Cachet Financial Solutions, Inc. (CAFN), a leading mobile fintech provider, announced today that Paytoo Corp., an international mobile wallet provider, will deploy their mobile account opening solution for Paytoo’s mobile wallet and Paytoo Kiosks at locations nationwide.
Cachet’s Select Mobile™ Account Opening solution will streamline and enhance the PAYTOO mobile wallet account opening process by eliminating cumbersome and error-prone manual entry. Consumers will be able to easily and securely open an account by using the camera on their smartphone, or the PAYTOO kiosk ID scanner, to capture an image of the front and back of their driver’s license or other state approved identification. Select Mobile Account Opening will read the image, verify image quality, and prefill the PAYTOO mobile wallet application form with the applicant’s pertinent data. After the application has been approved by PAYTOO, applicants will be able to fund the account via mobile check deposit or ACH. Cachet’s Select Mobile Account Opening will save PAYTOO’s customers the time and hassle of manually entering their information, and thereby increase the likelihood they will complete the application process.
“We’re excited to partner with Cachet to offer our customers a great account opening experience that enhances the account opening process for our customers and differentiates the PAYTOO mobile wallet in the marketplace,” said Michel Poignant, CEO of PAYTOO Corp. “Cachet’s account opening solution reduces friction in the account opening and helps us provide easier access to affordable and secure financial services for millions of unbanked consumers.”
Poor user experiences that drive abandonment are a serious problem with online and mobile account opening today. Abandonment rates for online account opening typically fall between 40% and 70%, according to the Mercator Advisory Group. The few institutions that have enabled mobile account opening see rates closer to 70%, reports Mercator, due to the effects of shrinking an already complicated form down to fit a 5-inch screen.
“Great relationships are built on great first impressions,” commented Jeffrey Mack, president and CEO of Cachet. “We’re very pleased to provide PAYTOO with an industry unique mobile account opening solution that facilitates faster and easier account enrollment for their customers, while decreasing abandonment rates and providing competitive advantage for PAYTOO.”