CashEdge, the leader in Intelligent Money Movement products for financial institutions, announced today that Bank of the West, one of the 30 largest banks in the United States, has launched CashEdge's online account opening and funding solution for its retail banking customers.
OpenNow/FundNow will enable Bank of the West to capture prospects in real time by opening and funding new accounts through a single session on its website.
"There is a large demand in the market for increased online banking capabilities. We want to provide our customers with a proven and reliable solution that would enhance their online banking experience, which is why we selected CashEdge for our online account opening and funding services," said Matthew Macomber, Executive Vice President and Internet Channel Banking Executive for Bank of the West. "With the enhanced functionality of OpenNow/FundNow, we now can offer Bank of the West customers an online, self-service option for fast, secure account opening and funding."
According to the 2008 CashEdge Consumer Survey, consumers consider online account opening a mainstream application, and 82 percent of respondents expect their bank to offer the ability to open accounts online. Today, an estimated 71 million people in the U.S. currently use online banking and this number continues to grow. (Gartner, 2008)
"Bank of the West is dedicated to providing a simple, convenient and secure online financial experience for its customers," said Neil Platt, Senior Vice President and General Manager, Banking, of CashEdge, Inc. "Our OpenNow/FundNow suite enables Bank of the West to integrate a flexible, cost-effective account opening and funding solution that will improve the customer experience, maximize new account completion rates, and increase customer acquisition -- all resulting in a stronger ROI for the bank's newly enhanced online channel."
By leveraging CashEdge's OpenNow/FundNow product suite, which gathered more than $4.5 billion in new assets for clients in 2008 alone, financial institutions can cost-effectively scale customer acquisition, improve the customer experience and increase account close and funded rates up to 60+ percent.
All of CashEdge's Intelligent Money Movement services are supported by the Company's risk management capabilities. CashEdge services are currently used at more than 600 financial institutions in the U.S., including 23 of the top 100 banks.