woods, analyst with Celent. "As financial institutions increasingly look to cross sell existing customers and acquire new customer relationships online, the rapid pace of industry adoption is accelerating as projected. To maintain this rapid pace of adoption though, it will be important that the vendor community continue its focused investments in not only streamlining the consumer experience, but also on the financial institutions' needs by making it easy to integrate online account opening solutions."
"We're very pleased with the early results of our combined efforts," said Bill Parsons, SVP Field Operations for Yodlee. "The two companies are very complementary, with Yodlee extending Andera's product reach into the larger bank market and Andera helping Yodlee technology reach additional market segments where Andera has been successful. Account opening also fits well with our strategy of helping our financial institution partners acquire new customers, while our online bill pay and personal finance solutions help them retain those customers and generate new revenue."
"We think the initial results speak for themselves," said Charles Kroll, CEO of Andera. "There is clearly a strong demand in every market segment for online account opening and we look forward to continued sales momentum and to the additional product innovations our combined efforts with Yodlee will produce."
The combined Yodlee/Andera account opening solution is available now, including as an integrated component of Yodlee's online personal finance management and bill pay solution, Yodlee MoneyCenter.