How To Sign Up College Students With a Limited Credit History
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1 How to Sign Up College Students with a Limited Credit History
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Jamie Verdi, the Director of Account Management at Andera, explains how thin credit files make it difficult for college students---potentially your most valuable demographic--to complete the online account opening process, and what you can do to fix the problem. To hear the audio visit: http://www.andera.com/resources/videos.aspx?altTemplate=ResourceDetail&nId=/videos/best-practices/sign-up-college-students-with-limited-credit-history.aspx
Transcript of How To Sign Up College Students With a Limited Credit History
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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: [email protected]
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
5882
111143
193
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:[email protected]
