BERKELEY, Calif.--(BUSINESS WIRE)--Access Softek and First South Financial Credit Union in Bartlett, TN ($550M in assets) announce the release of Access Softek’s Omnichannel Account Opening (OAO) product. Membership applications quadrupled as a result of the innovations brought to the account opening process.
Early data from First South Financial’s go-live confirms the importance of a mobile-first strategy. Approximately 70% of applications were mobile versus only 30% online, and mobile applications had a 35% higher completion rate. The data also shows that OAO provides a solution to the industry-wide problem of aging membership. Mobile applicants were distinctly younger than online applicants: 48% were 25-35 years old, compared to only 27% of online applicants.
Previous generations of account opening products miss the mark with “failure to complete” rates of up to 97.5%, according to research and advisory firm Forrester. OAO is specifically designed to maximize completion rates through options like A/B testing, workflow personalization, behavioral marketing, retargeting, omnichannel reach, advanced analytics, minimized data entry through A.I. and much more.
“We are very pleased with Access Softek’s mobile-responsive Account Opening platform,” said Joe Witherwax, Senior VP of Information Systems at First South Financial. “We knew mobile-responsiveness would make a significant difference, but the results have exceeded those expectations. Utilizing the deep integration between OAO and Symitar PowerOn-based decisioning, we have also been able to increase the efficiency of our back-end processes. Product Manager Evan Barale and the Access Softek team have done a great job with this product, and we look forward to seeing it continue to grow and evolve.”
“Although overall mobile applications dominated online applications 70% to 30%, mobile activity was substantially greater on evenings and sharply rose up to 82% on weekends, proving that an omnichannel solution is crucial to successful 24/7 account opening,” said Chris Doner, Access Softek CEO. “We believe the reason why mobile has proven so successful is because of the effort we’ve put into the mobile UI/UX: mobile account opening only takes 30 seconds longer on average than online account opening.”
First South Financial believes it is imperative to provide a full suite of remote service products to compete in the mobile-first marketplace. Its future Account Opening plans include taking advantage of OAO’s ability to create several versions of the member experience to attract new members in-branch.
For more information about Access Softek’s Omnichannel Account Opening or the other Four Pillars products please contact Mark Barish, SVP of Business Development, at firstname.lastname@example.org or 510-848-0606.
About First South Financial Credit Union
First South Financial was founded in 1957. Originally established to serve the personnel on the Naval base in Millington, they have grown into one of the strongest and safest financial institutions in the entire nation, according to all independent rating agencies. They have locations throughout the Mid-South along with a full suite of electronic products and services to ensure that their members can bank with them when and how they want.
About Access Softek
Access Softek is the only company to offer an integrated solution for the Four Pillars of digital banking: online banking, mobile banking, mobile and online lending, and mobile and online account opening. The company's history of innovative digital banking firsts includes the first app-based mobile banking; first web-based PFM; the first triple play of app, WAP, and SMS banking; and continues with its industry-leading use of A.I. and machine learning. Since 1986 they have continued to unveil cutting-edge industry firsts to over 400 bank and credit union customers from their Berkeley, California headquarters. Access Softek is mobile-first and A.I. everywhere.