News

Bluepoint, Gro software simplifies mobile account creation

The companies say their OpenAnyware solution takes the friction out of mobile bank account opening, reducing abandon rates — and costs.

November 3, 2015

Bluepoint Solutions, a provider of payment processing and content management solutions for FIs, and Gro Solutions Inc., a provider of digital growth solutions for FIs, have struck a partnership to provide mobile and digital channel account opening software to banks and credit unions.

The account opening service from Gro, which Bluepoint will offer as OpenAnyware, makes it fast and easy for prospective bank customers and credit union members to open new accounts, anytime and anywhere, a press release said.

OpenAnyware imports data directly from government-issued identification, mobile phone carriers, and mobile device GPS data to significantly reduce manual input requirements for new accounts.

The system also satisfies KYC/AML requirements and credit checks. And, since it facilitates account funding with integrated credit and debit card imaging, accountholders can start using their new accounts immediately, with no lag time for confirmations or fund transfers, the release said.

"What prevents consumers from completing the mobile account opening process is friction — maybe they don't have all the information with them, or the process takes too long or asks for too much input — so they simply give up," said Paul Mackowick, chief revenue officer at Gro. "Our solution yields a high percentage of completions by eliminating these sources of friction, and we are very excited to have industry-leader Bluepoint Solutions as our technology partner."

According to Gro research, applicants abandon up to 80 percent of mobile account opening attempts — more than double the 35 percent abandonment typical of online applications.

OpenAnyware slices the mobile rate nearly in half, the company said. And although the solution is targeted to the fast-growing mobile population, it is versatile and robust enough to support all modes of account opening, such as online, in-branch, and in the field by employees, according to the release.

"Mobile-forward consumers, including millennials, are the future account holders for all financial institutions," said Bluepoint CEO Hal Tilbury. "Banks and credit unions must create easy-to-use, virtual 'front doors' to attract and keep this business. Bluepoint is pleased to add this innovative, proven solution for mobile and omnichannel digital account opening in partnership with Gro Solutions Inc."