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How to Sign Up College Students with a Limited Credit History

How to Sign Up College Students with a Limited Credit History

September 19, 2012Featuring Jamie Verdi, Director of Account Management

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We’re glad you’re here! We’ll start soon. A video of this presentation will be sent to you next week. Email questions to: info@andera.com

While you’re waiting, register for our next webinar:

oFlows Account Opening DemoWed, Sep 26, 2012 2:00 PM - 3:00 PM EDTWith Scott Pitts, Chief Product Officerhttp://bit.ly/Sept26Demo

Hello!

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2004 2005 2006 2007 2008 2009 2010 2011 2012

2 10 2337

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232260

358379

443

508 520550

• Financial software company

• 550+ customer institutions

• Over 90 employees• Based in Providence, RI; offices also in San Francisco and New York

Who We Are

Cust

omer

s

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What We DoWe simplify deposit account and loan origination online, in branches, out in the field, and over the phone.

40+Integrations

550+Clients

The Goalo Maximize the % of approved applications

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Online Application Approved Application

Online Account Opening Funnel

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Why College Students Online?

1. With online banking, college students won’t need to switch banks if they relocate after graduation

2. Average lifetime earnings of a college graduate: $2.1 Million (US Census Bureau)

3. Online applicants are on average more educated and earn more than applicants in the branch or call center. (Andera)

Register for our next webinar: “Why Online Applicants Can Be Your Most Profitable Customers” http://bit.ly/GrowOnline

The Trouble with College Students

Why Thin Credit Files are a Problem

Pooled data from 64,271 applications in August 2012

Successful41%Failed or

Abandoned 59%

Applications

Identity Verification in the Branch

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Review

?

Identity Verification Online

Verified!

ApprovedHard Fail

Rejected

Application Submitted

Online IDV Provider

Three Strategies for Review

1. Mailed or Faxed Documents

2. Uploaded Documents3. Public Record Data

Abandoned

Never Submit

Submit; Verified!

Submit;Hard Fail

?

Review: Mail or Fax Documents

Verified!

Approved

Hard Fail

Rejected

Application Submitted

Online IDV Provider

1. Mail or Fax Documents

1. Mail or Fax Documents

Abandoned

Never Submit

Submit; Verified!

Submit;Hard Fail

?

Review: Upload Documents

Verified!

Approved

Hard Fail

Rejected

Application Submitted

Online IDV Provider

2. Upload Documents

2. Upload Documents

oFlows Photo Upload Capabilities

3. Public Record Data

1. Credit Bureaus who use mainly credit data to verify identities

2. Other IDV providers who draw on public records to verify identities

Verified!

Hard Fail

Public Record Data

?

3. Public Record Data

Verified!

ApprovedHard Fail

Rejected

Application Submitted

Online IDV Provider

Successful Failed or Abandoned

Non-Waterfall 0.368383992489144 0.631616007510856

Waterfall 0.480720897443757 0.519279102556243

5.00%

15.00%

25.00%

35.00%

45.00%

55.00%

65.00%

Perc

ent

30% Lift!

Waterfall vs. Mailed or Faxed Documents

Non-Waterfall: From 16,313 applications in August 2012 Waterfall: From 42,605 applications in August 2012

Follow us on blog.andera.com

Questions and Wrap Up

Upcoming Webinars :oFlows Account Opening Demo

Wed, Sep 26, 2012 2:00 PM - 3:00 PM EDT

With Scott Pitts, Chief Product Officer

http://bit.ly/Sept26Demo

Why Online Applicants Can Be Your Most Profitable Customers

Wed, October 10th, 2012 2:00 PM - 3:00 PM EDT

With Laurie McLachlan, VP Marketing

http://bit.ly/GrowOnline

Additional questions:info@andera.com