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Vendor Selection blog post

Banks and credit unions may start the search for an online account opening solution for many reasons. Some want to open accounts online for the first time, and others want to upgrade to a better platform.  Some want primarily to market a particular product, and others want to create a full virtual branch.

Often however, we find that institutions start without really knowing what they’re looking for. They’ve heard about online account opening and want to figure out what it’s all about, or they’re dissatisfied with their current solution and want to see if there’s something better. But they don’t really know what the options are, what features they will need, and what considerations they should take into account.

Last week we published a new report called “Guide to Selecting an Online Account Opening Vendor” to help banks and credit unions navigate the online account opening selection process. It’s not a side by side comparison of different vendors, but some advice about how to approach the process and what to look for. In the report, we’ll help you:

  • Decide if online account opening is right for you in the first place and think about an online account opening project in terms of return on investmet
  • Figure out who should be on your vendor selection team, if you should hire a consultant, and if you should issue an RFP
  • Understand what features are available in online account opening solutions and how your feature priorities should align with your institution’s goals

The report features insight from Tim Daley of Cornerstone Advisors, Stephen Angell of Dexter Credit Union, and Chris Tremont of First Trade Union Bank.  You can download a copy for free here.



Melanie Friedrichs

Melanie likes writing and data.In addition to financial technology and marketing, her interests include financial regulation, macroeconomics, and startups.

Melanie is a member of the first class of Venture for America, a two-year fellowship that seeks to revitalize American cities through entrepreneurship by matching recent college graduates with start-ups.You can reach her at mfriedrichs@andera.com or on twitter @mfriedri.

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