Featured Savings Rates

Popular Posts

Featured Accounts

Companies Behind Online Banking - Bottomline Technologies


Companies Behind Online Banking - Bottomline Technologies

This is the sixth in a series of articles on companies behind online banking. Last week we profiled MeridianLink. This article features Bottomline Technologies, formerly Andera.

Bottomline Technologies’ Secret Weapon -- oFlows

With fintech it can be hard to understand exactly what a company does. However, Bottomline Technologies makes it plain – they simplify the way banks and credit unions open accounts, generate loan application, in the community, in branches and over the phone. Their goal is to reduce the headache that applying to open an account or loan can be, not only for applicants, but also financial institutions’ employees.

What makes Bottomline Technologies unique? The secret weapon is their oFlows platform which is time tested and earned kudos for its ability to reduce application processing times, increase cross-selling success rates and make customers happy. They must be doing something right. oFlows received an impressive four “Best of Show” awards at Finovate and Andera was named one of the “Top 10 Tech Companies to Watch” by American Banker. They have 500+ banks and credit union clients.

A secret weapon has to have a secret recipe. With oFlows, it’s the wealth of information Bottomline Technologies spent studying online applications. They then leveraged usability best practices and mobile device capabilities to make the hard stuff easy, like providing supporting documents, signatures and funding accounts. With oFlows, applicants can open retail checking, savings, money market, and CD accounts in real-time using any type of device - smartphones, tablets, and Macs/PCs. The good news is this means better ease in cross selling loans or additional deposit products. Applicants can accept offers without having to re-enter their information – a huge plus.

With oFlows, applicants can open retail checking, savings, money market, and CD accounts in real-time using any type of device - smartphones, tablets, and Macs/PCs.

oFlow gets additional bragging rights for features like workflow management – staff can communicate with applicants and process exceptions and that eSignatures eliminates the need for mailed signatures, among others.

Talk is cheap. The proof is in the pudding. First Trade Union Bank (which is now Radius Bank) set its sights on being the bank of tomorrow, sooner, rather than later. Bottomline Techologies has been a partner in the process. FTUB had several goals. One was to make their website a “virtual bank”. Using oFlows account opening and lending platform, FTUB made the account opening process, painless, simple, such that 85-90% of new accounts are opened online. Another piece of the plan was to shift staff from some routine transactions so they can could function more in a consulting role, advising customers and cementing relationships. They achieved that. FTUB upped their game and made it so customers could pay merchants with an app on their phone. They sweetened the pot to lure new customers by offering generous cash bonuses and offering unlimited foreign ATM surcharge rebates.

To serve customers who apply for new products remotely, FTUB introduced Andera’s online account opening platform in 2009 and upgraded to oFlows in 2013. It proved a good move. The ease of applying without leaving the application and the ability to sign with a traditional eSignature, or sign with their finger or stylus were just some of the enhancements that made a difference. FTUB was impressed with oFlows unique feature that allows the lending platform to incorporate responsive design.

Chris Tremont, senior vice president of marketing for FTUB has remarked how when somebody comes to their website for the first time, the experience must convey the feelings FTUB wants tied to its brand. “Once you get the person over to your site, you need to be able to convert them to customers. And once they decide to open an account with us, we want that process to proceed as smoothly as possible. That’s why working with the folks at Andera has been helpful in improving our online application process.”

Comments


Anonymous
Anonymous   |     |   Comment #2
Dear Sheryl, I was FTUB customer for long time and now Radius bank customer. What you are not telling us is the bad things of all electronics and automated bank creates more inconvenience than you can imagine,
Examples: If you enter inaccurate password, I used to be locked out of the banking for 24 hours, than they changed that to mandatory new password change, which is very inconvenience again, and now I wind up with passwords that is hard to remember because the old password can never be reused again. When online and paying bills, the default is next day pay with fees attached, I used to opt for 2nd day pay that is free, but they do not count second day as day after, for them the second day is actually the third day. Good luck calling CSR with Radius, 30-60 minutes wait and they will tell you to call the online department to solve the problem which adds another 30-60 minutes wait.
When logging in, you better have a phone next to you, they want to call you and give you a 6 digit number as security feature to enter in a new field after you have to answer those silly questions of your mother berth date or place of first employment and so on.

To me the more automation spells more entry, more wasted time, more inconvenience and more gut y'u fees. I closed the account and went to a bank where only user name and password was sufficient to log in.