ATLANTA--(BUSINESS WIRE)--Due to strong market adoption of its digital account opening solutions, Mobile Strategy Partners (MSP) has launched a new subsidiary, Gro Solutions, Inc. (Gro), dedicated to helping banks and credit unions grow through more effective customer acquisition.
MSP has provided strategic and technical advisory services to the financial industry since 2009. With the increasing number of digital natives and modern redesigned branches, MSP realized legacy solutions were failing both institutions and their customers. So MSP created Gro and Gro Account Opening.
Gro Account Opening is the first and only solution on the market offering online, mobile web and native mobile app account opening solutions for use by both financial institutions’ customers and employees. Gro Account Opening leverages GPS, imaging, wireless carrier data, email address parsing and other features to limit manual text input and reduce high abandonment rates. Whether online, on the go, or at the branch, financial institutions can open and fund new accounts in less than four minutes.
Before Gro, onboarding could take 30 minutes or more and typically consisted of little more than taking paper customer application forms from the previous century and placing them on a website. Typical mobile solutions – if offered – require pages of tedious text entry on a small device, resulting in high mobile account opening abandonment rates of 80 percent or more. With mobile application attempts growing to one-in-three for sites allowing them, these high abandonment rates provide a serious headwind to growth.
Gro Account Opening provides financial institutions with a proven strategic advantage through its fresh approach to embracing what mobile does well and removing friction from the process.
“Mobile is the new front door to banks and credit unions,” says David Eads, CEO of Gro. “It’s extremely important for financial institutions to make a great first impression and win new customers. We created Gro to help ensure the onboarding and product application process is as smooth as possible for both customers and the institution. We want to help FIs put their best foot forward.”
About Gro Solutions, Inc.
Founded in 2015, Gro Solutions, Inc. (Gro) provides digital growth solutions for banks and credit unions. Through a fresh direction and a technology strategy that embraces mobile capabilities instead of begrudgingly accommodating them, Gro Account Opening helps financial institutions present a mobile front door that meets and exceeds the mobile expectations of the new customer. Gro is a subsidiary of Mobile Strategy Partners, which provides strategic and technical advisory services to the financial industry. For more information, visit www.grobanking.com.
About Mobile Strategy Partners LLC
Mobile Strategy Partners, LLC is a leading provider of strategic and technical advisory services and solutions to the financial industry. MSP principles have decades of experience defining and launching digital financial solutions, servicing name brand clients and millions of people around the world. Founded in 2009, MSP helps organizations compete by getting their strategy “from PowerPoint to Production.” For more information, visit www.mobilestrategypartners.com.