First Trade Union Bank and Andera, a Bottomline Technologies Company, today announced the launch of a photo data capture enhancement to streamline the mobile account opening process.
Consumers applying for a new First Trade bank account using their smartphones or tablets can now capture the barcode on a Driver's License with their mobile device's camera and cut required data entry in half by pre-filling personal information fields. Andera is one of the first to offer this type of data pre-filling service in the banking industry, and First Trade is the first Andera client to roll out this unique feature.
First Trade's online account application, powered by Andera, is a completely paperless process and optimized for access across all screens sizes and devices. It allows applicants to provide photos of supporting documents and offers eSignature and electronic account funding functionality -- all of which make for a highly convenient, user-friendly experience. This new photo data capture enhancement makes it easier than ever to complete an account application on a mobile device.
This latest enhancement aligns with the growing preference for digital banking, as consumers become more comfortable using mobile devices for banking purposes, from checking balances and depositing checks to now applying for new accounts. Andera has processed millions of digital applications for hundreds of financial institutions, witnessing a steep rise in mobile applicants recently, with more than 20% of digital applicants now applying using smartphones and tablets.
"For financial institutions who are focused on growing their customer bases using digital channels, a fast and simple mobile account opening process is critical," said Rijuta Jain, Director, Digital Banking Product Strategy at Bottomline Technologies. "Cutting required data entry in half means that more applicants will complete the account opening process successfully. That's good news for applicants and great news for the banks and credit unions we serve. Our photo data capture enhancement is just one of the ways we're working to leverage mobile device capabilities to simplify the account opening process."
This mobile account opening enhancement is First Trade's latest technology update, coming just weeks after the bank launched an enhanced digital banking platform, consisting of a robust online banking system, a new mobile banking app, and a responsively-designed public website, ftub.com.
"Being one of the first in the industry to offer this feature further demonstrates our commitment to offering convenient technology solutions that improve our clients' banking experience," said Michael A. Butler, First Trade's President & CEO. "We built a virtual banking product suite that includes paperless online account opening, a checking account with unlimited ATM rebates, a high-yield savings account, intuitive online and mobile banking, and an innovative mobile payment app. Adding the ability to quickly apply for an account from your mobile device complements our offerings and further strengthens our position as an innovative leader in banking."