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50% Increase in Mobile Account Opening

Millions of Americans are using mobile devices to switch banks

PROVIDENCE, R.I., Jan. 21, 2014 /PRNewswire-iReach/ -- In 2013, millions of Americans skipped the trip to a branch and used smartphones and tablets to switch banks and to apply for additional accounts online, according to a new report released today by Andera.

(Photo: http://photos.prnewswire.com/prnh/20140121/MN48703)

"Today, 24% of our customers' online applicants are using smartphones and tablets to apply for new bank accounts.  That's a 50% increase compared to a year ago and it reflects a broader trend," said Andera's CEO, Charlie Kroll.

While it's widely known that consumers are choosing to perform routine banking transactions via their mobile devices, it's important to note that they're also using their mobile devices to establish new relationships and to apply for additional products.

"When you consider that, according to Javelin Strategy & Research, tens of millions of Americans applied for checking and savings accounts online in 2013, 24% represents an enormous shift in consumer behavior in just a short period of time," Kroll said.

"The data proves that Americans want to open accounts using their mobile devices but that doesn't mean that they're succeeding.  It's critical that institutions streamline data entry requirements and leverage native mobile features like cameras and touchscreens to make things easy," said Ying Chen, Andera's SVP Product Management. 

"With mobile usage skyrocketing, it's important that financial institutions understand how their customers and future customers are accessing their site. Using different devices to complete an entire process is how customers operate today and providing an exceptional experience is good customer service.

That's what Rockland Trust is all about," said Patricia St.Clair, V.P., Online & Mobile Manager for Rockland Trust, an Andera customer.

About Andera

Andera is a Software as a Service company that offers an online and mobile account opening and loan application platform that won "Best of Show" at Finovate four times in a row. The company has processed millions applications for hundreds of banks and credit unions.

Media Contact: Laurie McLachlan, Andera, (617) 921-2916, [email protected]

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