SAN FRANCISCO, April 2, 2019 /PRNewswire/ -- Blend, a Silicon Valley technology company propelling the consumer lending industry into the digital age, today announced the launch of its deposit account offering. The new product enables Blend customers to offer a seamless digital account opening experience to consumers across desktop and mobile, including as a value-add within existing mortgage or home equity lending workflows.
Deposits are essential to the health of banks and credit unions, enabling them to invest in new services and offer their customers lower rates than competitors. Yet the deposit account opening experience, despite its critical nature, has failed to keep pace with changing consumer expectations: Javelin Strategy & Research found that consumers begin their deposit account applications on mobile (32%) at almost the same rate as they do in-branch (34%), but nearly half of the former cohort are unable to fully complete the process on their smartphones, forcing applicants offline or to tech-forward competitors.
With Blend's deposit account product, banks and credit unions can offer consumers a modern account opening experience on any device. The digital experience removes the need for a branch visit and eliminates paperwork by pre-filling applications with required data directly from the source, shortening the process to as little as two minutes for some customers.
"By making deposit account opening easier, Blend is enabling banks and credit unions, no matter their size, to deepen consumer relationships and stay competitive in a crowded market," said Blend Head of Product Olivia Teich. "This is an important step in our journey to build a single platform for lenders to provide exceptional customer experiences across their products."
Mountain America Credit Union was able to fully roll out Blend's deposit account product in one month, with all online account opening traffic now flowing through Blend's platform. Already, the company has seen 53% of applications come through mobile, a channel not previously offered for deposits. Additionally, the time it takes to apply for and open an account has decreased by 46%.
"From the beginning, we knew Blend shared our vision for a simpler, more transparent consumer lending ecosystem," said Kelly Albiston, Mountain America's senior vice president of digital banking, deposits and card services. "By partnering with them on multiple products, including deposit account opening, we are providing a consistent and streamlined experience for our members across the board and taking friction out of the process."
About Blend Blend is a Silicon Valley technology company propelling the $40+ trillion consumer lending industry into the digital age through partnerships with banks, lenders, and other technology providers. Blend's cloud-based technology delivers speed and efficiency to lenders so they can serve the modern borrower and safely navigate the industry's changing rules and regulations.
Founded in May 2012, Blend is backed by Greylock Partners, Emergence Capital, Founders Fund, Andreessen Horowitz, 8VC, Lightspeed Venture Partners, and other leading venture investors. To learn more visit blend.com.