This is the seventh in a series of articles on companies behind online banking. Last week we profiled BottomLine Technologies. This article features Gro Solutions.
Upstart Gro Solutions Already Making Impact on FinTech Industry
There’s something to be said for being first – especially in the tech space. Gro Solutions takes pride in saying that it is the only complete mobile-first account opening and loan origination system. Its streamline and user-friendly workflow supports mobile, tablets and desktop. It was first to market with solutions for both self-service users and employee-assisted workflows. Gro Solutions boasts employee administrative and underwriting interfaces, as well as a wide variety of integrations to core banking systems, loan origination systems, Identity/KYC services, credit bureaus, and merchant card processors. It has another first – they were the first to integrate account opening into the automated switch process with its ClickSWITCH integration.
CEO David Eads, explains more about what the company does, “We can help financial institutions get more customers, do more loans meeting their risk profile, and sell more products to existing customers. We’re relentlessly focused on making the application process easy. That’s why we’ve created innovations, like using info from the phone’s wireless carrier to populate data. We’re a complete solution that works for a variety of product lines (self-service, employee assisted, underwriter interfaces for a wide variety of deposit accounts and loans). We have a wide range of flexibility. We let financial institutions choose the third-party vendors they want to use, rather than imposing vendors on them. We support institutions of all sizes: large and small, banks and credit unions.”
Gro Solutions was spun out of the parent company Mobile Strategy Partners in June of last year and is now a standalone company with 22 full time employees.
What’s the strength of this young company? “We reduce mobile abandonment from 80% to 35%, cut the application time from 30 minutes or more to 4 minutes or less, and significantly increase the percentage of funded and engaged accounts,” says Eads.
Gro Solutions is already making an impression on the FinTech world. “We’ve transformed expectations for the digital account and loan application experience. We’re continuing to push the envelope on how to make the process ridiculously easy while still completely fulfilling regulatory and security requirements,” says Eads.
That’s not to say the road has been easy, there were naysayers, “In the beginning, we were told it was impossible to do driver’s license scanning in a mobile web browser. We were first to market with this and many other features,” says Eads.
Its list of satisfied customers continues to grow. Consumers Credit Union recently implemented Gro Account Opening Sales Platform. Lindsay Land, vice president of operations talks about the company’s experience, “The first month of activity far surpassed our expectations! We are extremely pleased how the partnership has progressed with Gro. The Gro team is in tune with our strategic plan and we have worked to develop a roadmap for this channel.”
The results are tangible and quick. In the first month, Consumers experienced the following successes – 170% of new account goal, 83% of new members enrolled in online banking, 47% used their new accounts to accept deposits and pay bills in the first month and nearly 100% of the accounts were initially funded during the account opening process.
Gro understands the market, “Mobile-first and mobile-only consumers expect a concise workflow that minimizes data entry when it comes to the account opening process, otherwise, they abandon the process and new accounts often go unfunded,” says Eads.
He explains the company’s strategy, “We are focused on revolutionizing how financial institutions use digital technology for sales and marketing so they can grow and stay relevant in the face of stiff competition from FinTech vendors and megabanks.”
Expect big things from Gro Solutions. Last year it was named a “Company to Watch” as part of the 2015 FinTech Forward ranking released by American Banker and BAI. That seal of approval goes to a select group of companies that represent high-impact start-ups and recent market entrants bringing new approaches to FinTech.